<SEC-DOCUMENT>0001279569-20-000779.txt : 20200515
<SEC-HEADER>0001279569-20-000779.hdr.sgml : 20200515
<ACCEPTANCE-DATETIME>20200514181759
ACCESSION NUMBER:		0001279569-20-000779
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20200514
FILED AS OF DATE:		20200515
DATE AS OF CHANGE:		20200514

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:		20879677

	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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<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;&nbsp;</P>

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<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>May, 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">&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%">
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    <TD STYLE="width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT STYLE="text-transform: none; letter-spacing: normal; word-spacing: 0px"><B>700 West Pender
Street, Suite 1501</B></FONT></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT STYLE="text-transform: none; letter-spacing: normal; word-spacing: 0px"><B>Vancouver, British
Columbia</B></FONT></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT STYLE="text-transform: none; letter-spacing: normal; word-spacing: 0px"><B>V6C 1G8</B></FONT>&nbsp;</B></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; <FONT STYLE="font-family: Wingdings">o</FONT>&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;<FONT STYLE="font-family: Wingdings">o</FONT>&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&nbsp;S-T Rule&nbsp;101(b)(7) only permits the submission in paper of a Form&nbsp;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&nbsp;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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EQUINOX GOLD CORP.</B></FONT></TD></TR>
<TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&nbsp;&nbsp;
    May 14, 2020</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
                                                           </FONT>Susan Toews</P>

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

</TD></TR>
<TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Susan Toews</FONT></TD></TR>
<TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex991.htm">99.1</A></FONT></TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex991.htm">Business Acquisition Report dated May 14, 2020</A></FONT> </TD></TR>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>BUSINESS ACQUISITION REPORT DATED MAY 14, 2020
<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"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Form 51-102F4</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Business Acquisition Report</B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Item 1&#9;Identity of Company</B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name
and Address of Company</B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">Equinox Gold Corp. (&ldquo;<B>Equinox Gold</B>&rdquo;)</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">Suite 1501 &ndash; 700 West Pender St.</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">Vancouver, BC V6C 1G8</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
Officer</B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">For further information, please contact Susan Toews, General
Counsel at 604-558-0560 ext 139.</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Item 2&#9;Details of Acquisition</B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nature
of Business Acquired</B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">On March 10, 2020, Equinox Gold completed the previously announced
acquisition of all of the issued and outstanding common shares (&ldquo;<B>Leagold Common Shares</B>&rdquo;) of Leagold Mining Corporation
(&ldquo;<B>Leagold</B>&rdquo;), a company incorporated under the laws of British Columbia (the &ldquo;<B>Acquisition</B>&rdquo;),
in accordance with a court approved plan of arrangement pursuant to <I>the Business Corporations Act</I> (British Columbia) (the
&ldquo;<B>Arrangement</B>&rdquo;). Leagold is based in Vancouver, Canada and owns four operating gold mines in Mexico and Brazil,
along with a near-term gold mine restart project in Brazil and an expansion project at the Los Filos mine complex in Mexico. Leagold
was a reporting issuer in all of the provinces and territories of Canada and the Leagold Common Shares traded on the Toronto Stock
Exchange under the trading symbol &ldquo;LMC&rdquo;.</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">The Arrangement was completed pursuant to the terms and conditions
contained in an arrangement agreement dated December 15, 2019 between Equinox Gold and Leagold (the &ldquo;<B>Arrangement Agreement</B>&rdquo;).
Pursuant to the terms of the Arrangement Agreement, Leagold became a wholly-owned subsidiary of Equinox Gold. The Arrangement was
approved by Leagold&rsquo;s shareholders and optionholders and by Equinox Gold&rsquo;s shareholders on January&nbsp;28, 2020 and
by the British Columbia Supreme Court on January 30, 2020.</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">Further information on the Arrangement is available in the
joint management information circular dated December&nbsp;20, 2019 of Equinox Gold and Leagold (the &ldquo;<B>Circular</B>&rdquo;)
which is available on SEDAR under Equinox Gold&rsquo;s profile at www.sedar.com.</P>


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<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>2.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition
Date</B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">The acquisition date was March 10, 2020.</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consideration</B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">In accordance with the terms and conditions of the Arrangement,
Equinox Gold acquired beneficial ownership of 285,908,833 Leagold Common Shares, representing 100% ownership of Leagold on March
10, 2020 based on an exchange ratio of 0.331 of a common share of Equinox Gold (each, an &ldquo;<B>Equinox Gold Common Share</B>&rdquo;)
for each Leagold Common Share held. Each Leagold warrant and option became exercisable for Equinox Gold Common Shares, as adjusted
in accordance with the exchange ratio, and each Leagold performance share unit and deferred share unit was adjusted based on the
exchange ratio.</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">Additionally, the Arrangement included the repayment of Leagold&rsquo;s
existing US$200 million term loan and US$200 million revolving credit facility (of which US$120 million was drawn as of March 10,
2020) and Equinox Gold&rsquo;s US$130 million revolving credit facility (of which US$120 million was drawn as of March 10, 2020)
(the &ldquo;<B>Existing Credit Facilities</B>&rdquo;).</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">The purchase cost of USD$764.1 million was funded from Equinox
Gold&rsquo;s existing cash balances and from proceeds from the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 12pt">a US$500 million refinancing of Existing Credit Facilities of Equinox Gold and Leagold from a
syndicate of lenders, consisting of a $400 million revolving credit facility with a 48 month term and a $100 million amortizing
loan with a 60 month term,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 12pt">a private placement of Equinox Gold Common Shares, at a price of US$6.18 per Equinox Gold Common
Share, for proceeds of US$40 million, and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(c)</FONT></TD><TD><FONT STYLE="font-size: 12pt">a private placement of US$130 million in five-year convertible debentures bearing interest at
4.75% and convertible into Equinox Gold Common Shares at US$7.80 per Equinox Gold Common Share. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>2.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect
on Financial Position</B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">The effect of the Acquisition on Equinox Gold&rsquo;s financial
position is outlined in the pro forma financial statements attached as Schedule &ldquo;A&rdquo;.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 338.25pt">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">Except as described
herein, Equinox Gold does not presently have plans or proposals for material changes in the business or affairs of Equinox Gold
or of Leagold which may have a significant effect on the results of operations and financial position of Equinox Gold.</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">The information set out above is a summary only and is qualified
in its entirety by the information contained in the Circular and the pro forma financial statements attached to this business acquisition
report.</P>


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<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
Valuations</B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">Not applicable.</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>2.6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parties
to Transaction</B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">The Acquisition was not a transaction with an informed person,
associate, or affiliate of Equinox Gold.</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>2.7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date
of Report</B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">Report was completed on May 14, 2020.</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Item 3 &#9;Financial Statements and Other Information</B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">The following financial statements required by Part 8 of National
Instrument 51-102 Continuous Disclosure Obligations are included in this report:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Attached as Schedule &ldquo;A&rdquo; are the unaudited pro forma combined financial statements
of Equinox Gold that give effect to the Acquisition, comprised of the unaudited pro forma combined statement of financial position
as at December 31, 2019 and the unaudited pro forma combined statement of loss and comprehensive loss for the year ended December
31, 2019, together with the notes thereto.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Attached as Schedule &ldquo;B&rdquo; are the audited annual consolidated financial statements
of Leagold for the years ended December 31, 2019 and 2018. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Schedule &ldquo;A&rdquo;</B></P>

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

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Unaudited Pro Forma Combined </B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Financial Statements of Equinox Gold</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 13pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 13pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PRO FORMA COMBINED FINANCIAL STATEMENTS</B></P>

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

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

<P STYLE="font: 14pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>December 31, 2019 </B></P>

<P STYLE="font: 14pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&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: left"><IMG SRC="headerlogo.jpg" ALT=""></P>

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

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>Pro Forma Combined Statement of Financial Position</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">As at December 31, 2019</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">(Expressed in thousands of United States dollars)</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(Unaudited)</P>




<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: left"><IMG SRC="image_pg6.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><I>The accompanying notes form an integral
part of these pro forma combined financial statements</I></P>



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

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

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

<P STYLE="font: 8pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page
| 2</FONT></P>

<P STYLE="font: 8pt/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; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>Pro Forma Combined Statement of Financial Position</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">As at December 31, 2019</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">(Expressed in thousands of United States dollars)</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(Unaudited)</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: left"><IMG SRC="image_pg7.jpg" ALT=""></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">&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">&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">&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">&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">&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">&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">&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">&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">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><I>The accompanying notes form an integral
part of these pro forma combined financial statements</I></P>

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

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page
| 3</FONT><I>&nbsp;</I></P>

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

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

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

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>Pro Forma Combined Statement of Financial Position</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">As at December 31, 2019</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">(Expressed in thousands of United States dollars)</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(Unaudited)</P>


<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Basis of Presentation </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">These unaudited pro forma combined
financial statements have been prepared in connection with the transaction between Equinox Gold Corp. (the &ldquo;Company&rdquo;
or &ldquo;Equinox Gold&rdquo;) and Leagold Mining Corporation (&ldquo;Leagold&rdquo;), whereby Equinox Gold acquired all of the
issued and outstanding common shares of Leagold (the &ldquo;Transaction&rdquo;). The Transaction closed on March 10, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">These unaudited pro forma combined
financial statements have been prepared from information derived from, and should be read in conjunction with, the consolidated
financial statements of Equinox Gold as at and for the year ended December 31, 2019 and the consolidated financial statements of
Leagold as at and for the year ended December 31, 2019. The historical financial statements of the Company and Leagold were prepared
in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (&ldquo;IFRS&rdquo;).
These pro forma combined financial statements have been compiled from and include:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An unaudited pro forma
combined statement of financial position as at December 31, 2019 combining:&#9;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 74pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The consolidated statement
of financial position of the Company as at December 31, 2019; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 74pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The consolidated statement
of financial position of Leagold as at December 31, 2019; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 74pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The adjustments described
in note 5.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An unaudited pro forma
combined statement of loss and comprehensive loss for the year ended December 31, 2019 combining:&#9;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 74pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The consolidated statement
of loss and comprehensive loss of the Company for the year ended December 31, 2019; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 74pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The consolidated statement
of net (loss)/ income and comprehensive (loss)/ income of Leagold for the year ended December 31, 2019; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 74pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The adjustments described
in note 5.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">The unaudited pro forma combined statement
of financial position as at December 31, 2019 reflects the Transaction described in Note 3 as if it was completed on December 31,
2019. The unaudited pro forma combined statement of loss and comprehensive loss for the year ended December 31, 2019 has been prepared
as if the Transaction described in Note 3 had occurred on January 1, 2019.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">The unaudited pro forma combined financial
statements are not intended to reflect the financial performance or the financial position of the Company which would have resulted
had the Transaction been effected on the dates indicated. At the date of this Business Acquisition Report, the Company has not
completed the detailed valuations necessary to conclude on the final fair value estimates of Leagold assets acquired and liabilities
assumed; as a result, the final amounts recorded in relation to the Transaction will likely differ from those recorded in these
unaudited pro forma combined financial statements and such differences could be material. Any potential synergies that may be realized,
integration costs that may be incurred following the completion of the Transaction or other non-recurring changes have been excluded
from the unaudited pro forma financial information. Further, the pro forma financial information is not necessarily indicative
of the results of operations that may be obtained in the future.</P>


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

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

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>Pro Forma Combined Statement of Financial Position</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">As at December 31, 2019</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">(Expressed in thousands of United States dollars)</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(Unaudited)</P>



<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Significant Accounting Policies </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">The accounting policies used in preparing
these unaudited pro forma combined financial statements are set out in the Company&rsquo;s audited consolidated financial statements
for the year ended December 31, 2019. In preparing the unaudited pro forma combined financial statements a preliminary review was
undertaken to identify any accounting policy differences between the accounting policies used by Leagold and those of the Company
where the impact was potentially material and could be reasonably estimated. The significant accounting policies of Leagold conform,
in all material respects, to those of the Company, with the exception of the derivative instruments and hedging policy included
in Leagold&rsquo;s consolidated financial statements for the period included herein. These unaudited pro forma combined financial
statements are prepared on the basis that Equinox Gold discontinued the use of hedge accounting following the close of the Transaction
as described in note 5(q). These unaudited pro forma combined financial statements also continue Leagold&rsquo;s presentation of
the Los Filos mine silver streaming arrangement with Wheaton Precious Metals (&ldquo;WPM&rdquo;) as an interest in the Los Filos
Mine mineral interest held by WPM.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Description of the
Transaction </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">Under the terms of the Transaction,
Leagold shareholders received 0.331 of an Equinox Gold share for each Leagold share held (the &quot;Exchange Ratio&quot;). Outstanding
Leagold options and warrants were converted into options and warrants to acquire the Company&rsquo;s common shares (the &ldquo;Replacement
Warrants and Options&rdquo;) based on the Exchange Ratio. In connection with the Transaction, Equinox Gold entered into the following
financing arrangements:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a private placement for
gross proceeds of $40 million (the &ldquo;Concurrent Private Placement&rdquo;);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a $500 million senior
credit package with an interest rate of LIBOR plus 3.25% consisting of a $400 million revolving credit facility with a 48 month
term and a $100 million amortizing loan with a 60 month term (the &ldquo;Senior Credit Package&rdquo;); and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a $130 million convertible
debenture, payable in 5 years, with a 4.75% fixed interest rate, which is convertible at a price of $7.80 per share (the &ldquo;Convertible
Debenture&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">The funds raised from the financings
have been utilized to repay Leagold&rsquo;s existing $200 million term loan and $200 million revolving credit facility (of which
$120 million was drawn as of December 31, 2019) and Equinox Gold&rsquo;s $130 million revolving credit facility (of which $120
million was drawn as of December 31, 2019) (together the &ldquo;Existing Credit Facilities&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">Prior to the Transaction, Leagold&rsquo;s
common shares were listed on the Toronto Stock Exchange. Following the completion of the Transaction, the shares were delisted
and Leagold ceased to be a reporting issuer.</P>


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

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

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>Pro Forma Combined Statement of Financial Position</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">As at December 31, 2019</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">(Expressed in thousands of United States dollars)</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(Unaudited)</P>



<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Purchase Price Allocation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">The acquisition of the outstanding
common shares of Leagold by the Company pursuant to the Transaction constitutes a business combination in accordance with IFRS
3 <I>Business Combinations</I> (&ldquo;IFRS 3&rdquo;), with Equinox Gold as the acquiror. Accordingly, the Company has applied
the principles of IFRS 3 in the pro forma accounting for the acquisition of Leagold, which requires the Company to recognize Leagold&rsquo;s
identifiable assets acquired and liabilities assumed at fair value, recognize consideration transferred in the acquisition at fair
value and recognize goodwill, if any, as the excess of consideration transferred over the net of the acquisition date fair value
of identifiable assets acquired and liabilities assumed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify">As of the date of this Business
Acquisition Report, Equinox Gold has not completed the detailed valuation study necessary to arrive at the required final estimates
of the fair value of the Leagold&rsquo;s assets to be acquired and liabilities to be assumed. As a result, the pro forma adjustments
are preliminary and are subject to change as additional analysis is performed. The preliminary pro forma adjustments have been
made solely for the purpose of providing the unaudited pro forma financial information. Equinox Gold has estimated the fair value
of Leagold&rsquo;s assets and liabilities based on discussions with Leagold&rsquo;s management, preliminary valuation information
and due diligence. Any increases or decreases in the fair value of assets acquired and liabilities assumed upon completion of the
final valuations will result in adjustments to the unaudited pro forma combined statement of financial position and unaudited pro
forma combined statement of loss and comprehensive loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">The final purchase price allocation
may be materially different than that reflected in the pro forma purchase price allocation presented below. The purchase consideration
and the preliminary fair values of assets acquired and liabilities assumed for the purposes of these unaudited pro forma combined
financial statements is summarized in the tables below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 48%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%"><B>Estimated Equinox Gold purchase consideration:</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">Note</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">&nbsp;$000s </FONT></TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">Shares </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">5(d)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732,042 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">Options<SUP>(1) </SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">5(e)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,777 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">Warrants<SUP>(1) </SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">5(f)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,543 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">DSUs<SUP>(2) </SUP>and PSUs<SUP>(2) </SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">5(g)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,721 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764,083 </FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

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<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 0 0"><IMG SRC="headerlogo.jpg" ALT=""></P>

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

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>Pro Forma Combined Statement of Financial Position</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">As at December 31, 2019</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">(Expressed in thousands of United States dollars)</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(Unaudited)</P>


<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Purchase Price Allocation (continued)</B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 95%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 71%; border-bottom: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%"><B>Net Assets acquired:</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;$000s </FONT></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;Cash and cash equivalents </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,320 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;Accounts receivable, prepaid expenses and deposits </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,400 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;Inventory </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109,094 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;Mineral properties, plant and equipment </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,256,928 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;Other non-current assets </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,072 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;Accounts payable &amp; accrued liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101,401)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;Reclamation obligations </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97,461)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;Derivative liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48,345)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;Other financial liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,149)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;Lease liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14,259)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;Loans and borrowings </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320,000)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;Other long-term liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13,577)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;Deferred tax liability </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142,539)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764,083 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" ROWSPAN="6" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><SUP>(1)</SUP> Equinox Gold share options and warrants issued
        as part of the acquisition have been fair valued using the Black-Scholes valuation method and are fully vested at the close of
        the Transaction. For each outstanding Leagold share option and warrant existing immediately prior to the transaction, the number
        of share options and warrants and their respective exercise prices were adjusted to reflect the Exchange Ratio. The expiry date
        of each Leagold share option and warrant as it existed immediately prior to the transaction was used for the purpose of the Black-Scholes
        valuation calculation.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><SUP>(2)</SUP> Equinox Gold DSUs and PSUs issued as part of
        the acquisition have been fair valued using the Leagold share price on March 9, 2020 and were adjusted to reflect the Exchange
        Ratio. The DSUs are fully vested at the close of the Transaction.</P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Pro Forma Assumptions and Adjustments</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">The unaudited pro forma combined financial
statements reflect the following assumptions and adjustments to give effect to the business combination, as if the Transaction
had occurred on December 31, 2019 for the pro forma combined statement of financial position and January 1, 2019 for the pro forma
combined statement of loss and comprehensive loss. As of the date of this Business Acquisition Report, Equinox Gold is not aware
of any additional reclassifications that would have a material impact on the unaudited pro forma financial information that are
not reflected in the pro forma adjustments. Assumptions and adjustments made are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">Pro forma combined statement of financial
position adjustments to record:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The difference between
the estimated fair value and carrying value of Leagold&rsquo;s mineral properties, plant and equipment. The excess of the consideration
paid over the estimated fair value of Leagold&rsquo;s net assets has been allocated to mineral properties, plant and equipment
for the purposes of these pro forma combined financial statements. </FONT></TD></TR></TABLE>


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<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 0 0"><IMG SRC="headerlogo.jpg" ALT=""></P>

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

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>Pro Forma Combined Statement of Financial Position</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">As at December 31, 2019</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">(Expressed in thousands of United States dollars)</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(Unaudited)</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Pro Forma Assumptions
and Adjustments (continued)</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The difference between
the estimated fair value and carrying value of Leagold&rsquo;s production inventory of $28.9 million and long-term debt of $9.8
million. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The elimination of historical
equity of Leagold.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The issuance of 94,635,765
common shares to Leagold shareholders at a fair value of $7.74 (CAD$10.51) per share, based on the closing price of Equinox Gold
common shares at March 9, 2020, the date immediately prior to closing date, and a CAD/USD exchange rate of 0.736. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The issuance of 5,728,647
Equinox Gold options to Leagold option holders, for consideration of $19.8 million determined using the Black-Scholes valuation
method at the closing date.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The issuance of 16,786,949
Equinox Gold warrants to Leagold warrant holders, for consideration of $8.6 million determined using the Black-Scholes valuation
method at the closing date. These warrants are considered a derivative and classified as a derivative liability as the exercise
price of the warrants is expected to be fixed in Canadian dollars and therefore a variable amount of cash in the Company&rsquo;s
USD functional currency will be received on exercise. No adjustment has been made in the pro forma combined statement of loss and
comprehensive loss for any differences in fair value arising from valuation assumptions between the warrants issued by Leagold
and warrants issued by Equinox Gold.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The issuance of 319,288
Equinox Gold DSUs and 369,919 Equinox Gold PSUs for consideration of $3.7 million to replace existing Leagold DSUs and PSUs at
the closing date.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The impact of the change
in deferred tax liabilities recognized as a result of the increase in mineral properties, plant and equipment and the decrease
in inventory as described in notes 5(a) and 5(b), respectively.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The estimated additional
cash transaction costs and change of control payments of $3.2 million incurred by the Company. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The issuance of 6,472,000
common shares at a fair value of $6.18 (C$8.15) per share for net cash proceeds of $39.6 million in connection with the Concurrent
Private Placement, net of estimated transaction costs of $0.4 million.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The issuance of a Convertible
Debenture with gross proceeds of $130.0 million, net of transaction costs of $2.6 million. The fair value of the debt portion of
$119.1 million was estimated using a discounted cash flow model based on an expected term of 5 years and a fair value discount
rate of 6.94%. The remaining proceeds of $10.9 million were allocated to equity. The transaction costs were allocated to debt and
equity on a pro-rata basis.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The net drawdown of the
Senior Credit Package of $320.0 million, repayment of the Existing Credit Facilities totalling $440.0 million, a reversal of existing
financing costs on Equinox Gold&rsquo;s existing facility totalling $3.5 million and a net increase in deferred financing costs
of $2.7 million recorded in other assets. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 38pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">Pro forma combined statement of loss
and comprehensive loss adjustments to record:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and the associated
deferred tax recovery on the increase in the mineral properties, plant and equipment cost described in note 5(a). </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, 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; text-align: justify"></P>

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

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

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>Pro Forma Combined Statement of Financial Position</B></P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">As at December 31, 2019</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">(Expressed in thousands of United States dollars)</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(Unaudited)</P>


<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Pro Forma Assumptions
and Adjustments (continued)</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The interest and accretion
on the Convertible Debenture of $6.5 million for the year ended December 31, 2019. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The interest and accretion
on the Senior Credit Package of $19.3 million for the year ended December 31, 2019 and the elimination of the interest and accretion
on the Existing Credit Facilities of $34.6 million for the year ended December 31, 2019.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The reversal of the gain
on modification of Equinox Gold&rsquo;s existing credit facility of $0.9 million recorded during the year ended December 31, 2019.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The reclassification of
the change in the fair value of Leagold&rsquo;s gold price and currency derivatives into net loss from other comprehensive loss
as the use of hedge accounting was discontinued following the close of the Transaction as described in note 2.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><B>6.</B></TD><TD><B>Pro Forma Share Capital</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">Equinox Gold pro forma share capital
as at December 31, 2019 has been determined as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 95%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%"><B>Common</B></FONT></TD>
    <TD STYLE="vertical-align: middle; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%"><B>Shares <BR>
(&lsquo;000&rsquo;s)</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%"><B>Amount </B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%">Issued
    and Outstanding, December 31, 2019</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%">113,452</FONT></TD>
    <TD STYLE="vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%">&nbsp;$&nbsp;&nbsp;505,686</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6.25pt; text-indent: -6.25pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%">&nbsp;&nbsp;Shares
    consideration issued in connection with Leagold shares outstanding at December 31, 2019 (Note 4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%">94,636</FONT></TD>
    <TD STYLE="vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%">732,042</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 8.55pt; text-indent: -8.55pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%">&nbsp;&nbsp;Shares
    consideration issued in connection with the Concurrent Private Placement, net of transaction costs of $400 (Note 5(j))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%">6,472</FONT></TD>
    <TD STYLE="vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%">39,600</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%">Pro
    Forma Balance Issued and Outstanding</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%">214,560</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 107%">&nbsp;$
    1,277,328</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-indent: -20pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-indent: -20pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><B>7.</B></TD><TD><B>Pro Forma Loss and Comprehensive Loss per Share</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify">Pro forma basic loss and diluted loss
per share for the year ended December 31, 2019 has been calculated based on actual weighted average number of Equinox Gold common
shares outstanding for the respective period; as well as the number of shares issued in connection with the Transaction as if such
shares had been outstanding since January 1, 2019:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Year
    Ended <BR>
December 31, 2019<BR>
(&lsquo;000&rsquo;s)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 8.55pt; text-indent: -8.55pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Actual
    weighted average number of Equinox Gold common shares outstanding</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">112,001</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 8.55pt; text-indent: -8.55pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Leagold
    weighted average number of shares outstanding</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94,299</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 8.55pt; text-indent: -8.55pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Number
    of Equinox Gold common shares issued in relation to the Concurrent <BR>
Private Placement (Note 5(j))</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: right"><FONT STYLE="font-size: 9pt">6,472</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 8.55pt; text-indent: -8.55pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Pro
    forma weighted average number of Equinox Gold common shares outstanding</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">212,772</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 9pt">Pro forma net loss
        attributable to shareholders of the combined Company</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: right"><FONT STYLE="font-size: 9pt">($144,727)</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pro
    forma net loss and diluted loss per share</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">($0.68)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 69%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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

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

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

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

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Schedule &ldquo;B&rdquo;</B></P>

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

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Annual Consolidated </B></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Financial Statements of Leagold</B></P>

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

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

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

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

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

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

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></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: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: bold 16pt Arial, Helvetica, Sans-Serif; margin: 8.5pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 16pt Arial, Helvetica, Sans-Serif; margin: 8.5pt 0 0; text-indent: 296.75pt">&nbsp;</P>

<P STYLE="font: bold 16pt Arial, Helvetica, Sans-Serif; margin: 8.5pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 16pt Arial, Helvetica, Sans-Serif; margin: 8.5pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 16pt Arial, Helvetica, Sans-Serif; margin: 8.5pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 16pt Arial, Helvetica, Sans-Serif; margin: 8.5pt 0 0; text-align: center">&nbsp;<IMG SRC="leagoldlogo.jpg" ALT=""></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 1.5in">&nbsp;</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><FONT STYLE="letter-spacing: 0.05pt"><B>Consolidated
Financial Statements</B></FONT></P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">For the years ended December 31,
2019 and December 31, 2018</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">(expressed in thousands of United
States dollars)</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 1.5in">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 1.5in">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 1.5in">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 1.5in">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 1.5in">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 1.5in"><BR>
<BR>
</P>


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

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 1.5in">&nbsp;</P>

<P STYLE="font: 18pt/107% Verdana, Helvetica, Sans-Serif; margin: 0 0 24pt"><B>Independent Auditor&rsquo;s Report</B></P>

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

<P STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin: 0">To the Board of Directors of Leagold Mining Corporation</P>

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

<P STYLE="font: 10pt/107% Verdana, Helvetica, Sans-Serif; margin: 0"><B>Opinion</B></P>

<P STYLE="font: 9pt/12pt Verdana, Helvetica, Sans-Serif; margin: 0 0 12pt">We have audited the consolidated financial statements
of Leagold Mining Corporation (the &ldquo;Company&rdquo;), which comprise the consolidated statements of financial position as
at December 31, 2019 and 2018, and the consolidated statements of net (loss)/ income and comprehensive (loss)/ income, changes
in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of significant
accounting policies (collectively referred to as the &ldquo;financial statements&rdquo;).</P>

<P STYLE="font: 9pt/12pt Verdana, Helvetica, Sans-Serif; margin: 0 0 12pt">In our opinion, the accompanying financial statements
present fairly, in all material respects, the financial position of the Company as at December 31, 2019 and 2018, and its financial
performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;).</P>

<P STYLE="font: 10pt/12pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Basis for Opinion</B></P>

<P STYLE="font: 9pt/12pt Verdana, Helvetica, Sans-Serif; margin: 0 0 12pt">We conducted our audit in accordance with Canadian generally
accepted auditing standards (&ldquo;Canadian GAAS&rdquo;). Our responsibilities under those standards are further described in
the <I>Auditor&rsquo;s Responsibilities for the Audit of the Financial Statements </I>section of our report. We are independent
of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada,
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our opinion.</P>

<P STYLE="font: 10pt/12pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Responsibilities of Management and Those Charged with Governance
for the Financial Statements</B></P>

<P STYLE="font: 9pt/12pt Verdana, Helvetica, Sans-Serif; margin: 0 0 12pt">Management is responsible for the preparation and fair
presentation of the financial statements in accordance with IFRS, and for such internal control as management determines is necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</P>

<P STYLE="font: 9pt/12pt Verdana, Helvetica, Sans-Serif; margin: 0 0 12pt">In preparing the financial statements, management is
responsible for assessing the Company&rsquo;s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.</P>

<P STYLE="font: 9pt/12pt Verdana, Helvetica, Sans-Serif; margin: 0 0 12pt">Those charged with governance are responsible for overseeing
the Company&rsquo;s financial reporting process.</P>

<P STYLE="font: 10pt/12pt Verdana, Helvetica, Sans-Serif; margin: 0"><B>Auditor&rsquo;s Responsibilities for the Audit of the Financial
Statements</B></P>

<P STYLE="font: 9pt/12pt Verdana, Helvetica, Sans-Serif; margin: 0 0 12pt">Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor&rsquo;s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with Canadian GAAS will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.</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: 9pt/107% Verdana, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 9pt/12pt Verdana, Helvetica, Sans-Serif; margin: 0 0 12pt">As part of an audit in accordance with Canadian GAAS,
we exercise professional judgment and maintain professional skepticism throughout the audit. We also:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Identify and assess the risks of material misstatement
of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Company&rsquo;s internal control. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates and related disclosures made by management.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Conclude on the appropriateness of management&rsquo;s
use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the Company&rsquo;s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor&rsquo;s report to the related disclosures
in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor&rsquo;s report. However, future events or conditions may cause the Company to cease
to continue as a going concern.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Evaluate the overall presentation, structure and
content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Obtain sufficient appropriate audit evidence regarding
the financial information of the entities or business activities within the Company to express an opinion on the financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit
opinion.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/12pt Verdana, Helvetica, Sans-Serif; margin: 0 0 12pt">We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.</P>

<P STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin: 0 0 12pt">/s/ Deloitte LLP</P>

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

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

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

<P STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin: 0">May 8, 2020</P>

<P STYLE="font: 9.5pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>


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<P STYLE="font: 9.5pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; padding: 0in 0in 1pt">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">Consolidated
Statements of Financial Position</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">(expressed in thousands of United States dollars)</P>

</DIV>



<P STYLE="font: 9.5pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 52%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>As at December 31, 2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>As at December 31, 2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Assets</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Cash</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,320</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Trade and other receivables (Note 7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>29,874</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">33,770</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Inventories (Note 8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>137,438</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">111,794</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Prepaid expenses and other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>14,526</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">16,125</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>260,158</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">214,710</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Mining interests (Note 9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>809,308</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">772,759</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Long-term inventories (Note 8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>525</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">1,506</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Deferred income tax assets (Note 21)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">86,681</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Other long-term receivables (Note 7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>16,072</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">7,229</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,086,063</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,082,885</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Trade and other payables (Note 10)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101,401</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101,121</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Deferred revenue (Note 18) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">23,382</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Reclamation and closure costs (Note 11)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>3,395</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">2,873</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Derivative financial instruments (Note 12) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>14,278</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">10,702</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Other current financial liabilities (Note 13)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>14,129</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Current portion of debt (Note 14)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">144,642</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Lease liabilities (Note 15)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>6,868</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140,071</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">282,720</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Reclamation and closure costs (Note 11)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>94,066</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">83,633</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Deferred income tax liabilities (Note 21)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>17,833</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">13,619</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Derivative financial instruments (Note 12)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>34,067</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Other long-term financial liabilities (Note 13)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>6,971</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">5,502</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Long term debt (Note 14)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>310,249</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">99,821</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Long-term lease liabilities (Note 15)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>7,391</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Other long-term liabilities (Note 16)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>13,577</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">13,551</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Total liabilities </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624,225</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498,846</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Equity</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Share capital (Note 17)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578,880</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578,351</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Reserves</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>13,519</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">11,530</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Hedging reserves (Note 12)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(43,820)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(6,176)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Share purchase reserve (Note 17)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(3,221)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(Deficit)/retained earnings </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(86,741)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">3,555</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Total equity</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461,838</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">584,039</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Total liabilities and equity</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,086,063</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,082,885</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 8pt">The
accompanying notes are an integral part of these consolidated financial statements</FONT></P>

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

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


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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; padding: 0in 0in 1pt">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">Consolidated
Statements of Net (Loss)/Income and Comprehensive (Loss)/Income</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">(expressed in
thousands of United States dollars, except per share and share information)</P>

</DIV>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Year ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 62%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Revenues (Note 18)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519,427</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376,511</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Cost of sales </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Operating expenses (Note 19)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(358,141)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(267,178)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Depreciation and depletion (Note 9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(68,985)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(46,862)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Royalties</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(6,020)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(4,136)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Earnings from mine operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>86,281</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">58,335</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Share-based payments (Note 17(b))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%; text-indent: 9.05pt"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(5,606)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(30)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Acquisition and restructuring costs (Notes 6, 28)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(3,082)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(8,038)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">General and administration costs </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%; text-indent: 9.05pt"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(17,158)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(14,679)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Other expenses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%; text-indent: 9.05pt"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(3,693)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(5,576)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Earnings from operations </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%; text-indent: 9.05pt"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>56,742</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">30,012</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%; text-indent: 9.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Foreign exchange gain/ (loss)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%; text-indent: 9.05pt"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>326</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(2,733)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Interest expense on loan facilities (Note 14)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%; text-indent: 9.05pt"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(20,854)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(18,634)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-left: 16.05pt; text-indent: -7.1pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Finance and accretion (expense)/income, net (Note 20)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%; text-indent: 9.05pt"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(26,779)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">12,320</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Earnings before taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>9,434</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">20,965</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Current income and other tax expense (Note 21)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(8,836)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(7,797)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Deferred income (expense)/recovery (Note 21)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(90,895)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">2,117</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Net (loss)/income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(90,296)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">15,285</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Items that may be reclassified subsequently to profit or loss: </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-left: 8.95pt; text-indent: 0.9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Change in fair value of hedging instruments (Note 12(a)) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(37,644)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(6,176)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Net comprehensive (loss)/income</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127,940)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,109</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-left: 8.95pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Basic and diluted (loss)/earnings per share (Note 17(d))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(0.32)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">0.07</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-left: 30.15pt; text-indent: -21.25pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Basic and diluted earnings before taxes per share (Note 17(d))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>0.03<FONT STYLE="color: white">)</FONT></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">0.09</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-left: 16.05pt; text-indent: -16.05pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Weighted average common shares outstanding</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Basic (Note 17(d))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>284,890,609</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">232,127,862</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Diluted (Note 17(d))</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>284,890,609</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">232,363,478</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 8pt">The accompanying
notes are an integral part of these consolidated financial statements</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; padding: 0in 0in 1pt">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">Consolidated
Statements of Cash Flows</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">(expressed in thousands of United States dollars)</P>

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

</DIV>





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Year ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 64%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Net (loss)/ income for the year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90,296)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,285</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Adjust for:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Depreciation and depletion (Note 9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>68,985</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">46,862</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Share-based payments (Note 17(b))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>5,606</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Interest expense on loan facilities (Note 14)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>20,854</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">18,634</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Finance and accretion expense/ (income) (Note 20)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>26,779</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(12,320)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Current income and other tax expense (Note 21)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>8,836</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">7,797</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Deferred income tax expense/ (recovery) (Note 21)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>90,895</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(2,117)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Unrealized foreign exchange loss/(gain)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(1,555)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">2,081</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Inventory adjustments (Note 8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>1,512</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">530</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Cash spent on reclamation (Note 23(b))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(604)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(1,627)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Income taxes paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(4,884)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(4,818)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Fair value adjustment on employment benefit liability </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>1,212</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">58</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Other</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>2,611</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">1,173</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Operating cash flows before working capital</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129,951</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,568</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Changes in working capital items:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Trade and other receivables</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(1,961)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">2,774</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Deferred revenue (Note 18(b))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(23,382)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">23,382</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Inventories </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(27,131)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(28,271)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Prepaid expenses and other</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(911)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">1,326</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Trade and other payables </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(8,244)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(5,047)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-left: 30.2pt; text-indent: -14.15pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Payment of acquisition-related payables assumed on Brio Acquisition (Note 6)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(18,105)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Cash provided by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,322</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,627</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Expenditures on mining interests (Note 23(a))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(73,169)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(82,387)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Cash acquired through Brio Acquisition </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">5,423</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Bridge loan issued on Brio Acquisition </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(13,069)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Interest received </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>321</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">399</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Cash used in investing activities</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72,848)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89,634)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Private placement proceeds </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">44,503</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Loan facility proceeds, net of issue costs (Note 14)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>309,347</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">97,546</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Repayment of loan facilities (Note 14)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(250,000)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(75,000)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Interest paid on loan facilities (Note 14)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(21,694)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(13,078)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Repayment of short-term loans </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(14,501)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Payment of lease liabilities (Note 15(b))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(8,313)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Cash received on sale of treasury shares (Note 17)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>2,206</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">405</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Proceeds from the exercise of stock options (Note 17(b)(i))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>333</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">1,414</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Finance expense paid </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>(2,120)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Other </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(194)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Cash provided by financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,759</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,095</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-left: 16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Foreign exchange gain/ (loss) on cash</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>66</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(106)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Increase/(decrease) in cash </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,299</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,018)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-left: 16.05pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Cash, beginning of year </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>53,021</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">54,039</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Increase/(decrease) in cash </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>25,299</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(1,018)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Cash, end of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,320</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,021</FONT></TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying
notes are an integral part of these consolidated financial statements</FONT></P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; padding: 0in 0in 1pt">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">Consolidated Statements
of Changes in Equity</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">(expressed in
thousands of United States dollars, except share information)</P>

</DIV>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Share Capital </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Common Shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 37%; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Number</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Amount</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Reserve</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Hedging Reserves</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Share Purchase Reserve</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Deficit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Balance at December 31, 2017</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>151,316,959</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;268,777 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,312</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;(11,730)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268,359 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Share-based compensation (Note 17(b))</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">91</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">91</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Share issue costs (Notes 6, 17)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(497)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(497)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Shares issued pursuant to the Brio Acquisition (Note 6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">110,876,166</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">264,052</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">264,052</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Share options granted during the Brio Acquisition (Note 6) </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">930</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">930</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Shares issued pursuant to the private placement (Notes 6, 17)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">21,317,098</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">43,800</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">43,800</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Shares issued on exercise of stock options (Note 17(b))</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">1,232,152</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">2,217</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(803)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">1,414</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Warrants exercised (Note 17(b))</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">772</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Issuance of treasury shares (Note 17)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(3,626)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(3,626)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Sale of treasury shares (Note 17)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">405</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">405</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Change in fair value of hedging instruments (Note 12(c))</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(6,176)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(6,176)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Net income </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">&nbsp;15,285</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">15,285</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Balance at December 31, 2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>284,743,147 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;578,351 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,530</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,176)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,221)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,555 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584,039 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Share-based compensation (Note 17(b))</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">3,200</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">3,200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-left: 16.05pt; text-indent: -16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Shares issued on exercise of stock options (Note 17(b))</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">220,437</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">529</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(196)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">333</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Sale of treasury shares (Note 17)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(1,015)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">3,221</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">2,206</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-left: 16.05pt; text-indent: -16.05pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Change in fair value of hedging instruments (Note 12(c))</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(37,644)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(37,644)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">Net loss </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(90,296)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%">(90,296)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>Balance at December 31, 2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>284,963,584</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;578,880</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,519</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43,820)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;(86,741)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 9pt; line-height: 107%"><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461,838</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="text-align: center; font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">The
accompanying notes are an integral part of these consolidated financial statements</FONT></P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



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

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 6.95pt 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>1.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Nature and Continuance of Operations
</FONT></B></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Leagold Mining Corporation
(Leagold) is a Canadian-based corporation and its common shares are listed on the Toronto Stock Exchange (symbol: LMC) and quoted
in the United States on the OTCQX International (symbol: LMCNF). The address of the Company&rsquo;s registered and records office
is 2900 &ndash; 550 Burrard Street, Vancouver, British Columbia, V6C 0A3 and its executive office is 3043 - 595 Burrard Street,
Vancouver, British Columbia, V7X 1J1.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Leagold is a Canadian based
gold producer with four operating mines: the Los Filos mine complex in Mexico, and the RDM, Fazenda, and Pilar mines in Brazil,
which were acquired from Brio Gold Inc. (Brio) on May 24, 2018. Leagold also has two near-term growth projects: the expansion of
the Los Filos mine complex and the restart of the Santa Luz mine, which was also acquired on May 24, 2018. Leagold&rsquo;s long-term
growth strategy includes acquiring operating gold mines and projects nearing construction where the acquired assets complement
its existing operations and provide further operational diversification.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 0 14.2pt; text-align: justify">On December 16, 2019, Leagold
announced that it had entered into a definitive agreement with Equinox Gold Corp (Equinox Gold) to combine in an at-market merger,
which results in Leagold shareholders receiving 0.331 of an Equinox Gold share for each Leagold share held (the Transaction). At
closing, existing Equinox Gold and Leagold shareholders will own approximately 55% and 45% of the merged company, respectively,
on an issued share basis.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 0 14.2pt; text-align: justify">As part of the Transaction,
there will be a $40 million private placement subscription of Equinox Gold common shares; a new $130 million convertible debenture
issued to Mubadala; a $400 million corporate revolving credit facility; and a $100 million term loan.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 0 14.2pt; text-align: justify">On January 28, 2020, both
Leagold and Equinox Gold shareholders approved the Transaction.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 0 14.2pt; text-align: justify">The closing of the Transaction
is subject to completion of regulatory approvals and other customary closing conditions.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #B6812F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>Basis of Preparation and Significant Accounting
Policies</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0.05pt"><B>a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Statement of compliance </B></FONT></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">These consolidated financial
statements have been prepared in accordance with International Financial Reporting Standards (IFRS).</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0.05pt"><B>b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Basis of preparation</B></FONT></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">These consolidated financial
statements have been prepared on the historical cost basis, except certain financial instruments that are measured at fair value
at the end of each reporting period, as explained in the accounting policies below. The Company&rsquo;s accounting policies have
been applied consistently to all periods in the preparation of these consolidated financial statements.</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0.05pt"><B>c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Basis of consolidation </B></FONT></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 12pt 14.2pt; text-align: justify">The accounts of the subsidiaries
controlled by the Company are included in the consolidated financial statements from the date that control commenced until the
date that control ceases. Control is achieved where the Company has the power to govern the financial and operating policies of
an entity so as to obtain benefits from its activities. The subsidiaries of the Company and their geographic locations at December
31, 2019 are as follows:</P>


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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; margin-right: 0in; padding: 0in 0in 1pt">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 64%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Direct parent company</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Location</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Ownership</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Leagold (BC) Holding Corp. </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Leagold (Barbados) Holdings Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Barbados</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">MXN Silver Corp.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Barbados</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Leagold Netherlands B.V.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Netherlands</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Leagold LatAM Holdings B.V.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Netherlands</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Leagold RDM Holdings B.V.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Netherlands</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Leagold Fazenda Holdings B.V.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Netherlands</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Leagold Santa Luz Holdings B.V.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Netherlands</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Leagold Pilar Holdings B.V.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Netherlands</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Leagold Finance II B.V.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Netherlands</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Leagold Mexico S.A.P.I. de C.V. </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mexico</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mina Leagold Los Filos, S.A.P.I. de C.V. </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mexico</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Administraci&oacute;n Los Filos, S.A.P.I. de C.V. </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mexico</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Desarrollos Mineros San Luis S.A. de C.V.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mexico</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Exploradora de Yacimientos Los Filos S.A. de C.V.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mexico</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Minera Thesalia, S.A. de C.V. </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mexico</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mineracao Riacho Dos Machados Ltda</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Fazenda Brasileiro Desenvolvimento Mineral Ltda</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Santa Luz Desenvolvimento Mineral Ltda</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Pilar de Goias Desenvolvimento Mineral S/A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Intercompany balances, transactions,
income and expenses arising from intercompany transactions are eliminated in full on consolidation.</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0.05pt"><B>d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Foreign currency translation </B></FONT></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">The presentation and
functional currency of the Company is the US dollar. At each statement of financial position date, monetary assets and liabilities
are translated using the period end foreign exchange rate. Non-monetary assets and liabilities in foreign currencies other than
the functional currency are translated using the historical rate. All gains and losses on translation of these foreign currency
transactions are included in the consolidated statements of net (loss)/income and comprehensive (loss)/income.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>e)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Derivative instruments and hedging </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">On initial designation
of a derivative as a hedge, the Company documents the relationship between the hedging instrument and hedged item and assesses
the effectiveness of the hedging instrument in offsetting the changes in the cash flows attributable to the hedged risk and whether
the forecast transaction is highly probable. Subsequent assessment will be performed on an ongoing basis to determine that the
hedging instruments have been highly effective throughout the reporting periods for which they were designated. The changes in
the fair value of derivatives that are designated and determined to be effective in offsetting forecasted cash flows is recognized
in other comprehensive income/(loss) (OCI). The gain or loss relating to the ineffective portion is recognized immediately as a
gain or loss on derivatives, net, in the consolidated statements of net (loss)/income and comprehensive (loss)/income.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>f)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Operating segments </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">The Company&rsquo;s
senior management team performs planning, reviews operating results, assesses performance and makes resource allocation decisions
based on the segment structure described in Note 22 at an operational level on a number of measures, which include mine operating
earnings. Segment results that are reported to the Company's senior management team include items directly attributable to a segment
as well as those that can be allocated on a reasonable basis.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>g)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Business combinations </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">A business combination
is defined as an acquisition of assets and liabilities that constitute a business. A business is an integrated set of activities
and assets that is capable of being conducted and managed for the purpose of providing a return to the Company and its shareholders
in the form of dividends, lower costs or other economic benefits. A business consists of inputs, including non-current assets,
and processes, including operational processes, that when applied to those inputs, have the ability to create outputs that provide
a return to the Company and its shareholders. 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. 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: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">The consideration transferred
in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the
assets 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, which is the date 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: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Acquisition-related
costs, other than costs to issue debt or equity securities of the Company, are expensed as incurred. The costs to issue equity
securities of the Company as consideration for the acquisition are reduced from share capital as share issue costs. The costs to
issue debt to finance the acquisition are reduced from the value of the debt as debt issue costs.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">It generally requires
time to obtain the information necessary to complete the purchase price accounting following an acquisition. If the initial accounting
for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports
provisional amounts in its financial statements for the items for which the accounting is incomplete. During the measurement period,
the Company will retrospectively adjust the provisional amounts recognized at the acquisition date to reflect new information obtained
about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the
amounts recognized as of that date. During the measurement period, the Company will also recognize additional assets or liabilities
if new information is obtained about facts and circumstances that existed as of the acquisition date and, if known, would have
resulted in the recognition of those assets and liabilities as of that date. The measurement period ends as soon as the Company
receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more
information is not obtainable and shall not exceed one year from the acquisition date.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>h)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Cash </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Cash consists of cash
on hand and cash balances held with banks. There were no cash equivalents at December 31, 2019 and 2018.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>i)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Inventories </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Finished goods, work-in-process,
and stockpiled ore are valued at the lower of average operating expenses and net realizable value (NRV). Operating expenses 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 metal prices less estimated future operating
expenses to convert the inventories into saleable form.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Ore extracted from the
mines is placed on the heap leach pads and subsequently processed into finished goods in the form of dor&eacute; bars. Operating
expenses are capitalized and included in work-in-process inventory based on the current mining costs incurred up to the point prior
to the refining process, including applicable overhead, depreciation and depletion relating to mining interests, and removed at
the average production cost per recoverable ounce of gold. Operating expenses associated with heap leach inventory which is being
reprocessed are recognized in the period in which they are incurred as the costs relate directly to the current production. The
average operating expenses of finished goods represent the average costs of work-in-process inventories and operating expenses
of reprocessed heap leach incurred prior to the refining process, plus applicable refining costs and associated royalties. Ore
on the heap leach pads is segregated between current and non-current inventories in the consolidated statement of financial position
based on the period of planned usage.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Supplies are valued
at the lower of average cost and net realizable value. Write-downs of supplies inventory are recognized in profit or loss</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>j)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Mining interests </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Mining interests include
interests in mining properties and related plant and equipment and are carried at cost less depreciation and depletion and any
accumulated impairment.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Mineral deposits in
the reserve category are classified as depletable mining properties when operating levels intended by management have been reached
and are being mined. Prior to this, they are classified as non-depletable mining properties.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Resources not categorized
as reserves and exploration potential are classified as non-depletable mining properties. The value associated with resources and
exploration potential is often referred to as value beyond proven and probable reserves, which includes amounts assigned from costs
of property acquisitions. At the end of each reporting period or when otherwise appropriate and subsequent to a review and evaluation
for impairment, carrying amounts of non-depletable mining properties are reclassified to depletable mining properties as a result
of the conversion into reserves that have reached operating levels intended by management.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt; line-height: 105%"><I>i.</I></FONT></TD><TD STYLE="text-align: justify"><I>Recognition </I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Capitalized costs associated
with mining properties include the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Costs of direct acquisitions
of production, development and exploration stage properties; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Costs attributed to mining
properties acquired in connection with business combinations; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Expenditures related
to the development of mining properties; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Expenditures related
to economically recoverable exploration; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Estimates of reclamation
and closure costs. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Capitalization ceases when
an asset is capable of operating in the manner intended by management.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt; line-height: 105%"><I>ii.</I></FONT></TD><TD STYLE="text-align: justify"><I>Acquisitions </I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">The cost of a property
acquired as an individual asset purchase or as part of a business combination represents the property&rsquo;s fair value at the
date of acquisition. This cost is capitalized until the viability of the mining property is determined. When it is determined that
a property is not economically viable, the amount capitalized is written off, which may include expenditures which were capitalized
to the carrying amount of the property subsequent to its acquisition.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt; line-height: 105%"><I>iii.</I></FONT></TD><TD STYLE="text-align: justify"><I>Development expenditures </I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Drilling and related
costs incurred to define and delineate a mineral deposit that has not been classified as proven and probable reserves at a development
stage or production stage mine are capitalized as part of the carrying amount of the related property in the period incurred, when
management determines that there is sufficient evidence that the expenditure will result in a future economic benefit to the Company.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Drilling and related
costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit which contains proven
and probable reserves are exploration expenditures and are expensed as incurred to the date of establishing that costs incurred
are economically recoverable. Further exploration expenditures, subsequent to the establishment of economic recoverability, are
capitalized and included in the carrying amount of the related property.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Management uses the
following criteria in its assessments of economic recoverability and probability of future economic benefit:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Geology: there is sufficient
geologic and economic certainty of converting a residual mineral deposit into a proven and probable reserve at a development stage
or production stage mine, based on the known geology and metallurgy. There is history of conversion of resources to reserves at
operating mines to support the likelihood of conversion. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Scoping: there is a scoping
study or preliminary feasibility study that demonstrates the additional reserves and resources will generate a positive commercial
outcome. Known metallurgy provides a basis for concluding there is a significant likelihood of being able to recoup the incremental
costs of extraction and production. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Accessible facilities:
the mineral deposit can be processed economically at accessible mining and processing facilities where applicable. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Life of mine plans: an
overall life of mine plan and economic model to support the mine and the economic extraction of resources/reserves exists. A long-term
life of mine plan, and supporting geological model identifies the drilling and related development work required to expand or further
define the existing ore body. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Authorizations: operating
permits and feasible environmental programs exist or are obtainable. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt; line-height: 105%"><I>iv.</I></FONT></TD><TD STYLE="text-align: justify"><I>Costs incurred during production </I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Mine development costs
incurred to maintain current production are included in the consolidated statements of net (loss)/income and comprehensive (loss)/income.
The distinction between mining expenditures incurred to develop new ore bodies and to develop mine areas in advance of current
production is mainly the production timeframe of the mining area. For those areas being developed, which will be mined in future
periods, the costs incurred are capitalized and depleted when the related mining area is mined, compared to current production
areas where development costs are considered as costs of sales, given that the short-term nature of these expenditures matches
the economic benefit of the ore being mined.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Capitalization of costs
incurred ceases when an asset is capable of operating in the manner intended by management. Operating expenses incurred, and revenue
earned subsequent to this point are recognized in profit or loss.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt; line-height: 105%"><I>v.</I></FONT></TD><TD STYLE="text-align: justify"><I>Capitalization of waste in open pit operations </I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Capitalization of waste
stripping requires the Company to make judgments and estimates in determining the amounts to be capitalized. In open pit mining
operations, it is necessary to incur costs to remove overburden and other mine waste materials in order to access the ore body
(stripping costs). During the development of a mine, stripping costs are capitalized and included in the carrying amount of the
related mining property and subsequently depleted over the productive life of the mine using the unit-of-production method. 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 component
of the mining property. Stripping costs incurred and capitalized during the production phase are depleted using the unit-of-production
method over the reserves and a portion of resources 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 in the period incurred.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt; line-height: 105%"><I>vi.</I></FONT></TD><TD STYLE="text-align: justify"><I>Depletion </I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">The carrying amounts
of mining properties are depleted using the unit-of-production method over the estimated recoverable ounces, when operating levels
intended by management for the mining properties have been reached. Under this method, depletable costs are multiplied by the number
of ounces extracted divided by the estimated total ounces to be extracted in current and future periods based on proven and probable
reserves and a portion of resources.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Management reviews the
estimated total recoverable ounces contained in depletable reserves and resources each financial year and when events and circumstances
indicate that such a review should be made. Changes to estimated total recoverable ounces contained in depletable reserves and
resources are accounted for prospectively.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt; line-height: 105%"><I>vii.</I></FONT></TD><TD STYLE="text-align: justify"><I>Plant and equipment </I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Plant and equipment
are recorded at cost less accumulated depreciation and impairment losses. Plant and equipment are depreciated using the units of
production method based on ounces produced, or the straight-line method over the estimated useful lives of the related assets as
follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Plant</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Units of production</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mobile equipment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4 &ndash; 10 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Computer equipment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3 years </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furniture and equipment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">10 years</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Where parts (components)
of an item of plant and equipment have different useful lives, they are accounted for as separate items of plant and equipment.
Each asset&rsquo;s estimated useful life is determined considering its physical life limitations. This physical life of each asset
cannot exceed the life of the mine at which the asset is utilized. The estimated useful lives, residual values and depreciation
method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective
basis.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Amounts expended on
assets under construction are capitalized until the asset becomes available for its intended use, at which time depreciation commences
on the assets over its useful life. Repairs and maintenance of plant and equipment are expensed as incurred. Costs incurred to
enhance the service potential of plant and equipment are capitalized and depreciated over the remaining useful life of the improved
asset.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt; line-height: 105%"><I>viii.</I></FONT></TD><TD STYLE="text-align: justify"><I>Derecognition </I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Upon disposal or abandonment,
the carrying amounts of mining properties and plant and equipment and accumulated depreciation and depletion are removed from the
accounts and any associated gains or losses are recorded in profit or loss.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>k)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Impairment of mining interests </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">At each reporting date,
the Company gives consideration whether any indicators of impairment exist. If any such indicators exist, the recoverable amount
of the asset is estimated in order to determine the extent of any impairment loss, if any. When it is not possible to estimate
the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which
the asset belongs.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Recoverable amount is
the higher of fair value less costs of disposal and value in use. In assessing its recoverable amount, 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 for which estimates of future cash flows have not been adjusted.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">If the recoverable amount
of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or a cash-generating
unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Impairment losses reverse
in circumstances when indicators of the reversal of the impairment exist. When an impairment loss subsequently reverses, it is
recognized immediately in profit or loss. The carrying amount of the asset or a cash-generating unit is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognized in prior years.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><B>l)</B></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Provisions </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Provisions are recorded
when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation
can be made.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">The amount recognized
as a provision is the best estimate of the consideration required to settle the present obligation estimated at the end of each
reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using
the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some
or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable
is recognized as an asset if it is virtually certain that reimbursement will be received and the amount receivable can be measured
reliably.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>m)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Income and deferred taxes </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">The Company uses the
liability method of accounting for income and mining taxes. Under the liability method, deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing
assets and liabilities and their respective tax bases and for unused tax losses and other income tax deductions. Deferred tax assets
are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be
available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not
recognized if the temporary differences from the initial recognition (other than in a business combination) of assets and liabilities
in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not
recognized if the temporary differences arise from the initial recognition of goodwill. Deferred tax assets and liabilities are
measured using enacted or substantively enacted tax rates expected to apply if the related assets are realized or the liabilities
are settled. To the extent that it is probable that taxable profit will not be available against which deductible temporary differences
can be utilized a deferred tax asset may not be recognized. The effect on deferred tax assets and liabilities of a change in tax
rates is recognized in earnings in the period in which the change is substantively enacted. Deferred tax assets and liabilities
are considered monetary assets. Deferred tax balances denominated in other than US dollars are translated into US dollars using
current exchange rates at the reporting date.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Current tax comprises
the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable
in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to
be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantially
enacted at the reporting date.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Deferred tax assets
and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities
and when they relate 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>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="letter-spacing: 0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="letter-spacing: 0.05pt"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><B>n)</B></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Reclamation and closure costs </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">The Company records
a liability for the estimated future rehabilitation costs and decommissioning of its operating mines and development projects at
the time the environmental disturbance occurs or a constructive obligation is determined. Environmental rehabilitation provisions
are measured at the net present value of expected future cash flows. The unwinding of the obligation, referred to as accretion
expense, is included in finance costs with a corresponding increase in the amount of the provision.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">When provisions for
closure and environmental rehabilitation are initially recognized, the corresponding cost is capitalized as an asset, representing
part of the cost of acquiring the future economic benefits of the operation. The capitalized cost of closure and environmental
rehabilitation activities is recognized in mining interests and depreciated over the expected useful life of the operation to which
it relates.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Environmental rehabilitation
provisions are updated annually for changes in legal or regulatory requirements, changes to the expected cash flows, and for the
effect on changes in the discount rate, and the change in estimate is added or deducted from the related asset and depreciated
over the expected useful life of the operation to which it relates.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Increases or decreases
to the provision also arise due to changes in legal or regulatory requirements, the extent of environmental remediation required
and cost estimates. The net present value of the estimated costs of these changes is recorded in the period which the change is
identified and quantifiable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>o)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Revenue recognition </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Revenue from the sale
of gold in dor&eacute; bar form is recognized when the Company has transferred control of the gold in dor&eacute; bar form to the
customer at an amount reflecting the consideration the Company expects to receive in exchange for those products. In determining
whether the Company has satisfied a performance obligation, it considers the indicators of the transfer of control, which include,
but are not limited to, whether: the Company has a present right to payment; the customer has legal title to the asset; the Company
has transferred physical possession of the asset to the customer; and the customer has the significant risks and rewards of ownership
of the asset. Revenue is gross of royalties paid to third parties.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>p)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Leases </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Subsequent to the adoption
of IFRS 16, <I>Leases</I> (Note 3), the Company recognizes a right-of-use asset and lease liability at the lease commencement date.
At this date, the right-of-use asset is measured at cost and included in mining interests. Cost includes the initial amount of
the lease liability, adjusted for lease payments made before this date as well as any initial direct costs incurred. Cost also
includes an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset and restoring the site
on which it is located, less any lease incentives received.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">The right-of-use asset
is depreciated using the straight-line method from the lease commencement date to the earlier of the end of the lease term or the
end of the useful life of the right-of-use asset. The estimated useful lives of right-of-use assets are determined in the same
manner as those of plant and equipment. Right-of-use assets are adjusted for impairments and/or re-measurements of the lease liability.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">At the lease commencement
date, the lease liability is measured at the present value of the future lease payments. The lease payments are discounted using
the interest rate implicit in the lease, or, if that rate cannot be readily determined, the Company&rsquo;s incremental borrowing
rate. Generally, the Company uses its incremental borrowing rate as the discount rate, which is the rate the Company would pay
for similar assets, with similar security and value, at similar locations over a similar term.</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="letter-spacing: 0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="letter-spacing: 0.05pt"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>q)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Warrant derivative </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">The Company uses a Black-Scholes
model for valuation of the warrant derivative. The pricing models require the input of subjective assumptions including expected
share price volatility, interest rate and forfeiture rate. Changes in the input assumptions can affect the fair value estimate
and the Company&rsquo;s net income/(loss) and warrant liability.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>r)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Financial instruments</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Financial assets and
financial liabilities are recognized in the Company&rsquo;s statement of financial position when the Company becomes a party to
the contractual provisions of the instrument. On initial recognition, all financial assets and financial liabilities are recorded
at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as at fair value through
profit or loss (FVTPL). The directly attributable transaction costs of financial assets and liabilities classified as at FVTPL
are expensed in the period in which they are incurred. Subsequent measurement of financial assets and liabilities depends on the
classification of such assets and liabilities.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><I>i.</I></TD><TD STYLE="text-align: justify"><I>Classification of financial assets </I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Financial assets that
meet the following conditions are measured subsequently at amortized cost:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The financial asset is
held within a business model whose objective is to hold financial assets in order to collect contractual cashflows, and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The contractual terms
of the financial asset give rise on specific dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">The amortized cost of
a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments,
plus the cumulative amortization using effective interest method of any difference between that initial amount and the maturity
amount, adjusted for any loss allowance. Interest income is recognized using the effective interest method.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Financial assets that
meet the following conditions are measured at fair value through other comprehensive income (FVTOCI):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The financial asset is
held within a business model who objective is achieved by both collection contractual cash flows and selling financial assets,
and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The contractual terms
of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 6.95pt 0 14.2pt; text-align: justify">By default, all other
financial assets are measured subsequently at FVTPL.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 6.95pt 0 14.2pt; text-align: justify">The Company, at initial
recognition, may also irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces
a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains
and losses on them on different bases.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 6.95pt 0 14.2pt; text-align: justify">Financial assets measured
at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit
or loss to the extent they are not part of a designated hedging relationship.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 6.95pt 0 14.2pt; text-align: justify">An equity instrument
is any contract that evidences a residual interest in the assets of the Company after deducting all its liabilities. Equity instruments
issued by the Company are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company&rsquo;s own
equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase,
sale, issue or cancellation of the Company&rsquo;s own equity instruments.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><I>ii.</I></TD><TD STYLE="text-align: justify"><I>Classification of financial liabilities </I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 6.95pt 0 14.2pt; text-align: justify">Financial liabilities
that are not contingent consideration of an acquirer in a business combination, held for trading or designated as at FVTPL, are
measured at amortized cost using effective interest method.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 6.95pt 0 14.2pt; text-align: justify">Debt and equity instruments
are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and
the definitions of a financial liability and an equity instrument.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 6.95pt 0 14.2pt; text-align: justify">The Company designates
certain derivatives as hedging instruments in respect of foreign currency risk and commodity price risk as cash flow hedges (Note
2(e)). Derivative instruments that do not qualify as hedging instruments are recorded at fair value with changes in fair value
recognized in net (loss)/ income.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>s)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Share capital</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Common shares are classified
as share capital. Incremental costs directly attributable to the issue of new share or options are shown in equity as a deduction,
net of tax from the proceeds. If the Company reacquires its own equity, the cost is deducted from equity and the associated shares
are cancelled or held in treasury.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="letter-spacing: 0.05pt"><B>t)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Earnings per share </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Earnings per share calculations
are based on the weighted average number of common and preferred shares issued and outstanding during the period. The rights of
the common and preferred shares are the same and as such, common and preferred shares are treated as one class of shares for the
earnings per share calculation. Diluted earnings per share are calculated using the treasury stock method, whereby the proceeds
from the exercise of potentially dilutive common shares with exercise prices that are below the average market price of the underlying
shares are assumed to be used in purchasing the Company&rsquo;s common shares at their average market price for the period.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><B>u)</B></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Share-based payment arrangements </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Cash settled share-based
payments in the form of deferred share units (DSUs) and performance share units (PSUs) are measured at the fair value of the equity
instruments at the grant date and revalued each reporting period. Initial recognition and the subsequent revaluation are recognized
as share-based payments in consolidated statements of net (loss)/income and comprehensive (loss)/income.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">Equity settled share-based
payments are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date
of the equity settled share-based payments are expensed over the vesting period in accordance with the Company&rsquo;s share option
plan, in the consolidated statements of net (loss)/income and comprehensive (loss)/income.</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 6.95pt 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>3.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Change in Accounting Policies and
Standards</FONT></B></P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt 14.2pt; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>IFRS
16 &ndash; Leases </B></FONT></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 6.95pt 6pt 14.2pt; text-align: justify">The Company has adopted
IFRS 16, Leases (IFRS 16), with a date of initial application of January 1, 2019. As a result, the Company has changed its accounting
policy for lease contracts, as detailed in Note 2(p). The Company applied IFRS 16 using a modified retrospective approach, whereby
the cumulative effect of initially applying the standard was recognized as a $21,652 increase to right-of-use assets, of which
$494 relates to corporate office leases and $21,158 relates to the rental of trucks and drilling equipment, a $313 increase to
sublease receivables, and a corresponding $21,965 increase to lease liabilities. The incremental borrowing rates applied to lease
liabilities recognized in the consolidated statement of financial position on January 1, 2019 is 6.64% to 7.83%, depending on the
region in which the liabilities are being realized. A reconciliation of the lease liabilities recognized as at January 1, 2019
is presented below:</P>


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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 76%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 24%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>January 1, 2019</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Undiscounted minimum operating lease payments at December 31, 2018</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,504</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Effect of discounting at the incremental borrowing rate </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(1,538)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Lease liabilities arising from the initial application of IFRS 16 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,965</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 6.95pt 8pt 14.2pt; text-align: justify">Upon initial adoption,
the Company has elected to use the two exemptions permitted by IFRS 16 on the following types of contracts, which are expensed
as incurred:</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 6.95pt 8pt 14.2pt; text-align: justify">&bull;&#9;Lease contracts
with a duration of less than 12 months (short-term leases);</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 6.95pt 8pt 14.2pt; text-align: justify">&bull;&#9;Lease contracts
for which the underlying asset has a low value (low-value leases).</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>4.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Critical Judgements in Applying Accounting
Policies</FONT></B></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The critical judgments that
the Company&rsquo;s management has made in the process of applying the Company&rsquo;s accounting policies, apart from those involving
estimations (Note 5), that have the most significant effect on the amounts recognized in the Company&rsquo;s consolidated financial
statements are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt"><B>a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Determination of economic viability </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Management has determined
that exploratory drilling, evaluation, development and related costs incurred which have been capitalized are economically recoverable.
Management uses several criteria in its assessments of economic recoverability and probability of future economic benefit including
geologic and metallurgic information, history of conversion of mineral deposits to proven and probable reserves, scoping and feasibility
studies, accessible facilities, existing permits and life of mine plans.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Functional currency </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">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. Determination of functional currency may involve
certain judgments to determine the primary economic environment and the Company reconsiders functional currency of its entities
if there is a change in events and conditions which determined the primary economic environment.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt"><B>c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Business combinations </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Determination of whether
a set of assets acquired and liabilities assumed constitute a business may require the Company to make certain judgements, taking
into account all facts and circumstances.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt"><B>d)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Capitalization of waste stripping</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Capitalization of waste stripping
requires the Company to make judgments and estimates in determining the amounts to be capitalized. These judgments and estimates
include and rely on the expected stripping ratio for each separate open pit, the determination of what defines separate pits, and
the expected ounces to be extracted from each component of a pit, amongst others.</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>5.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Key sources of estimation uncertainty
</FONT></B></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The preparation of consolidated
financial statements in conformity with IFRS requires the Company&rsquo;s management to make estimates and assumptions that affect
the amounts reported in the consolidated financial statements and related notes to the consolidated financial statements. Estimates
and assumptions are continuously evaluated and are based on management&rsquo;s experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances.</P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The significant assumptions
about the future and other major sources of estimation uncertainty as at the end of the reporting period that have a significant
risk of resulting in a material adjustment to the carrying amounts of the Company&rsquo;s assets and liabilities are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt"><B>a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Impairment of mining interests </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company considers both
external and internal sources of information in assessing whether there are any indications that mining interests are impaired.
External sources of information the Company considers include changes in the market, economic and legal environment in which the
Company operates that are not within its control and affect the recoverable amount of mining interests. Internal sources of information
the Company considers include the manner in which mining properties and plant and equipment are being used or are expected to be
used and indications of economic performance of the assets</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">In determining the recoverable
amounts of the Company&rsquo;s mining interests, the Company&rsquo;s management makes estimates of the discounted future cash flows
expected to be derived from the Company&rsquo;s mining properties, costs to sell the mining properties and the appropriate discount
rate. The projected cash flows are significantly affected by changes in assumptions about gold&rsquo;s selling price, future capital
expenditures, changes in the amount of recoverable reserves, resources, and exploration potential, production cost estimates, discount
rates and exchange rates. Reductions in gold price forecasts, increases in estimated future costs of production, increases in estimated
future non-expansionary capital expenditures, reductions in the amount of recoverable reserves, resources, and exploration potential,
and/or adverse current economics can result in a write-down of the carrying amounts of the Company&rsquo;s mining interests. The
Company determined that there were no indicators of impairment in the year ended December 31, 2019.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Estimated recoverable ounces </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company estimates recoverable
ounces for determining the fair value of mining interests, the number of ounces in heap leach inventory, and to determine the depletion
rate for its mining interests. Changes to the estimates of recoverable ounces included 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. Changes to the estimates
of recoverable ounces including changes from revisions to the Company&rsquo;s mine plans and changes in gold price forecasts can
result in a change to future depletion rates.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt"><B>c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Mineral reserves </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Mineral reserves and mineral
resources are determined in accordance with Canadian Securities Administrator&rsquo;s National Instrument 43-101 - Standards of
Disclosure for Mineral Projects. Mineral reserve and resource estimates include numerous estimates. Such estimation is a subjective
process, and the accuracy of any mineral reserve or resource estimate is dependent on the quantity and quality of available data
and on the assumptions made and judgments used in engineering and geological interpretation. Differences between management&rsquo;s
assumptions including economic assumptions such as gold prices and market conditions could have a material effect in the future
on the Company&rsquo;s financial position and financial performance.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt"><B>d)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Environmental rehabilitation costs </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The provisions for rehabilitation
are based on the expected costs of environmental rehabilitation and inputs used to determine the present value of such provisions
and the related accretion expense using the information available at the reporting date. To the extent the actual costs differ
from these estimates, adjustments will be recorded and the profit or loss and future cash flows may be impacted.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt"><B>e)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Deferred income tax assets </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">In assessing the probability
of realizing income tax assets recognized, management makes estimates related to expectations of future taxable income, available
tax planning opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions
taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional
weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income are based on forecasted
cash flows from operations and the application of existing tax laws in each jurisdiction. Forecasted cash flows from operations
are based on life of mine projections internally developed and reviewed by management. Weight is attached to tax planning opportunities
that are within the Company&rsquo;s control, and are feasible and implementable without significant obstacles. The likelihood that
tax positions taken will be sustained upon examination by applicable tax authorities is assessed based on individual facts and
circumstances of the relevant tax position evaluated in light of all available evidence. Where applicable tax laws and regulations
are either unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these estimates can
occur that materially affect the amounts of income tax assets recognized. At the end of each reporting period, the Company reassesses
unrecognized and recognized income tax assets.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt"><B>f)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Share-based payments and warrant derivatives </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Numerous assumptions are
made when accounting for share-based payments, including expected volatility, expected life, dividend yield and foreign exchange
rate. Changes to these assumptions may alter the resulting accounting and ultimately the amount charged to profit or loss.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt"><B>g)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Contingencies </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Due to the nature and complexity
of the Company&rsquo;s operations, various legal and tax matters are ongoing at any given time and require estimation of amount
and probability of outcome. In the event that the circumstances surrounding these matters change or the Company&rsquo;s outlook
for the outcomes of these matters changes, the effects will be recognized in the consolidated financial statements.</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>6.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Acquisition of Brio Gold Inc. </FONT></B></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company completed the
acquisition of Brio on May 24, 2018, whereby Leagold acquired all the issued and outstanding common shares of Brio (each, a Brio
Share) by way of a statutory plan of arrangement (the Arrangement). Under the terms of the Arrangement, Brio shareholders received
for each Brio Share held 0.922 of a common share of Leagold and 0.4 of a Leagold share purchase warrant (each whole warrant, a
Leagold Warrant). Each Leagold Warrant entitles the holder to purchase one Leagold common share at a price of C$3.70 until May
24, 2020.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Based on the opening price
of Leagold shares of C$3.07 on May 24, 2018, the 108,422,620 Leagold common shares issued in exchange for the outstanding Brio
Shares had an aggregate value of $258,209. In addition, 2,453,546 Leagold common shares were issued in exchange for certain of
Brio&rsquo;s restricted share units (RSUs) and DSUs and in satisfaction of a partial severance payment, which increases the value
of the total common share consideration to $264,052. The Company issued 46,716,645 Leagold Warrants having a consideration value
of $19,703, calculated using a Black-Scholes valuation method (Note 17(c)). Also under the Arrangement, certain Brio stock options
were exchanged for 1,026,267 Leagold options to acquire common shares of Leagold, which have a fair value of $930. The Company
also provided a $13,069 bridge loan to Brio prior to the closing of the Brio Acquisition, the proceeds of which were used to settle
certain of Brio&rsquo;s liabilities. The total transaction price of $297,754 reflects the consideration value of the newly issued
common shares, warrants, and stock options, and the principal value of the bridge loan.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">As part of the financing
plan to complete the Brio Acquisition, the Company&rsquo;s existing $150,000 senior secured 5-year loan facility with Soci&eacute;t&eacute;
G&eacute;n&eacute;rale, Investec Bank plc and Orion Mine Finance (Orion), was amended to provide an additional $100,000 tranche
of funding, net of $2,454 of debt issuance costs. A portion of the proceeds of the new tranche was used to fully repay Brio&rsquo;s
$75,000 senior debt credit facility upon closing of the Brio Acquisition.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">On the Closing Date, the
Company also issued 21,317,098 common shares to a fund managed by Orion pursuant to a private placement at a price of C$2.71 for
proceeds of $45,000, net of $497 of share issue costs. Additionally, the Company issued 2,000,000 Leagold Warrants in connection
with the private placement with an exercise price of C$3.53. The fair value of these Leagold Warrants at the time of grant of $1,200,
calculated using a Black-Scholes valuation model (Note 17(c)), was recognized as a reduction in the value of the Company&rsquo;s
common shares issued to Orion.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Leagold&rsquo;s acquisition
and restructuring costs related to the Brio Acquisition incurred during the year ended December 31, 2018, totaling $8,038, were
expensed in the consolidated statements of net (loss)/income and comprehensive (loss)/income. Since the Closing Date until December
31, 2018, the Company paid $18,105 of Brio&rsquo;s transaction-related costs assumed as part of the Brio Acquisition.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 12pt 14.2pt; text-align: justify">The following table shows
the consideration and allocation of the purchase price to the identifiable assets and liabilities based on their estimated fair
values at the date of acquisition:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 62%; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Purchase price </B></FONT></TD>
    <TD STYLE="width: 38%; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Fair value estimate of Leagold share consideration</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264,052 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Fair value estimate of Leagold warrants issued </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;19,703 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Fair value estimate of Leagold share options issued </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;930 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Bridge loan issued</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;13,069 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297,754 </B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Net assets/(liabilities) acquired</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Cash </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,423 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mining interests and plant and equipment </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;455,887 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Other non-current assets </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;16,247 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Net working capital acquired (excluding cash) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;(46,345)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Hedging instruments </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;(4,525)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Senior debt credit facility </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;(75,000)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Deferred income tax liabilities &nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;(9,971) </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Provision for reclamation</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;(30,246)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Other non-current payables </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;(13,716)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297,754 </B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>7.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Trade and Other Receivables </FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Trade receivables </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,523</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,322</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mexican VAT receivable </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>12,838</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">14,038</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Brazilian input tax credits receivable (a)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>16,849</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">14,463</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Income taxes receivable </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>5,678</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">5,470</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Other receivables</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>3,058</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,706</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,946</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,999&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Current portion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>29,874</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,770</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Non-current portion </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>16,072</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">7,229</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,946</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,999</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 12pt; line-height: 105%"><B>a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As at December 31, 2019, $11,917 of the
Brazilian input tax credits receivable are included in other long-term receivables on the consolidated statement of financial position
(December 31, 2018 - $4,386) as they are expected to be recovered over a period which exceeds the next twelve months. </FONT></TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 6.95pt 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>8.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Inventories</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Supplies </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,956</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,385</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Finished goods</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>3,400</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">6,109</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Work in progress </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>7,886</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">6,287</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Heap leach ore</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>98,332</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">70,217</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Stockpiled ore</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>3,389</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">4,302</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137,963</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113,300</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Current portion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>137,438</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111,794</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Non-current heap leach ore</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>525</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,506</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137,963</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113,300</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.05pt; line-height: 105%"><B>a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: 0.05pt">The costs of inventories
recognized as expense for the year ended December 31, 2019 was $427,126 (December 31, 2018 - $314,040) and is included in cost
of sales. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.05pt; line-height: 105%"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: 0.05pt">For the year ended
December 31, 2019, inventory includes the reversals of inventory provisions of $254 at the Los Filos mine complex, offset by inventory
provisions of $191 at the Fazenda mine, $373 at the Pilar mine and $1,202 at the RDM mine (December 31, 2018 &ndash; provision
of $219 at the Fazenda mine, $1,131 at RDM mine, $645 at Pilar mine, offset by a reversal of inventory provision of $1,465 at the
Los Filos mine complex)</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>9.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Mining Interests</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Mining Properties</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Depletable</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Non-depletable</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Plant and equipment</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Cost</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Balance at December 31, 2018</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226,952</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115,595</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507,610</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850,157</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Additions/expenditures (Note 23(a))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">39,281</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">20,921</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">21,060</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">81,262</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Right-of-use assets recognized (Note 15(a))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">21,652</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">21,652</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Change in reclamation liability&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">6,265</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">360</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">6,625</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Balance as at December 31, 2019</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272,498</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136,876</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550,322</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959,696</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Accumulated depreciation</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Balance at December 31, 2018</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,983</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,415</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,398</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">23,339</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">45,646</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">68,985</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Change in depreciation included in inventory</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,154</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(1,023)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">131</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Transfers and other non-cash movements</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,316</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">905</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,653</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">3,874</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Balance as at December 31, 2019</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,792</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95,691</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150,388</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Net book value as at December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218,706</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135,971</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454,631</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809,308</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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


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<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><B></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><B></B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Mining Properties</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Depletable</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Non-depletable</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Plant and equipment</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Cost</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">At December 31, 2017</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,435</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89,253</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ &nbsp;&nbsp;&nbsp;157,618</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ &nbsp;&nbsp;&nbsp;&nbsp;313,306</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Assets acquired on Brio Acquisition (Note 6) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">120,227</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">13,818</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">321,842</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">455,887</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Additions/expenditures </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">39,473</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">11,275</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">28,150</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">78,898</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Change in reclamation liability </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">817</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,249</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2,066</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Balance as at December 31, 2018</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226,952</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115,595</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$ &nbsp;&nbsp;&nbsp;507,610</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850,157</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 6.5pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Accumulated depreciation</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">At December 31, 2017</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,124</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,325 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,449</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Depreciation/depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">17,167</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">29,695</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">46,862</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Change in depreciation included in inventory</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,651</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">3,145</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">4,796</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Transfers and other non-cash movements </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">41</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,250</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,291</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Balance as at December 31, 2018</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,983</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,415</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,398</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Net book value as at December 31, 2018</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198,969</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115,595</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$ &nbsp;&nbsp;&nbsp;458,195</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$ &nbsp;&nbsp;&nbsp;&nbsp;772,759</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>10.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Trade and Other Payables </FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Trade and other payables</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,877</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,369</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Accrued liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>29,524</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">41,752</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101,401</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101,121</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>11.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Reclamation and Closure Costs</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Beginning balance</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86,506</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,593</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Assumed on acquisition of Brio </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">30,246</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Revision of estimate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>8,209</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">3,438</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Foreign exchange impact </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(1,583)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(1,372)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Accretion expense (Note 20)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>5,196</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">3,180</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Expenditures (Note 23(b))</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(867)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(1,579)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97,461</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86,506</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Current portion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>3,395</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,873</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Non-current portion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>94,066</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">83,633</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97,461</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86,506</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; 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 measures the provision at the expected value of future cash flows using inflation rates of 2.32% to 3.58% (December
31, 2018 &ndash; 2.20% to 4.06%) and discounted to the present value using discount rates of 1.78% to 6.91% (December 31, 2018
&ndash; 3.07% to 10.10%) depending on the region in which the liabilities will be realized. The undiscounted value of the provision
as at December 31, 2019 was $128,532. Decommissioning, restoration and similar liabilities of the Company's mines and projects
are incurred in Brazilian reals (R$), Mexican pesos and US dollars. The liabilities, other than those denominated in US Dollars,
are subject to translation gains and losses from one reporting period to the next in accordance with the Company's accounting policy
for foreign currency translation of monetary items. Translation gains or losses are reflected in the carrying amounts of the related
property, plant and equipment.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>12.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Derivative financial Liabilities </FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 62%; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Gold revenue protection strategy (a)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,345</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,619</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Foreign exchange protection program (b)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">8,083</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,345</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,702</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Current portion </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>14,278</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,702</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Non-current portion </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>34,067</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,345</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,702</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">The following derivative
contracts are being accounted for as cash flow and currency hedges by the Company:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.5pt; line-height: 105%"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Gold revenue protection strategy </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">In December 2018, the Company
entered into a zero-cost collar contract, where gold puts were purchased, and gold calls were sold with average put and call strike
prices of $1,200 and $1,275 per ounce, respectively. These purchases and sales were made for 7,500 ounces per month from January
2019 to September 2019 for a total of 67,500 ounces. As at December 31, 2019, this zero-cost collar contract has been fully settled.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">In June 2019, the Company
entered into zero-cost collar contracts, where gold puts will be purchased, and gold calls will be sold with average put and call
strike prices of $1,325 and $1,430 per ounce, respectively. These purchases and sales were to be made for 3,750 ounces per month
from October 2019 to September 2022 for a total of 135,000 ounces.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">In June 2019, the Company
also entered into forward contracts for 4,583 ounces per month from October 2019 to September 2022 for a total of 165,000 ounces,
at an average fixed gold price of $1,350 per ounce. The gold revenue protection strategy represents approximately 20% of the Company&rsquo;s
total estimated gold production up to September 2022.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.05pt; line-height: 105%"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Foreign exchange protection program</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company had legacy currency
forward contracts from the Brio Acquisition for $5,760 per month from January 2019 through December 2019, totaling $69,114, at
a fixed exchange rate of US$1 = R$3.4725. As at December 31, 2019, this currency forward contract has been fully settled.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 12pt; font-variant: small-caps; letter-spacing: 0.5pt; line-height: 105%"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Hedge losses included in accumulated other comprehensive
income</B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 62%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Effective portion of change in the fair value of hedges </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54,116)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,176)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Reclassification of realized losses on currency hedges </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>8,191</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Reclassification of realized losses from cash flow hedges </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>8,281</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37,644)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,176)</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 13pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 13pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B></B></FONT></P>

<P STYLE="font: 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>13.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Other Financial Liabilities </FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 62%; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">DSU liability (Note 17(b)(ii))</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,320</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">PSU liability (Note 17(b)(iii))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>949</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Warrant derivative (Note 17(c)) &nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>14,682</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,702</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Other financial liabilities </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>3,149</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,937</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,100</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,502&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Current portion </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>14,129</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Non-current portion </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>6,971</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">5,502</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,100</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,502</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>14.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Long-term Debt </FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Term Loan </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200,000</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Unamortized deferred financing costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(4,924)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(5,537)</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195,076</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244,463&nbsp;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Revolving Credit Facility </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120,000</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Unamortized deferred financing costs </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(4,827)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115,173</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Current portion </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144,642</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Non-current portion </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>310,249</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">99,821</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310,249</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244,463</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 0 14.2pt; text-align: justify">On June 25, 2019, the Company
completed a debt refinancing with a syndicate of lenders for a $200,000 loan (Term Loan) and a $200,000 Revolving Credit Facility
(RCF). As at December 31, 2019, the Company has drawn on $120,000 of the RCF. The Term Loan is subject to a scheduled amortization
from September 30, 2021 until December 31, 2024. All outstanding amounts drawn on the RCF are due on December 31, 2024. The Term
Loan and RCF bear interest at a rate equal to LIBOR plus a margin, depending on the Company&rsquo;s net debt/EBITDA leverage ratio.
The Company capitalized $10,653 relating to transaction costs associated with the Term Loan and the RCF during the year ended December
31, 2019.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 0 14.2pt; text-align: justify">The interest expense incurred
on all loan facilities for the year ended December 31, 2019 was $20,854 (December 31, 2018 - $18,634). The amortization of deferred
financing costs for the year ended December 31, 2019 was $6,440 (December 31, 2018 - $2,984) (Note 20). The amortization of deferred
financing costs included $3,235 of amortization of deferred financing costs associated with the existing loan facilities which
were fully repaid during the year ended December 31, 2019.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">The loan facilities have
certain covenants which the Company is in compliance with as at December 31, 2019.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify"></P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>15.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Leases </FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 12pt"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><B>Right-of-use assets</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Right-of-use assets recognized (Note 9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,652</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Depreciation/depletion </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(7,698)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,954</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">The right-of-use assets
recognized by the Company are comprised of $494 related to corporate office leases and $21,158 related to the rental of trucks
and drilling equipment. As at December 31, 2019, $13,954 of right-of-use assets have been included within plant, and equipment.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 12pt"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><B>Lease liabilities </B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Lease liabilities recognized </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,965</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Interest expense on lease liabilities (Note 20)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>1,384</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Foreign exchange impact </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(777)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Payment of lease liabilities </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(8,313)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,259</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Current portion </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>6,868</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Non-current portion </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>7,391</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,259</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">The undiscounted values
of the lease liabilities as at December 31, 2019 was $15,199.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 12pt"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify"><B>Amounts recognized in profit and loss </B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Expense relating to short-term leases </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,446</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Expense relating to leases of low value assets </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>486</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Expense relating to variable lease payments&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>45,602</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Income from subleasing right-of-use assets </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt 14.2pt; text-align: justify; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>16.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Other Long-Term Liabilities </FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Other long-term tax payable</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,251</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,263</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Legal provisions (a) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>7,594</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">8,781</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Tax provisions </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>1,732</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,507</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,577</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,551</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.75pt"></TD><TD STYLE="width: 23.7pt"><FONT STYLE="font-size: 12pt"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><B>Legal provisions </B></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Legal provisions primarily
relate to labour-related claims in Brazil acquired as part of the Brio Acquisition which have arisen in the ordinary course of
business.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>17.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Share Capital</FONT></B></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">As part of the Brio Acquisition,
1,522,639 Leagold common shares issued were withheld to cover certain withholding taxes paid by the Company. The Leagold common
shares withheld were presented as a reduction in equity in share purchase reserve in the consolidated statement of changes in equity.
During the year ended December 31, 2018, 225,000 Leagold shares withheld were sold with a value of $405. During the year ended
December 31, 2019, the remaining 1,297,639 Leagold shares withheld were sold with a value of $2,206.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.05pt; line-height: 105%"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Authorized capital</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Unlimited common shares without
par value</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Unlimited preferred shares
without par value</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 35.45pt; text-align: justify">Unlimited series 1 convertible
preferred shares with special rights and restrictions attached</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.05pt; line-height: 105%"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Share-based payments</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 12pt 14.2pt; text-align: justify">The following table summarizes
the share-based payments:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Share-based payment expense </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,200</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">DSU expense </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>1,457</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(61)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">PSU expense </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>949</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,606</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; line-height: 105%"><I>i.</I></FONT></TD><TD STYLE="text-align: justify"><I>Share options</I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">In 2016, the Company adopted
a rolling share option plan (the Plan) whereby the option to acquire up to 10% of the issued share capital may be granted to eligible
optionees from time to time. As at December 31, 2019, the 17,767,817 granted share options represented 6% of the issued share capital
of the Company. The Plan permits options granted to have a maximum term of ten years, a vesting period determined by the directors,
and the exercise price may not be less than the market price, as prescribed by regulatory requirements. A summary of the changes
in the share options is presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Options outstanding</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Weighted average<BR>
 exercise price (C$)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">At December 31, 2017</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">11,680,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Granted </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2.92</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Granted pursuant to the Brio Acquisition </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,026,267</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2.02</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(1,232,152)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1.48</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Expired</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(164,305)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2.40</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">At December 31, 2018</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">11,409,810</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Granted </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">6,578,444</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2.11</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Exercised </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(220,437)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2.02</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>At December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>17,767,817</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



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

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The following table summarizes
information about the exercisable share options outstanding as December 31, 2019:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Exercise prices <BR>
(C$)</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Number of share<BR>
 options outstanding</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Number of share<BR>
 options exercisable</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Weighted average<BR>
 exercise price (C$)</B></FONT></TD>
    <TD STYLE="width: 26%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Weighted average<BR>
 remaining contractual life</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ &nbsp;&nbsp;&nbsp;0.63</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">200,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">200,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;0.63</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">6.5 years</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;2.85</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">10,725,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">10,725,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;2.85</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2.2 years</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;3.15</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">200,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">200,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ &nbsp;&nbsp;&nbsp;3.15</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2.8 years</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;2.92</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">100,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;2.92</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">3.0 years</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;2.11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">6,510,444</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">6,510,444</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;2.11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2.1 years</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;2.01</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">32,373</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">32,373</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;2.01</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2.6 years</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>17,767,817</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>17,767,817</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;2.56</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2.3 years</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 0 14.2pt; text-align: justify">The following weighted average
assumptions were used for Black-Scholes valuation of the share options granted during years ended December 31, 2019 and December
31, 2018:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 56%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2018</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Risk-free interest rate </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1.80%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2.01%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Expected life</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">3.0 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1.8 years</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Annualized volatility </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">48.26%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">41.50%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Dividend rate </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">0.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">0.00%</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">During the year ended December
31, 2019, 220,437 share options with a weighted average exercise price of C$2.02 were exercised for proceeds of $333, and 6,578,442
share options with an exercise price of C$2.11 and a Black Scholes valuation of $3,200 were granted by the Company and vested immediately.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">Subsequent to December
31, 2019, 460,703 share options with a weighted average exercise price of C$2.11 were exercised for proceeds of $737.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; line-height: 105%"><I>ii.</I></FONT></TD><TD STYLE="text-align: justify"><I>Deferred share units</I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 4pt 14.2pt; text-align: justify">In 2016, the Company established
a DSU plan for the purposes of strengthening the alignment of interests between non-executive directors of the Company and shareholders
by linking a portion of the annual director compensation to the future value of the Company&rsquo;s common shares. Upon establishing
the DSU plan for non-executive directors in November 2016, the Company adopted a policy to no longer grant share options to non-executive
directors. The DSU plan allows each non-executive director to receive, in the form of DSUs, 50% of the director&rsquo;s fees which
would otherwise be payable in cash. The plan also provides for discretionary grants of additional DSUs by the Board. Each DSU fully
vests upon award but is distributed only when the director has ceased to be a member of the Board. Vested units are settled in
cash based on the common share price at the date of settlement. A summary of the changes in the DSUs is presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>DSUs outstanding</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Weighted average<BR>
 </B></P>
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>grant price (C$)</B></P></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">At December 31, 2017</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">481,650</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Granted </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">285,403</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2.06</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Exercised</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(86,334)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2.90</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">At December 31, 2018</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">680,719</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Granted </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">252,216</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2.35</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>At December 31, 2019</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>932,935</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">During the year ended December
31, 2019, the Company granted 252,216 DSUs with a resulting fair value of $450 which was recognized as share-based payments expense
during the period. The total fair value of all outstanding DSUs at December 31, 2019 was $2,320 (December 31, 2018 - $863) which
was recorded as other long-term financial liabilities (Note 13).</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; line-height: 105%"><I>iii.</I></FONT></TD><TD STYLE="text-align: justify"><I>Performance share units </I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">In 2019, the Company established
a PSU plan as part of its compensation program for certain employees of the Company. The PSUs vest in three tranches based on when
certain gold production targets are achieved. All unvested PSUs expire on December 31st of the third year following the calendar
year in which the PSUs were granted and are payable in cash. The fair value of the PSUs is based on the current share price and
reflects management&rsquo;s best estimates of the probability that gold production targets will be achieved. A summary of the changes
in the PSUs is presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>PSUs outstanding</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Fair value of PSU<BR>
 liability</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">At December 31, 2018</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Granted</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2,081,767</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">949</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>At December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2,081,767</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.05pt; line-height: 105%"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Warrant derivative </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 0 14.2pt; text-align: justify">In relation to the financing
to complete the acquisition of the Los Filos mine complex in April 2017, the Company granted Orion 2,000,000 share purchase warrants
that are exercisable in whole or in part for a term of five years at an exercise price of C$3.575 per share.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">In relation to the Brio
Acquisition, the Company has granted Brio shareholders 46,716,645 share purchase warrants that are exercisable in whole or in part
until May 24, 2020 at an exercise price of C$3.70 per share. The Company has also granted an additional 2,000,000 share purchase
warrants to Orion that are exercisable in whole or in part until May 24, 2021 at an exercise price of C$3.529 per share.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The exercise price of these
warrants is denominated in Canadian dollars to be consistent with the Company&rsquo;s shares being listed on the TSX; however,
the functional currency of the Company is the US dollar. As a result of this difference in currencies, the proceeds that will be
received by the Company are not fixed and will vary based on foreign exchange rates resulting in the warrants being classified
as derivatives and therefore, they are required to be recognized and measured at fair value at each reporting period. Any changes
in fair value from period to period are recorded as a non-cash finance costs in the consolidated statements of net (loss)/income
and comprehensive (loss)/income. Upon exercise, the holder will pay the Company the respective exercise price for each warrant
exercised in exchange for one common share of the Company. The fair value at the date of exercise and the associated non-cash liability
will be reclassified to share capital. The non-cash liability associated with any warrants that expire unexercised will be recorded
as a gain in consolidated statements of net (loss)/income and comprehensive (loss)/income. There are no circumstances in which
the Company would be required to pay any cash upon exercise or expiry of the warrants.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">A reconciliation of the change
in the fair values of the warrant derivative, included on the consolidated statements of financial position as another long-term
liability, is presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Warrants outstanding</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Fair value of warrant<BR>
 derivative</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">At December 31, 2017</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,458</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Warrants issued </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">48,716,645</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">20,903</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Warrants exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(772)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Change in fair value of warrant derivative </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(19,659)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">At December 31, 2018</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">50,715,873</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,702</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;Change in fair value of warrant derivative (Note 20)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">11,980</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>At December 31, 2019 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>50,715,873</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,682</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">The following weighted
average assumptions were used for Black-Scholes valuation of the warrants granted during the years ended December 31, 2019 and
December 31, 2018:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 56%; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1.5pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2018</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Risk-free interest rate </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1.60%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1.98%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Expected life</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">0.89 years</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1.85 years</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Annualized volatility </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">52.70%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">44.63%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Dividend rate </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">0.00%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">0.00%</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">Subsequent to December
31, 2019, 484,546 share options with a weighted average exercise price of C$3.70 were exercised for proceeds of $1,336.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.05pt; line-height: 105%"><B>(d)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Basic and diluted earnings per share </B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31, 2019</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Weighted average shares<BR>
 outstanding</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Net income<BR>
 per share</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Earnings<BR>
 before taxes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Earnings<BR>
 before taxes<BR>
 per share<SUP>(1)</SUP></B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Basic EPS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">284,890,609</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;$(90,296)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;$(0.32)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$9,435</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$0.03</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Effect of dilutive stock options</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Diluted EPS</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">284,890,609</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$(90,296)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$(0.32)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$9,435</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$0.03</FONT></TD></TR>
<TR>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31, 2018</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding-top: 6pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Weighted<BR>
 average shares<BR>
 outstanding</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Net income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Net income<BR>
 per share</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Earnings<BR>
 before taxes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Earnings<BR>
 before taxes<BR>
 per share<SUP>(1)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Basic EPS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">232,127,862</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;$15,285</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;$0.07</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;$20,965</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$0.09</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Effect of dilutive stock options</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">235,616</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Diluted EPS</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">232,363,478</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$15,285</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$0.07</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$20,965</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$0.09</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><FONT STYLE="font-size: 6.5pt">(1) </FONT><FONT STYLE="font-size: 8pt">The
Company is presenting net earnings before taxes per share as the Company believes this is a relevant metric that reflects the Company&rsquo;s
results from continuing operations prior to the effect of the deferred tax recognized.</FONT></P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>18.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Revenue</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 1.5pt solid; padding-top: 6pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1.5pt solid; padding-top: 6pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31,</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 66%; border-bottom: Black 1pt solid; padding-top: 6pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-top: 6pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-top: 6pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2018</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Gold </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517,548</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375,402</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Silver</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>1,879</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,109</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519,427</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376,511</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt">Gold offtake arrangement </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">As part of the financing
to complete the acquisition of the Los Filos mine complex, the Company entered into an offtake agreement with Orion (the Los Filos
Gold Offtake Agreement) which provides for a gold offtake of 50% of the gold production from the Los Filos mine complex at market
prices, until a cumulative delivery of 1.1 million ounces to Orion. As part of the Brio Acquisition financing, the Company amended
and restated the Los Filos Gold Offtake Agreement and entered into another offtake agreement with Orion (the Brazilian Gold Offtake
Agreement). The Brazilian Gold Offtake Agreement provides for a gold offtake of 35% of the gold production from the Brazilian mines
at market prices, until a cumulative delivery of 0.7 million ounces to Orion. As of December 31, 2019, 244,394 payable gold ounces
had been sold to Orion under the terms of the offtake agreements.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt">Gold prepayment </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 8pt 14.2pt; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt">In
December 2018, the Company sold 20,000 gold ounces of future production to Orion with 10,000 gold ounces which were delivered by
Q1 2019 and 10,000 gold ounces which were delivered by Q2 2019. The Company received a payment of $23,382 for these gold sales,
with the corresponding revenue recognized in the consolidated statements of net (loss)/income and comprehensive (loss)/income in
the year ended December 31, 2019. As at December 31, 2019, all of the 20,000 gold ounces have been delivered to Orion.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt">Silver streaming arrangement</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 8pt 14.2pt; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt">The
Company&rsquo;s silver production from the Los Filos mine is subject to the terms of an agreement (the Silver Purchase Agreement)
with Wheaton Precious Metals Corp. (WPM) under which the Company must sell a minimum of 5 million payable silver ounces produced
by the Los Filos mine complex operations from August 5, 2010 to the earlier of the termination of the agreement or October 15,
2029 to WPM at the lesser of $3.90 per ounce or the prevailing market price, subject to an inflationary adjustment. The contract
price is revised each year on the anniversary date of the contract, which was $4.39 per ounce until October 14, 2019. From October
15, 2019, the contract price has been revised to $4.43 per ounce. As of December 31, 2019, 1.8 million payable silver ounces had
been sold to WPM under the terms of the agreement. </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="letter-spacing: 0.05pt">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt">Royalties </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company is subject to
a royalty arrangement of 0.5% and 1.5% of gross income on gold and silver revenues in Mexico and Brazil respectively. In addition,
at the Los Filos mine, the concession named Xochipala is subject to a royalty arrangement of 3.0% of gross income on gold and silver
revenues. At Pilar mine, there are multiple royalties between 0.75% and 1.0% of gross income on gold and silver revenues on certain
concessions. At RDM mine, there is a royalty of 1.0% of gross income on gold and silver revenues. At Fazenda mine, there is a royalty
of 0.75% of gross revenue royalty on certain concessions.</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>19.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Operating Expenses </FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Raw materials and consumables</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179,907</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,284</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Contractors</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>80,003</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">53,291</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Salaries and employee benefits</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>74,266</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">61,537</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Other </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>23,965</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">6,066</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358,141</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267,178</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 6pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>20.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Finance and Accretion Expense</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Accretion expense (Note 11)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,196</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,180</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Amortization of deferred financing costs (Note 14) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>6,440</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2,984</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Finance expense </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>1,779</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,175</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Change in the fair value of warrant derivative (Note 17(c))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>11,980</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(19,659)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Interest expense on lease liabilities (Note 15(b))</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>1,384</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,779</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12,320)</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 13pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 13pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B></B></FONT></P>

<P STYLE="font: 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B></B></FONT></P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>21.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Income Taxes </FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Current income tax expense &nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,836</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,797</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Deferred income tax expense </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>90,895</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(2,117)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,731</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,680</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The taxable earnings of the
corporate entities in Canada, Mexico, Brazil, Luxembourg, Netherlands and Barbados are subject to tax under the tax law of the
respective jurisdiction.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.05pt; line-height: 105%"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Reconciliation of effective tax rate </B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2018</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Income/(loss) before taxes&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,435 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,965</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Statutory tax rate&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>27%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">27%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Income tax benefit </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,547 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,661</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Reconciling items:</P>
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Rate differential</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(7,852)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">5,561</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;Effect of foreign exchange rate changes on deferred taxes </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(26,140)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">10,841</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;Permanent differences </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;36,495 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">19,027</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;Impact of inflation on tax values</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;1,068 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(13,285)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;Mining convention benefits</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>16</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2,666</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;Share issue costs</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(134)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;Change in unrecognized temporary differences </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;28,059 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(21,801)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;Change in prior period estimates </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;1,451 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">307</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;Impact of the Brio Acquisition</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(4,271)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;Impact of revision of unused Mexican tax losses (i)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;63,543 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;Other </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>544</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,108</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,731</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,680</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt; line-height: 105%"><I>i.</I></FONT></TD><TD STYLE="text-align: justify"><I>Unused Mexican tax losses </I></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">During the year ended December
31, 2019, the Company reversed $63,543 of its previously recognized deferred income tax assets (a non-cash item) generated by its
wholly owned Mexican subsidiary, Desarrollos Mineros San Luis S.A. de C.V. (DMSL), and attributable to multiple tax periods prior
to and including 2017. DMSL was acquired by the Company on April 7, 2017 from Goldcorp Inc. (now part of Newmont Corporation) and
its principal asset is the Los Filos mine complex.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Prior to the derecognition
of the deferred tax assets, the Company had unused tax losses amounting to $107,677 on a tax effected basis. These unused tax losses
were supported by corporate tax returns filed for each of the years in which the tax losses were generated. The Company&rsquo;s
projections of the probable utilization of DMSL&rsquo;s unused tax losses in the future is the basis for recognizing the unused
tax losses as a deferred income tax asset (a non-cash item).</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The reversal of the deferred
tax assets of $63,543, which is a non-cash adjustment, results from management&rsquo;s current understanding of the terms and impact
of a tax settlement with the Mexican Tax Authorities (the Settlement).</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.05pt; line-height: 105%"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Deferred tax balances </B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Deferred tax assets&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;Tax losses not utilized </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,942</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126,161</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;Deductible temporary differences relating to: </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining taxes </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;6,298 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">5,205</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;5,651 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">415</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;7,313 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">6,564</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclamation and closure cost obligations </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;1,947 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">5,981</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;429 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">35</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,580 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144,361</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Deferred tax liabilities &nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Taxable temporary differences relating
        to:</P>
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">Mining properties,
        plant and equipment</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(56,546)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(61,368)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(4,032)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(3,477)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(14,835)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(6,454)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,833)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,062</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 10pt 14.2pt; text-align: justify">The Company believes that
it is probable that the results of future operations will generate sufficient revenue to realize the deferred income tax assets.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Beginning balance &nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,062</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,916</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Deferred tax liabilities assumed on Brio Acquisition (Note 6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(9,971)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Deferred tax (expense)/recovery charged to earnings during the year&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(90,895)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2,117</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,833)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,062</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.05pt; line-height: 105%"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Deductible temporary differences, unused tax credits and
unused tax losses </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 12pt 14.2pt; text-align: justify">The Company&rsquo;s deductible
temporary differences, unused tax credits, and unused tax losses that have not been recognized on the consolidated statement of
financial position.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Tax losses not utilized</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223,144 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163,373</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mining properties, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;127,966 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">151,536</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Reclamation and closure cost obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;33,004 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">33,059</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Foreign exchange</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;119,372 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">26,887</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;96,942 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">42,988</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600,428</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417,843</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.05pt; line-height: 105%"><B>(d)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Unused tax losses carried forward </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 10pt 14.2pt; text-align: justify">The Company recognizes
the benefit of tax losses only to the extent of anticipated future taxable income in relevant jurisdictions.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Expiry dates</FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Canada </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2025 to 2039</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85,591 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,723</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mexico </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2025 to 2029</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;96,546 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">401,826</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Brazil </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">No expiry</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;152,127 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">110,970</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334,264</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561,519</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 6pt 35.45pt; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 13pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 13pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #B6812F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>22.</B></FONT></TD><TD><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>Segment Reporting</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 12pt 14.2pt; text-align: justify">The Company operates in
two principal geographic locations: Mexico (Los Filos) and Brazil (the RDM, Fazenda, Pilar and Santa Luz mines), with a corporate
office in Canada. The following tables provides the Company&rsquo;s results and financial positions by operating segment on the
way information is provided to and used by the Company&rsquo;s chief operating decision maker to make decisions about the allocation
of resources to the segments and assess their performance.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD COLSPAN="8" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>As at December 31, 2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Los Filos</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>RDM</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Pilar</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Fazenda</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Santa Luz</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Corporate<BR>
 &amp; Others</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mining interests </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;$ 316,707</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 135,685</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;52,475</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 144,656</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 159,087</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;809,308</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Total assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 488,185</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 157,778</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;65,895</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 153,894</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 160,657</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;59,654</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$1,086,063</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Total liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 110,558</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;33,346</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;22,206</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;56,416</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,539</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;393,160</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;624,225</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD COLSPAN="8" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Los Filos</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>RDM</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Pilar</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Fazenda</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Santa Luz</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Corporate<BR>
 &amp; Others</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mining interests </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;$ 296,726</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 114,579</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;57,089</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 149,423</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 154,491</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;$&nbsp;&nbsp;772,759</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Total assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 518,248</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 134,281</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;74,475</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 164,953</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 158,895</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;32,033</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$1,082,885</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Total liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;$&nbsp;&nbsp;&nbsp;91,384</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;22,059</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;27,507</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;53,999</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,469</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$ 294,428</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;498,846</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31, 2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Los Filos</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>RDM</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Pilar</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Fazenda </B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Santa Luz</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Corporate<BR>
 &amp; Others</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Revenues</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;279,499</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;86,549</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;52,286</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;101,093</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;519,427</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Cost of sales </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;Operating expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">181,509</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">68,709</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">48,243</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">59,680</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>358,141</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">20,094</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">17,890</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">9,946</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">20,767</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">288</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>68,985</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;Royalties </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,581</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2,102</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">791</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,546</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>6,020</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 8.95pt; text-indent: -8.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Earnings/(loss) from mine operations </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;76,315</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;(2,152)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;(6,694)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;19,100</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;86,281</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31, 2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Los Filos</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>RDM</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Pilar</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Fazenda </B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Santa Luz</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Corporate<BR>
 &amp; Others</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Revenues</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;241,771</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;36,203</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;39,464</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;59,073</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;376,511</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Cost of sales </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;Operating expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;170,118</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">29,286</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">32,976</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">34,798</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>267,178</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">24,712</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">5,735</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">5,246</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">11,063</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">106</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>46,862</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;Royalties </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">1,809</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">897</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">582</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">848</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>4,136</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 8.95pt; text-indent: -8.95pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Earnings/(loss) from mine operations </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;45,132</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;12,364</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;58,335</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 13pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 12pt 14.2pt; text-align: justify; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 13pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 13pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; color: #B6812F"><FONT STYLE="font-variant: small-caps; letter-spacing: 0.5pt"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; color: #B6812F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>23.</B></FONT></TD><TD><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>Supplemental Cash Flow Information</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company did not have
any cash equivalents as at December 31, 2019 and December 31, 2018.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Expenditures on mining interests per the consolidated statements
of cash flows include: </FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31,</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 74%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Capitalized expenditures on mining interests (Note 9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,262</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,898</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Change in prepaid expenses and other </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(2,223)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Change in trade and other payables </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(5,870)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">3,489</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,169</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82,387</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Expenditures on reclamation and closure obligations per the consolidated
statements of cash flows include: </FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31,</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 74%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Expenditures on reclamation and closure obligations (Note 11)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;1,579</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Change in trade and other payables </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(263)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">48</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;1,627</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>24.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Related Party Transactions</FONT></B></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 12pt 14.2pt; text-align: justify">The remuneration of key
management which includes directors and management personnel responsible for planning, directing and controlling the activities
of the Company during the period were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Year ended December 31,</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 74%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2019</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Short-term benefits</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,206</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,217</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">DSUs granted</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>450</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>441</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">PSUs granted </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>236</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Stock options granted</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>2,182</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,074</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,658</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>25.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Capital Management</FONT></B></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company&rsquo;s objectives
when managing capital are to safeguard the entity&rsquo;s ability to support the Company&rsquo;s normal operating requirements
on an ongoing basis, continue the development and exploration of its mineral properties, support any expansionary plants, maintain
sufficient capital for potential investment opportunities and to pursue generative acquisition opportunities. The Company intends
to finance potential acquisitions with a prudent combination of equity, debt and other forms of finance.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">In the management of capital,
the Company includes the components of equity, and loan facilities, net of cash.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Capital, as defined above,
is summarized in the following table:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 64%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Equity </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461,838</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584,039</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Loan facilities (Note 15)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>310,249</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">244,463</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>772,087</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">828,502</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Less: Cash </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(78,320)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(53,021)</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693,767</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775,481</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">The Company manages its
capital structure and makes adjustments to it in light of changes in its economic environment and the risk characteristics of the
Company&rsquo;s assets. To effectively manage the entity&rsquo;s capital requirements, the Company has in place a planning, budgeting
and forecasting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating
and growth objectives.</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>26.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Financial Instruments and Risk Management
</FONT></B></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company&rsquo;s financial
instruments consist of cash, trade and other receivables, trade and other payables, other long-term financial liabilities, lease
liabilities, and the loan facilities.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Financial instruments measured
at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the
inputs used to estimate the fair values.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The three levels of the fair
value hierarchy are:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Level 1 &ndash; unadjusted
quoted prices in active markets for identical assets or liabilities</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Level 2 &ndash; inputs
other than quoted prices that are observable for the asset or liability either directly or indirectly; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Level 3 &ndash; inputs
that are not based on observable market data.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The fair values of the Company&rsquo;s
cash, trade and other receivables, and trade and other payables approximate their carrying values due to their short-term nature.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Other financial liabilities
include the warrant derivative, the DSU payable, PSU payable and hedging instruments which are measured at their fair value at
the end of each reporting period. The loan facilities and lease liabilities are measured at amortized cost and the carrying value
approximates the fair value as the contractual interest rates are comparable to current market interest rates.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 12pt 14.2pt; text-align: justify">At each of December 31,
2019 and December 31, 2018, the levels in the fair value hierarchy into which the Company&rsquo;s financial assets and liabilities
measured and recognized in the statements of financial position at fair value are categorized are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="width: 36%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Level 1</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Level 2</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Cash </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,305</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,021</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Other financial liabilities </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>17,951</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">14,267</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Derivative financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>48,345</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">10,702</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,305</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,296</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,021</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,534 </FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify"><B>Financial Risk</B></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company is exposed to
varying degrees of a variety of financial instrument related risks. The Board approves and monitors the risk management processes,
inclusive of counterparty limits, controlling and reporting structures. The type of risk exposure and the way in which such exposure
is managed is provided as follows:</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify"><I>Credit Risk </I></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company&rsquo;s primary
exposure to credit risk is on its cash and trade and other receivables.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company closely monitors
its financial assets and does not have any significant concentration of credit risk other than receivable balances owed from the
Mexican government. Subsequent to December 31, 2019, $3,684 of VAT refunds have been received relating to the Company&rsquo;s accumulated
VAT receivable balance. There is no indication that the Company will not receive any VAT receivables from the Mexican government.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company has $16,849 of
current and long-term input tax credits receivable from the Brazilian Government. The Company actively monitors the Brazilian tax
legislation changes and believes that the balance is recoverable, either in the form of a refund from the respective jurisdictions
in which the Company operates, or through offsetting against other taxes payable and VAT.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company sells its dor&eacute;
to large international organizations with strong credit ratings, the historical level of customer defaults is minimal and, as a
result, the credit risk associated with dor&eacute; trade receivables at December 31, 2019 is considered to be negligible.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">In determining the recoverability
of a receivable, the Company considers any change in the credit quality of the trade receivable from the date credit was initially
granted up to the end of the reporting period.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Excess cash deposits are
restricted to guaranteed investment certificates of major banks or instruments of equivalent or better quality. No investments
in asset-backed commercial paper is permitted.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company&rsquo;s maximum
exposure to credit risk is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Cash</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,305</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Trade and other receivables (Note 7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>29,874</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">33,770</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108,179</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86,791</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify"><I>Liquidity Risk </I></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Liquidity risk is the risk
that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled
by delivering cash or another financial asset. The Company believes it has sufficient cash resources to pay its obligations associated
with its financial liabilities as at December 31, 2019.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company&rsquo;s significant
undiscounted commitments at December 31, 2019 are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 35%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Less than </B></P>
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 year</B></P></TD>
    <TD STYLE="width: 13%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1 to 3</B></P>
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD>
    <TD STYLE="width: 13%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>4 to 5</B></P>
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD>
    <TD STYLE="width: 13%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Over 5</B></P>
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>years</B></P></TD>
    <TD STYLE="width: 13%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Total</B></P></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Trade and other payables</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101,401</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101,401</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Other long-term liabilities </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">13,577</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>13,577</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Other financial liabilities </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">14,129</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">2,768</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">4,203</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>21,100</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Derivative hedge liabilities </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">14,278</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">34,067</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>48,345</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Lease liabilities </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">7,676</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">7,523</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>15,199</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Reclamation and closure costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">3,465</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">15,335</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">11,695</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">98,038</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>128,532</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Loan facilities &ndash; principal</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">80,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">240,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>320,000</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Loan facilities &ndash; interest </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">21,180</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">39,133</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">25,400</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>85,714</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162,129</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178,826</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277,095</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115,818</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733,868</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify"><I>Foreign Currency Risk
</I></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Currency risk relates to
the risk that the fair values or future cash flows of the Company&rsquo;s financial instruments will fluctuate because of changes
in foreign exchange rates. Exchange rate fluctuations may affect the costs that the Company incurs in its operations. There has
been no change in the Company&rsquo;s objectives and policies for managing this risk during the year ended December 31, 2019.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company&rsquo;s reporting
currency is the US dollar and major purchases are transacted in US dollars. As the Company operates in an international environment,
some of the Company&rsquo;s financial instruments and transactions are denominated in currencies other than the US dollar. A portion
of the Company&rsquo;s exploration, development and operating costs and administrative costs are incurred mainly in Mexican pesos,
Brazilian reals and Canadian dollars. The fluctuation of the Mexican peso, Brazilian real and Canadian dollar in relation to the
US dollar will consequently impact the profitability of the Company and may also affect the value of the Company&rsquo;s assets
and liabilities and the amount of shareholder&rsquo;s equity.</P>


<!-- Field: Page; Sequence: 51 -->
    <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: 50%">&nbsp;</TD><TD STYLE="font: 10pt Calibri; width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; color: #B6812F"><FONT STYLE="letter-spacing: 1.05pt"><B>Leagold
Mining Corporation </B></FONT></P>

<DIV STYLE="margin-right: 0in; margin-left: 14.2pt; padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Notes to the Consolidated Financial Statements</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">For the years ended December 31, 2019 and 2018</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">(expressed in thousands of United States dollars, except as otherwise
stated)</P>

</DIV>



<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 12pt 14.2pt; text-align: justify">The table below highlights
the current net assets held in Canadian dollars, Brazilian reals and Mexican pesos (in US dollar equivalents):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">December 31, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Canadian dollars</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,450)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,378)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Brazilian reals </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(25,281)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(19,595)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">Mexican pesos </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>(9,554)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">(11,270)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36,285)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"><FONT STYLE="font-size: 10pt; line-height: 107%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32,243)</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify">The effect on earnings
and other comprehensive earnings before tax as at December 31, 2019, of a 10% appreciation or depreciation in the foreign currencies
against the US dollar on the above mentioned financial and non-financial assets and liabilities of the Company is estimated to
be $3,299 (December 31, 2018 - $2,931), assuming that all other variables remained constant.</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify"><I>Commodity Price Risk
</I></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">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. The profitability of the Company is directly related to the market price
of gold. A decline in the market prices for this precious metal could negatively impact the Company&rsquo;s future operations.
The Company has hedged a portion of its gold production through the gold revenue protection strategy (Note 12(a)).</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify"><I>Interest Rate Risk</I></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">The Company is exposed to
interest rate risk on its cash and the loan facility. At December 31, 2019, the Company has determined the interest rate risk to
be low and that a 10% increase or decrease in market interest rates would result in a $664 (December 31, 2018 - $490) increase
or decrease to the Company&rsquo;s income.</P>

<P STYLE="font: 11pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: 0in; color: #B6812F"><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt"><B>27.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-variant: small-caps; letter-spacing: 0.5pt">&nbsp;
</FONT></B><B><FONT STYLE="font-size: 13pt; font-variant: small-caps; letter-spacing: 0.5pt">Commitments and Contingencies </FONT></B></P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0 0 6pt 14.2pt; text-align: justify">Due to the size, complexity
and nature of the Company&rsquo;s operations, various legal and tax matters arise in the ordinary course of business. The Company
cannot reasonably predict the likelihood or outcome of these actions and accrues for such items when a liability is both probable
and the amount can be reasonably estimated (Note 16). Management does not believe that adverse decisions in any pending legal matters
will have a material effect on the financial condition or future results of operations.</P>

<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<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: 50%">&nbsp;</TD><TD STYLE="font: 10pt Calibri; width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE>



<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"></P>

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<DOCUMENT>
<TYPE>GRAPHIC
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