<SEC-DOCUMENT>0001628280-22-005643.txt : 20220310
<SEC-HEADER>0001628280-22-005643.hdr.sgml : 20220310
<ACCEPTANCE-DATETIME>20220310070713
ACCESSION NUMBER:		0001628280-22-005643
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20220310
FILED AS OF DATE:		20220310
DATE AS OF CHANGE:		20220310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST MAJESTIC SILVER CORP
		CENTRAL INDEX KEY:			0001308648
		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:	001-34984
		FILM NUMBER:		22727376

	BUSINESS ADDRESS:	
		STREET 1:		925 WEST GEORGIA STREET
		STREET 2:		SUITE 1800
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L2
		BUSINESS PHONE:		604-688-3033

	MAIL ADDRESS:	
		STREET 1:		925 WEST GEORGIA STREET
		STREET 2:		SUITE 1800
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST MAJESTIC RESOURCE CORP
		DATE OF NAME CHANGE:	20041115
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ag-2021q4x6k.htm
<DESCRIPTION>6-K
<TEXT>
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<title>Document</title></head><body><div id="i2fce2b235de146058505f9bbbccb2bbf_1"></div><div style="min-height:63pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:18pt;font-weight:700;line-height:120%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:18pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Washington, D.C. 20549</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:18pt;font-weight:700;line-height:120%">FORM 6-K</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the month of March&#160;10, 2022 </font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Commission File Number </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">001-34984</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:18pt;font-weight:700;line-height:120%;text-decoration:underline">FIRST MAJESTIC SILVER CORP.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Translation of registrant's name into English)</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">925 West Georgia Street, Suite 1800, Vancouver BC V6C 3L2</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Address of principal executive offices)</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91; &#93; Form 20-F &#160;&#160;&#91;x&#93; Form 40-F</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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)&#58; &#91; &#93;</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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)&#58; &#91; &#93;</font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><img alt="image0b31.gif" src="image0b31.gif" style="height:160px;margin-bottom:5pt;vertical-align:text-bottom;width:240px"></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">DOCUMENTS INCORPORATED BY REFERENCE</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exhibits 99.1 and 99.2 to this Report on Form 6-K are hereby incorporated by reference as Exhibits to the Registration Statement on Form F-10 of First Majestic Silver Corp. (File No. 333-255798).</font></div><div><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">DOCUMENTS FILED AS PART OF THIS FORM 6-K</font></div><div style="margin-bottom:8pt;margin-top:8pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Exhibits</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.610%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:92.458%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="ag-2021q4fsxex991.htm" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">99.1</a></font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline"><a href="ag-2021q4fsxex991.htm" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline">Audited Consolidated Financial Statements for the Years Ended  December 31, 2021 and 2020</a></font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="ag-2021q4mdaxex992.htm" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">99.2</a></font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="ag-2021q4mdaxex992.htm" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Management's Discussion and Analysis for the Year and Quarter Ended December 31, 2021</a></font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="ag-2021q4ceoxex993.htm" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">99.3</a></font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="ag-2021q4ceoxex993.htm" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Certification of  Annual Filings - CEO</a></font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="ag-2021q4cfoxex994.htm" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">99.4</a></font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="ag-2021q4cfoxex994.htm" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Certification of Annual Filings - CFO</a></font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="ag-2021q4nrxex995.htm" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">99.5</a></font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="ag-2021q4nrxex995.htm" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">News Release dated </a><a href="ag-2021q4nrxex995.htm" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">March 10</a><a href="ag-2021q4nrxex995.htm" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">, 202</a><a href="ag-2021q4nrxex995.htm" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">2</a></font></div></td></tr></table></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:8pt;margin-top:3pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</font></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:36.967%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:60.833%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">FIRST MAJESTIC SILVER CORP.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">&#47;s&#47; Connie Lillico</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Connie Lillico</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Corporate Secretary</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">March 10, 2022</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr></table></div><div><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ag-2021q4fsxex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
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<title>Document</title></head><body><div id="ib644f0c48cf3463b970cf34014886f76_1"></div><div style="min-height:63pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:5pt"><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:8pt;text-align:center"><img alt="image0b331.gif" src="image0b331.gif" style="height:186px;margin-bottom:5pt;vertical-align:text-bottom;width:280px"></div><div style="margin-bottom:8pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:5pt"><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:15pt;font-weight:700;line-height:120%"> CONSOLIDATED FINANCIAL STATEMENTS</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">FOR THE YEARS ENDED DECEMBER&#160;31, 2021 AND 2020 </font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.830%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">925 West Georgia Street, Suite 1800, Vancouver, B.C., Canada V6C 3L2<br>Phone&#58; 604.688.3033 &#124; Fax&#58; 604.639.8873&#124; Toll Free&#58; 1.866.529.2807 &#124; Email&#58; info&#64;firstmajestic.com<br>www.firstmajestic.com</font></td></tr></table></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div><font><br></font></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_7"></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div><font><br></font></div></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><img alt="image0b331.gif" src="image0b331.gif" style="height:213px;margin-bottom:5pt;vertical-align:text-bottom;width:320px"></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:16pt;font-weight:700;line-height:120%">Management&#8217;s Responsibilities For Financial Reporting</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial statements of First Majestic Silver Corp. (the &#8220;Company&#8221;) have been prepared and are the responsibility of the Company&#8217;s management. The consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and reflect management&#8217;s best estimates and judgment based on information currently available. Management has developed and maintains a system of internal controls to ensure that the Company&#8217;s assets are safeguarded, transactions are authorized and properly recorded, and financial information is reliable.</font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the results of the audit and the annual consolidated financial statements prior to their submission to the Board of Directors for approval.</font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial statements have been audited by Deloitte LLP and their report outlines the scope of their examination and gives their opinion on the consolidated financial statements.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:30.040%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.022%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.282%"></td><td style="width:0.1%"></td></tr><tr style="height:66pt"><td colspan="3" style="padding:0 1pt"><div><img alt="image6.jpg" src="image6.jpg" style="height:81px;margin-bottom:5pt;vertical-align:text-bottom;width:132px"></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"><div><img alt="andrewsignature.jpg" src="andrewsignature.jpg" style="height:38px;margin-bottom:5pt;vertical-align:text-bottom;width:142px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Keith Neumeyer</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Andrew W. Poon, CPA, CA</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">President &#38; CEO</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interim CFO</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">March 9, 2022</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">March 9, 2022</font></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div><font><br></font></div></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:16pt;font-weight:700;line-height:120%">Management&#8217;s Report on Internal Control over Financial Reporting</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. </font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management excluded from its assessment the internal controls, policies and procedures of Jerritt Canyon, which the Company acquired control on April 30, 2021. Jerritt Canyon&#8217;s total assets, net assets, total revenues and net profit&#47;loss on a combined basis constitute approximately 34%, 35%, 21% and 653%, respectively, of these consolidated annual financial statement amounts as of and for the year ended December&#160;31, 2021. This limitation of scope is in accordance with section 3.3(1)(b) of NI 52-109, which allows for an issuer to limit the design of DC&#38;P or ICFR to exclude a business that the issuer acquired not more than 365 days before the end of the financial period to which the CEO&#8217;s and CFO&#8217;s certification of annual filings relates.</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's management assessed the effectiveness of the Company's Internal control over financial reporting as of the year ended December&#160;31, 2021, in accordance with the criteria established in Internal Control &#8211; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management concluded that, as of the year ended December&#160;31, 2021, the Company&#8217;s internal control over financial reporting was effective. </font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deloitte LLP, an Independent Registered Public Accounting Firm, has audited the Company&#8217;s consolidated financial statements for the year ended December 31, 2021, and as stated in the Report of Independent Registered Public Accounting Firm, they have expressed an unqualified opinion on the effectiveness of the Company&#8217;s internal control over financial reporting as of the year ended December&#160;31, 2021.</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div><font><br></font></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_10"></div><hr style="page-break-after:always"><div style="min-height:67.5pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:18pt;font-weight:400;line-height:112%">Report of Independent Registered Public Accounting Firm</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">To the shareholders and the Board of Directors of </font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">First Majestic Silver Corp.</font></div><div><font><br></font></div><div><font style="color:#008a00;font-family:'Calibri',sans-serif;font-size:14pt;font-weight:400;line-height:112%">Opinion on the Financial Statements</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have audited the accompanying consolidated statements of financial position of First Majestic Silver Corp. and subsidiaries (the &#34;Company&#34;) as at December 31, 2021 and 2020, the related consolidated statements of earnings (loss), comprehensive income (loss), changes in equity and cash flows, for each of the two years in the period ended December 31, 2021, and the related notes (collectively referred to as the &#34;financial statements&#34;). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2021 and 2020, and its financial performance and its cash flows for each of the two years in the period ended December 31, 2021, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 9, 2022, expressed an unqualified opinion on the Company's internal control over financial reporting.</font></div><div><font><br></font></div><div><font style="color:#008a00;font-family:'Calibri',sans-serif;font-size:14pt;font-weight:400;line-height:112%">Basis for Opinion</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</font></div><div><font><br></font></div><div><font style="color:#008a00;font-family:'Calibri',sans-serif;font-size:14pt;font-weight:400;line-height:112%">Critical Audit Matters</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing a separate opinion on the critical audit matters or on the accounts or disclosures to which they relate.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Acquisition of Jerritt Canyon Canada Ltd. (&#8220;Jerritt Canyon&#8221;) &#8212; Refer to Note 4 to the financial statements</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Critical Audit Matter Description </font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 30, 2021 the Company completed the acquisition of 100% of Jerritt Canyon and recognized the assets acquired, including a mining interest, and liabilities assumed at fair value. In determining the fair value of mining interest management used an income approach (discounted cashflow) and a market approach which required management to make assumptions around future gold prices, quantities of reserves, expected future production costs and capital expenditures based on the life of mine plans, discount rate and the area-based resources multiples to determine exploration potential.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:67.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While there are several estimates and assumptions that are required to determine the fair value of the mining interest, the estimates and assumptions with the highest degree of subjectivity are future gold prices, discount rate and the area-based resources multiples. This required a high degree of auditor judgment and an increased extent of audit effort, including the involvement of fair value specialists.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">How the Critical Audit Matter Was Addressed in the Audit </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our audit procedures related to the future gold prices, discount rate and area-based resources multiples used to determine the fair value of the mining interest included the following, among others&#58;   </font><font style="color:#000000;font-family:'Calibri Light',sans-serif;font-size:11pt;font-weight:400;line-height:120%">  </font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">Evaluated the effectiveness of the Company&#8217;s controls over management&#8217;s determination of estimates and assumptions relating to future gold prices, discount rate, and area-based resources multiples. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">With the assistance of fair value specialists, evaluated the reasonableness of&#58; </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-22.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19.09pt">Future gold prices by comparing forecasts to third party forecasts,</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-4.5pt"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-22.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19.09pt">The discount rate by developing a range of independent estimates and comparing those to the discount rate selected by management, and </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-4.5pt"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-22.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19.09pt">Area-based resources multiples applied to determine the valuation of the exploration potential by comparing to a range of comparable market transactions. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Primero Tax Rulings &#8212; Refer to Note 27(b) to the financial statements</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Critical Audit Matter Description</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has an ongoing dispute with the Mexican Tax Authorities, the Servicio de Administracion Tributaria (&#8220;SAT&#8221;). The dispute relates to the determination of the transfer price, which is based upon an Advanced Pricing Agreement (&#34;APA&#34;) from the SAT, applied to intercompany silver sales in connection with a silver streaming arrangement with an unrelated third party. In 2020, the Mexican Federal Court on Administrative Matters issued a decision nullifying the APA and directing the SAT to reexamine the evidence and basis for the issuance of the APA&#59; the Company has appealed this decision to the Mexican Circuit Courts. As a result of the tax dispute with the SAT, should the Company ultimately be required to pay tax on its intercompany silver revenues based on market prices, the incremental income tax for the years 2010 - 2019 would be approximately $228.5 million, before interest and penalties, without any mitigating adjustments. The Company has not recognized a tax liability related to the Primero tax dispute with the SAT.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evaluation of the accounting and the disclosure of the matter requires significant management judgment to determine the probability of having to pay incremental income tax. Auditing the accounting and the disclosures related to the tax matter required a high degree of auditor judgment due to the significant judgment by management and evaluating whether the audit evidence supports management&#8217;s position. This resulted in an increased extent of audit effort, including the involvement of tax specialists.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">How the Critical Audit Matter Was Addressed in the Audit</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our audit procedures relating to the evaluation of the accounting and disclosure related to the tax matter included the following, among others&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;      Inquired of management to understand the developments of the tax dispute&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">Evaluated the effectiveness of management&#8217;s controls over the evaluation of the appropriateness of  income tax filing positions and corresponding disclosures in the financial statements&#59;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">Obtained and evaluated management&#8217;s assessment of the dispute, including analysis from the Company&#8217;s external counsel&#59;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:67.5pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">With the assistance of tax specialists, analyzed the Company&#8217;s accounting position related to the tax dispute&#59; and</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">Evaluated the Company&#8217;s disclosures for consistency with our knowledge of the Company&#8217;s tax matters and audit evidence obtained.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">&#47;s&#47; Deloitte LLP</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:115%;position:relative;top:-3.5pt;vertical-align:baseline"> </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Chartered Professional Accountants</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Vancouver, Canada</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">March&#160;9, 2022 </font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">We have served as the Company's auditor since 2005.</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:10pt;margin-top:10pt"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:67.5pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:18pt;font-weight:400;line-height:112%">Report of Independent Registered Public Accounting Firm</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">To the shareholders and the Board of Directors of </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">First Majestic Silver Corp.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#008a00;font-family:'Calibri',sans-serif;font-size:14pt;font-weight:400;line-height:112%">Opinion on Internal Control over Financial Reporting</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have audited the internal control over financial reporting of First Majestic Silver Corp. and subsidiaries (the &#8220;Company&#34;) as of December 31, 2021, based on criteria established in </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Internal Control - Integrated Framework (2013)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Internal Control - Integrated Framework (2013)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> issued by COSO.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as at and for the year ended December 31, 2021, of the Company and our report dated March 9, 2022, expressed an unqualified opinion on those financial statements.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As described in Management's Report on Internal Control over Financial Reporting, management excluded from its assessment the internal control over financial reporting at Jerritt Canyon Canada Ltd. (&#8220;Jerritt Canyon&#8221;), which was acquired on April 30, 2021, and whose financial statements constitute 34% and 35% of total and net assets, respectively, 21% of revenues, and 653% of net profit&#47;loss of the consolidated financial statement amounts as of and for the year ended December 31, 2021. Accordingly, our audit did not include the internal control over financial reporting at Jerritt Canyon.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#008a00;font-family:'Calibri',sans-serif;font-size:14pt;font-weight:400;line-height:112%">Basis for Opinion</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company&#8217;s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#008a00;font-family:'Calibri',sans-serif;font-size:14pt;font-weight:400;line-height:112%">Definition and Limitations of Internal Control over Financial Reporting</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company&#59; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company&#59; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:67.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">&#47;s&#47; Deloitte LLP</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Chartered Professional Accountants </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Vancouver, Canada</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">March&#160;9, 2022 </font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div><font><br></font></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_13"></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">TABLE OF CONTENTS</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:0.1%"></td><td style="width:2.723%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:91.151%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.726%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">CONSOLIDATED FINANCIAL STATEMENTS</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#006ebf;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_19" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Consolidated Statements of Earnings (Loss)  </a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_19" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">1</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#006ebf;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_22" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Consolidated Statements of Comprehensive Income (Loss) </a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_22" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">2</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_25" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Consolidated Statements of Cash Flows</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_25" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">3</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_28" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Consolidated Statements of Financial Position</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_28" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_34" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Consolidated Statements of Changes in Equity</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_34" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">5</a></font></div></td></tr><tr><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">General</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_40" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 1.  Nature of Operations</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_40" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">6</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 2.  Basis of Presentation</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_46" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">6</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 3.  Significant Accounting Policies, Estimates and Judgments</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_52" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">6</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 4.  Acquisition of Jerritt Canyon Canada Ltd.</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">24</a></font></div></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Statements of Earnings (Loss)</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_58" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 5.  Segmented Information</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_58" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">24</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_64" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 6.  Revenues</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_64" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">26</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_67" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 7.  Cost of Sales</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_67" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">27</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_70" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 8.  General and Administrative Expenses</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_70" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">27</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_73" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 9.  Mine Holding Costs</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_73" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">28</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_76" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 10.  Investment and Other Income (Loss)</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_76" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">28</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_79" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 11.  Finance Costs</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_79" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">28</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_82" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 12.  Earnings or Loss per Share</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_82" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">29</a></font></div></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Statements of Financial Position</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_88" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 13.  Inventories</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_88" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">29</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_91" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 14.  Other Financial Assets</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_91" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">29</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 15.  Mining Interests</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">30</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_97" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 16.  Property, Plant and Equipment</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_97" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">34</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_100" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 17.  Right-of-Use Assets</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_100" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">35</a></font></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_106" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 1</a><a href="#ib644f0c48cf3463b970cf34014886f76_106" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">8</a><a href="#ib644f0c48cf3463b970cf34014886f76_106" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">.  Restricted Cash</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_106" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">36</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_109" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note </a><a href="#ib644f0c48cf3463b970cf34014886f76_109" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">19</a><a href="#ib644f0c48cf3463b970cf34014886f76_109" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">.  Trade and Other Payables</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_109" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">37</a></font></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 2</a><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">0</a><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">.  Debt Facilities</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">38</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_118" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 2</a><a href="#ib644f0c48cf3463b970cf34014886f76_118" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">1</a><a href="#ib644f0c48cf3463b970cf34014886f76_118" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">.  Lease Liabilities</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_118" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">41</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_121" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 2</a><a href="#ib644f0c48cf3463b970cf34014886f76_121" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">2</a><a href="#ib644f0c48cf3463b970cf34014886f76_121" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">.  Decommissioning Liabilities</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_121" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">44</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_124" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 2</a><a href="#ib644f0c48cf3463b970cf34014886f76_124" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">3</a><a href="#ib644f0c48cf3463b970cf34014886f76_124" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">.  Income Taxes</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_124" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">44</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 2</a><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">4</a><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">.  Share Capital</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">47</a></font></div></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Other items</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_133" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 2</a><a href="#ib644f0c48cf3463b970cf34014886f76_133" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">5</a><a href="#ib644f0c48cf3463b970cf34014886f76_133" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">.  Financial Instruments and Related Risk Management</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_133" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">51</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_136" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 2</a><a href="#ib644f0c48cf3463b970cf34014886f76_136" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">6</a><a href="#ib644f0c48cf3463b970cf34014886f76_136" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">.  Supplemental Cash Flow Information</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_136" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">55</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_139" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 2</a><a href="#ib644f0c48cf3463b970cf34014886f76_139" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">7</a><a href="#ib644f0c48cf3463b970cf34014886f76_139" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">.  Contingencies and Other Matters</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_139" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">56</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_142" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note </a><a href="#ib644f0c48cf3463b970cf34014886f76_142" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">28</a><a href="#ib644f0c48cf3463b970cf34014886f76_142" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">. Subsidiaries and Associates</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_142" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">58</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_145" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note </a><a href="#ib644f0c48cf3463b970cf34014886f76_145" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">29</a><a href="#ib644f0c48cf3463b970cf34014886f76_145" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">. Key Management Compensation</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_145" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">59</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_148" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Note 3</a><a href="#ib644f0c48cf3463b970cf34014886f76_148" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">0</a><a href="#ib644f0c48cf3463b970cf34014886f76_148" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">. Subsequent Events</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_148" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">59</a></font></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div><font><br></font></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_16"></div><hr style="page-break-after:always"><div style="min-height:67.5pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) </font></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">FOR THE YEARS ENDED DECEMBER 31, 2021 and 2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audited Consolidated Financial Statements</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In thousands of US dollars, except share and per share amounts)</font></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div></div><div><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_19"></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Consolidated Statements of Earnings (Loss) provide a summary of the Company&#8217;s financial performance and net earnings or loss over the reporting periods.</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:66.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.601%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.623%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Revenues</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_64" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">6</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$584,117</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$363,876</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Mine operating costs</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost of sales</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_67" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">7</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">366,085&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">194,305&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost of sales - standby costs</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_67" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">7</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,112&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depletion, depreciation and amortization</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">116,613&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,405&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">482,698</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">258,822</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Mine operating earnings</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">101,419</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">105,054</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:11pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">General and administrative expenses</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_70" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">8</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,063&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,855&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share-based payments</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,290&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,255&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mine holding costs</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_73" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">9</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,056&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,583&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Loss on divestiture of exploration projects</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,685&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Acquisition costs</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,973&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Foreign exchange (gain) loss</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,165)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,319&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating earnings </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">49,202</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">40,357</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Unrealized loss on foreign currency derivatives</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(982)</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investment and other (loss) income</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_76" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">10</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,948)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,127&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Finance costs</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_79" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">11</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(21,004)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(14,773)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Earnings before income taxes</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">25,250</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">29,729</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:11pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Income</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">taxes</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current income tax expense </font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_124" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">23</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">49,283&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,966&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred income tax recovery</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_124" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">23</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(19,110)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,324)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">30,173&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,642&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net (loss) earnings for the year</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($4,923)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$23,087</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Loss) earnings per common share</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160; &#160; &#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Basic</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_82" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">12</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($0.02)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$0.11</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160; &#160; &#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Diluted</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_82" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">12</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($0.02)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$0.11</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Weighted</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">average</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">shares</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">outstanding</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160; &#160; &#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Basic</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_82" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">12</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">244,749,772</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">213,879,622</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160; &#160; &#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Diluted</font></div></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_82" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">12</a></font></div></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">244,749,772</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">215,878,829</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Approved and authorized by the Board of Directors for issuance on March&#160;9, 2022</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> </font></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:36.381%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.936%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.383%"></td><td style="width:0.1%"></td></tr><tr style="height:48pt"><td colspan="3" style="padding:0 1pt"><div style="text-align:center"><img alt="image6.jpg" src="image6.jpg" style="height:62px;margin-bottom:5pt;vertical-align:text-bottom;width:102px"></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"><div style="text-align:center"><img alt="esignaturedpa26.jpg" src="esignaturedpa26.jpg" style="height:54px;margin-bottom:5pt;vertical-align:text-bottom;width:149px"></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Keith Neumeyer, Director</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Douglas Penrose, Director</font></td></tr></table></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 1</font></div></td></tr></table></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_22"></div><hr style="page-break-after:always"><div style="min-height:67.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) </font></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">FOR THE YEARS ENDED DECEMBER 31, 2021 and 2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audited Consolidated Financial Statements</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In thousands of US dollars)</font></td></tr></table></div><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Consolidated Statements of Comprehensive Income (Loss) provide a summary of total comprehensive earnings or loss and summarizes items recorded in other comprehensive income that may or may not be subsequently reclassified to profit or loss depending on future events.</font></div><div 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1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr style="height:8pt"><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net (loss) earnings for the year</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($4,923)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 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style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Items&#160;that&#160;will not be subsequently reclassified to net (loss) earnings&#58; </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Unrealized (loss) gain on fair value of investments in marketable securities, net of tax</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_91" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">14(b)</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12,456)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,249&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Realized (loss) gain on investments in marketable securities, net of tax</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_91" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">14(b)</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,439)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">211&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Remeasurement of retirement benefit plan</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">95&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(515)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:8pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Other comprehensive (loss) income</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13,800)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,945&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:8pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total comprehensive (loss) income</font></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($18,723)</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$33,032</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 2</font></div></td></tr></table></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_25"></div><hr style="page-break-after:always"><div style="min-height:67.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">FOR THE YEARS ENDED DECEMBER 31, 2021 and 2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audited Consolidated Financial Statements </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In thousands of US dollars)</font></td></tr></table></div><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Consolidated Statements of Cash Flows provide a summary of movements in cash and cash equivalents during the reporting periods by classifying them as operating, investing or financing activities.</font></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.876%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.016%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.698%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Operating</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Activities</font></div></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net (loss) earnings for the year</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">($4,923)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$23,087&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Adjustments for&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Depletion, depreciation and amortization</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">118,283&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">56,283&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Share-based payments</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">12,290&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8,255&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Income tax expense </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">30,173&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6,642&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Finance costs</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_79" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">11</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21,004&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">14,773&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Acquisition costs</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,973&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Loss of write-down of plant and equipment</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_76" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">10</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,501&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Loss (gain) from marketable securities and silver futures derivatives</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,521&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4,051)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Loss on divestiture of exploration projects</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">15</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,894&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Fair value adjustment on foreign currency derivatives</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">982&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Unrealized foreign exchange gain</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6,067)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,522)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Operating</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">cash</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">flows</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">before</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">working</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">capital and taxes</font></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">176,755</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">107,343</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net change in non-cash working capital items</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_136" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">26</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(31,504)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(22,831)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Income taxes paid</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(76,528)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4,799)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Cash provided by</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">operating</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">activities</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">68,723</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">79,713</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Investing</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Activities</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Restricted cash acquired on the acquisition of Jerritt Canyon</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">30,000&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Reclassification to restricted cash related to the acquisition of Jerritt Canyon</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_106" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">18</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(12,574)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Expenditures on mining interests</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(132,409)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(68,647)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Acquisition of property, plant and equipment</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(56,558)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(43,322)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Deposits paid for acquisition of non-current assets    </font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(7,839)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(13,846)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Jerritt Canyon acquisition costs, net of cash acquired</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(948)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Acquisition of Springpole Silver Stream</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">15(d)</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,521)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Other</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_136" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">26</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(425)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,221&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Cash used in</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">investing</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">activities</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(180,753)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(127,115)</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Financing</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Activities</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Proceeds from prospectus offering, net of share issue costs</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">24(a)</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">66,674&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">126,132&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Proceeds from 2021 convertible debenture, net of transaction costs</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">20(a)</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">222,776&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Payment for redemption of 2018 convertible debenture</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">20(a)</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(171,841)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Proceeds from exercise of stock options</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21,793&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">14,011&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Repayment of lease liabilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_118" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">21</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(9,287)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(7,706)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Finance costs paid</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4,326)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4,200)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Proceeds from debt facilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">20(b)</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">30,000&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">10,000&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Repayment of debt facilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">20(b)</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(40,000)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(19,969)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Dividends declared and paid</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">24(g)</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(3,930)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Shares repurchased and cancelled</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">24(f)</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(42)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(1,694)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Cash</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">provided by financing</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">activities</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">111,817</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">116,574</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Effect of exchange rate on cash and cash equivalents held in foreign currencies</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(439)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">397&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(Decrease) increase in cash and cash equivalents</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(213)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">69,172</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash and cash equivalents, beginning of the year</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">238,578&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">169,009&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Cash and cash equivalents, end of year</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$237,926</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$238,578</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash </font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$237,926&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$207,132&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Short-term investments</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">31,446&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Cash and cash equivalents, end of year</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$237,926</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$238,578</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Supplemental</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">cash</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">flow</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">information</font></div></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_136" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">26</a></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 3</font></div></td></tr></table></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_28"></div><hr style="page-break-after:always"><div style="min-height:67.5pt;width:100%"><div><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</font></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">AS AT DECEMBER 31, 2021 AND 2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audited Consolidated Financial Statements</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In thousands of US dollars)</font></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Consolidated Statements of Financial Position provides a summary of assets, liabilities and equity, as well as their current versus non-current nature, as at the reporting date.</font></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:55.625%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.747%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.882%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.886%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2020</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Assets</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Current</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">assets</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$237,926&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$238,578&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Restricted cash</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_106" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">18</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(a)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,570&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade and other receivables</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,729&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,271&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Value added taxes receivable</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_133" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">25</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">46,531&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">41,641&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Inventories</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_88" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">13</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">60,613&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">32,512&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other financial assets</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_91" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">14</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">26,486&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">36,319&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid expenses and other</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,352&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,725&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">current</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">assets</font></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">397,207</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">356,046</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Non-current</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">assets</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mining interests</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">15</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,048,530&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">509,730&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_97" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">16</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">449,237&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">258,220&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Right-of-use assets</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_100" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">17</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29,225&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,330&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposits on non-current assets</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,949&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,246&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current restricted cash</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_106" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">18</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(b)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">115,012&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current value added taxes receivable</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_133" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">25(c)</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">572&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,301&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax assets</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_124" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">23</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">74,257&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">69,644&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">assets</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$2,124,989</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$1,237,517</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Liabilities</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">and</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Equity</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Current</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">liabilities</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade and other payables</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_109" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">19</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$120,666&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$76,002&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Unearned revenue</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_64" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">6</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,226&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,717&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current portion of debt facilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">20</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">125&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,975&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current portion of lease liabilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_118" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">21</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,825&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,358&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income taxes payable</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_124" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">23</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,980&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,574&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total current</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">liabilities</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">172,822</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">101,626</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Non-current</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">liabilities</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Debt facilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">20</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">181,108&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">141,733&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_118" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">21</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28,036&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,217&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Decommissioning liabilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_121" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">22</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">153,607&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">51,471&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,797&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,406&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current income taxes payable</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_124" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">23</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,812&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23,099&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax liabilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_124" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">23</a></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">150,836&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">48,729&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">liabilities</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$714,018</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$387,281</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Equity</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share capital</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,659,781&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,087,139&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Equity reserves</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">98,943&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">101,997&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accumulated deficit</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(347,753)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(338,900)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">equity</font></div></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$1,410,971</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$850,236</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">liabilities</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">and</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">equity</font></div></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$2,124,989</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$1,237,517</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="12" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Commitments (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">15</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#59; Contingencies (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_139" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">27</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#59; Subsequent event (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_148" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">30</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td></tr></table></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 4</font></div></td></tr></table></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_34"></div><hr style="page-break-after:always"><div style="min-height:67.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</font></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audited Consolidated Financial Statements </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In thousands of US dollars, except share and per share amounts)</font></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Consolidated Statements of Changes in Equity summarizes movements in equity, including common shares, share capital, equity reserves and retained earnings or accumulated deficit.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:26.092%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.243%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#160;Share Capital</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#160;Equity Reserves</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><br></font><font 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style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Share-based payments</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:4.55pt;font-weight:700;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(a)</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Other comprehensive income(loss)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:4.55pt;font-weight:700;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(b) </font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Equity component of convertible debenture</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:4.55pt;font-weight:700;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(c)</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total equity reserves</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#160;Total 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style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$90,692</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">($361,553)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$662,321</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net earnings for the year</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">23,087&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">23,087&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Other comprehensive income</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9,945&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9,945&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9,945&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total comprehensive income</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">9,945</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">9,945</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">23,087</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">33,032</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Share-based payments</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">8,255&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">8,255&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">8,255&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Shares issued for&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Prospectus offerings (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">24</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(a))</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">10,654,338&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">126,132&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">126,132&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Exercise of stock options (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">24</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(b))</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,473,906&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">19,914&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(5,903)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(5,903)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">14,011&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;Acquisition of Springpole Silver Stream (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">15</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">805,698&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">7,479&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">7,479&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Acquisition of mining interests</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">66,997&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">700&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">700&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Settlement of restricted share units </font></div><div style="padding-left:12pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">24</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(c))</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">127,000&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">992&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(992)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(992)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Shares repurchased and cancelled (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">24</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(f))</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(275,000)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(1,260)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(434)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(1,694)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Balance at December 31, 2020</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">221,965,011</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$1,087,139</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$75,420</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$7,413</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$19,164</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$101,997</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">($338,900)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$850,236</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net loss for the year</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(4,923)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(4,923)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Other comprehensive loss</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(13,800)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(13,800)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(13,800)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total comprehensive loss</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(13,800)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(13,800)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(4,923)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(18,723)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Share-based payments</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">12,421&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">12,421&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">12,421&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Shares issued for&#58;</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Acquisition of Jerritt Canyon (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">26,719,727&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">416,561&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">23,150&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">23,150&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">439,711&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Sprott private placement (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,705,514&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">26,589&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">26,589&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Prospectus offerings (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">24</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(a))</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">4,225,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">66,674&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">66,674&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Debt settlement (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">20</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,579,093&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">27,733&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(46,127)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(46,127)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(18,394)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Exercise of stock options (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">24</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(b))</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,502,234&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">30,436&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(8,643)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(8,643)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">21,793&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Acquisition of Springpole Silver Stream (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">15(d)</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">287,300&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3,750&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3,750&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Settlement of restricted share units </font></div><div style="padding-left:11.25pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">24(c) and 24(e)</a></font><font style="color:#001da9;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">73,692&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">941&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(963)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(963)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(22)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Equity component of convertible notes, net of tax (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">20</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">30,908&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">30,908&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">30,908&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Shares repurchased and cancelled </font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">24</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(f))</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(6,913)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(42)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(42)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Dividend declared and paid (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%;text-decoration:underline">24</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(g))</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(3,930)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(3,930)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Balance at December 31, 2021</font></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">260,050,658</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$1,659,781</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$101,385</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">($6,387)</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$3,945</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$98,943</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">($347,753)</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$1,410,971</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:3pt;padding-left:24.75pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(a)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9.33pt">Share-based payments reserve records the cumulative amount recognized under IFRS 2 share-based payments in respect of stock options granted, restricted share units and shares purchase warrants issued but not exercised or settled to acquire shares of the Company.</font></div><div style="margin-bottom:3pt;padding-left:24.75pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(b)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.96pt">Other comprehensive income reserve principally records the unrealized fair value gains or losses related to fair value through other comprehensive income (&#34;FVTOCI&#34;) financial instruments and re-measurements arising from actuarial gains or losses and return on plan assets in relation to San Dimas' retirement benefit plan.</font></div><div style="margin-bottom:3pt;padding-left:24.75pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(c)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9.78pt">Equity component of convertible debenture reserve represents the estimated fair value of its conversion option of $42.3 million, net of deferred tax effect of $11.4 million. This amount is not subsequently remeasured and will remain in equity until the conversion option is exercised, in which case, the balance recognized in equity will be transferred to share capital. Where the conversion option remains unexercised at the maturity date of the convertible note, the balance will remain in equity reserves. </font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 5</font></div></td></tr></table></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_37"></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audited Consolidated Financial Statements </font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td></tr></table></div></div><div><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_40"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">1.  NATURE OF OPERATIONS</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">First Majestic Silver Corp. (the &#8220;Company&#8221; or &#8220;First Majestic&#8221;) is in the business of production, development, exploration, and acquisition of mineral properties with a focus on silver and gold production in North America. The Company owns four producing mines, three mines in Mexico consisting of the San Dimas Silver&#47;Gold Mine, the Santa Elena Silver&#47;Gold Mine and the La Encantada Silver Mine and the recently acquired Jerritt Canyon Gold Mine in Nevada, USA (see Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">4</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). In addition, the Company owns four mines in suspension&#58; the San Martin Silver Mine, the Del Toro Silver Mine, the La Parrilla Silver Mine and the La Guitarra Silver&#47;Gold Mine, and several exploration stage projects. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">First Majestic is incorporated in Canada with limited liability under the legislation of the Province of British Columbia and is publicly listed on the New York Stock Exchange under the symbol &#8220;AG&#8221;, on the Toronto Stock Exchange under the symbol &#8220;FR&#8221; and on the Frankfurt Stock Exchange under the symbol &#8220;FMV&#8221;. The Company&#8217;s head office and principal address is located at 925&#160;West Georgia Street, Suite 1800, Vancouver, British Columbia, Canada, V6C 3L2.</font></div><div style="text-align:justify"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_46"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">2.  BASIS OF PRESENTATION</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These audited consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (&#8220;IFRS&#8221;). The significant accounting policies, estimates and judgments applied in preparing these consolidated financial statements are summarized in Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_52" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">3</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of the consolidated financial statements and have been consistently applied throughout all periods presented.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These audited consolidated financial statements have been prepared on an historical cost basis except for certain items that are measured at fair value such as other financial assets (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_91" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">14</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). All dollar amounts presented are in thousands of United States dollars unless otherwise specified. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These audited consolidated financial statements incorporate the financial statements of the Company and its controlled subsidiaries. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The consolidated financial statements include the accounts of the Company and its subsidiaries (see Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_142" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">28</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). Intercompany balances, transactions, income and expenses are eliminated on consolidation.&#160;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These audited consolidated financial statements of First Majestic Silver Corp. for the years ended December 31, 2021 and 2020 were approved and authorized for issue by the Board of Directors on March&#160;9, 2022.</font></div><div><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_52"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s management makes judgments in its process of applying the Company&#8217;s accounting policies in the preparation of its audited annual consolidated financial statements. In addition, the preparation of the financial data requires that the Company&#8217;s management to make assumptions and estimates of the impacts of uncertain future events on the carrying amounts of the Company&#8217;s assets and liabilities at the end of the reporting period, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company&#8217;s assets and liabilities are accounted for prospectively.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">New and amended IFRS standards that are effective for the current year</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the current year, the Company has applied the below amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board (&#34;IASB&#34;) that were effective for annual periods that begin on or after January 1, 2021. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 6</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">New and amended IFRS standards that are effective for the current year (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:97%;text-decoration:underline">Interest Rate Benchmark Reform - Phase 2(Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The amendments in Interest Rate Benchmark Reform &#8212; Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) introduce a practical expedient for modifications required by the reform, clarify that hedge accounting is not discontinued solely because of the IBOR reform, and introduce disclosures that allow users to understand the nature and extent of risks arising from the IBOR reform to which the entity is exposed to and how the entity manages those risks as well as the entity&#8217;s progress in transitioning from IBORs to alternative benchmark rates, and how the entity is managing this transition. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Business Combinations</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Acquisitions of businesses are accounted for using the acquisition method. The consideration of each business combination is measured, at the date of the exchange, as the aggregate of the fair value of assets given, liabilities incurred or assumed and equity instruments issued by the Company to the former owners of the acquiree in exchange for control of the acquiree. Acquisition-related costs incurred for the business combination are expensed. The acquiree&#8217;s identifiable assets, liabilities and contingent liabilities are recognized at their fair value at the acquisition date.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Goodwill arising on acquisition is recognized as an asset and initially measured at cost, being the excess of the consideration of the acquisition over the Company&#8217;s interest in the fair value of the net identifiable assets, liabilities and contingent liabilities recognized. If the Company&#8217;s interest in the fair value of the acquiree&#8217;s net identifiable assets, liabilities and contingent liabilities exceeds the cost of the acquisition, the excess is recognized in earnings or loss immediately. Goodwill may also arise as a result of the requirement under IFRS to record a deferred tax liability on the excess of the fair value of the acquired assets over their corresponding tax bases, with the corresponding offset recorded as goodwill. </font></div></td></tr></table></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Determination of a Business</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Determination of whether a set of assets acquired and liabilities assumed constitute a business may require the Company to make certain judgments, taking into account all facts and circumstances. A business consists of inputs, including non-current assets and processes, including operational processes, that when applied to those inputs have the ability to create outputs that provide a return to the Company and its shareholders.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2021, the Company concluded that Jerritt Canyon Canada Ltd. (&#34;Jerritt Canyon&#34;) met the definition of a business and, accordingly, the acquisition was accounted for as a business combination (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">4</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">).</font></div></td></tr></table></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%"><br><br><br><br><br><br><br><br></font></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%"><br><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 7</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Business Combinations (continued)</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Fair Value Estimates</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In business combinations, it generally requires time to obtain the information necessary to identify and measure the following as of the acquisition date&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;(i)   The identifiable assets acquired and liabilities assumed&#59;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;(ii)  The consideration transferred in exchange for an interest in the acquiree&#59;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;(iii) The resulting goodwill.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 in its consolidated financial statements provisional amounts for the items for which the accounting is incomplete. These provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognized 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.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of assets acquired and liabilities assumed requires that management make judgments and estimates taking into account information available at the time of the acquisition about future events including, but not restricted to, estimates of mineral reserves and resources, exploration potential, future metal prices, future operating costs and capital expenditures and discount rates. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the allowable 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. The Company may 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.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of assets acquired and liabilities assumed are subject to change for up to one year from the Acquisition Date. If new information arises which would impact management's assessment of the fair value at the Acquisition Date, any adjustments to the allocation of the purchase consideration will be recognized retrospectively and comparative information will be revised. Consequently, the final allocation of the purchase price may result in different adjustments than those shown in these audited consolidated financial statements.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div></td></tr></table></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Consideration for the acquisition of Jerritt Canyon</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Acquisitions of businesses are accounted for using the acquisition method. The consideration of each business combination is measured, at the date of the exchange, as the aggregate of the fair value of assets given, liabilities incurred or assumed and equity instruments issued by the Company to the former owners of the acquiree in exchange for control of the acquiree.  Management made judgments and estimates in calculating the value of the shares and warrants transferred, including but not limited to share price, volatility, rate of quarterly dividends and the discount rate. </font></div><div style="text-align:justify"><font><br></font></div></td></tr></table></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 8</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Business Combinations (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Determining what is part of the business combination in the acquisition of Jerritt Canyon</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company needs to assess if other arrangement(s) or transaction(s) shall be recognized as part of applying the acquisition method. To determine if the arrangement(s) or transaction(s), is(are) part of the business combination, the Company considers the following factors&#58; </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i)   The reasons for the arrangement(s) or transaction(s)&#59;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(ii)  Who initiated the arrangement(s) or transaction(s)&#59; and</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(iii) The timing of the arrangement(s) or transaction(s).</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management applied judgment based on the above criteria to determine if private placement shares included as part of the acquisition of Jerritt Canyon  were a part of the business combination.</font></div></td></tr></table></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Goodwill </font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Goodwill arising on the acquisition of a business is carried at cost as established at the date of the acquisition less accumulated impairment losses, if any. Goodwill is allocated to each of the Company&#8217;s cash-generating units that is expected to benefit from the synergies of the acquisition. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or loss in the consolidated statements of earnings or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods. As at December 31, 2021, the Company had $nil goodwill (2020 - $nil).</font></td></tr></table></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial statements are presented in U.S. dollars. The individual financial statements of each entity are presented in their functional currency, which is the currency of the primary economic environment in which the entity operates.  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transactions in foreign currencies are translated into the entities&#8217; functional currencies at the exchange rates at the date of the transactions. Monetary assets and liabilities of the Company&#8217;s operations denominated in a currency other than the U.S. dollar are translated using exchange rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates on the dates of the transactions. Revenue and expense items are translated at the exchange rates in effect at the date of the underlying transaction, except for depletion and depreciation related to non-monetary assets, which are translated at historical exchange rates. Exchange differences are recognized in the statements of earnings or loss in the period in which they arise.</font></div></td></tr></table></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Determination of Functional Currency</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The functional currency for each of the Company&#8217;s subsidiaries is the currency of the primary economic environment in which the entity operates. The Company has determined that the functional currency of each entity is the U.S. dollar. Determination of functional currency may involve certain judgments to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment.</font></div></td></tr></table></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 9</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:174%">Revenue Recognition (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:174%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_64" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:174%;text-decoration:underline">Note 6</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:174%">)</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;<br></font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's primary product is silver and gold. Other metals, such as lead and zinc, produced as part of the extraction process are considered to be by-products arising from the production of silver and gold. Smelting and refining charges are net against revenue from the sale of metals. <br></font><font style="font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><br></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenue relating to the sale of metals is recognized when control of the metal or related services are transferred to the customer in an amount that reflects the consideration the Company expects to receive in exchange for the metals.<br></font><font style="font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><br></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When considering whether the Company has satisfied its performance obligation, it considers the indicators of the transfer of control, which include, but are not limited to, whether&#58; the Company has a present right to payment&#59; the customer has legal title to the asset&#59; the Company has transferred physical possession of the asset to the customer&#59; and the customer has the significant risks and rewards of ownership of the asset. </font></td></tr></table></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"><font style="font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><br></font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Metals in dor&#233; sold are priced on date of transfer of control. Final weights and assays are adjusted on final settlement which is approximately one month after delivery. Metals in concentrate sold are provisionally priced at the date of transfer of control as the final selling price is subject to movements in the monthly average prices up to the final settlement date, typically one to three months after delivery to the customer. Upon transfer of control of the concentrate, the Company recognizes revenue on a provisional basis based on spot price and, at each period end, subsequently re-estimated by reference to forward market prices of the estimated month of settlement, with the impact of changes in the forward market prices recognized as revenue adjustments as they occur until final settlement. <br></font><font style="font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><br></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenue from the sale of coins, ingots and bullion is recorded when the products have been shipped and funds have been received. When cash was received from customers prior to shipping of the related finished goods, the amounts are recorded as unearned revenue until the products are shipped.</font></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Determination of Performance Obligations</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company applied judgment to determine if a good or service that is promised to a customer is distinct based on whether the customer can benefit from the good or service on its own or together with other readily available resources and whether the good or service is separately identifiable. Based on these criteria, the Company determined the primary performance obligation relating to its sales contracts is the delivery of the bullion, dor&#233; and concentrates. Shipping and insurance services arranged by the Company for its concentrate sales customers that occur after the transfer of control are also considered to be performance obligations. </font></div></td></tr></table></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 10</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Inventories (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_88" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note 13</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">)</font></div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mineral inventories, including stockpiled ore, work in process and finished goods, are valued at the lower of weighted average cost and estimated net realizable value. Cost includes all direct costs incurred in production including direct labour and materials, freight, depreciation and amortization and directly attributable overhead costs. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and future metal prices less estimated future production costs to convert the inventories into saleable form. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Any write-downs of inventory to net realizable value are recorded as cost of sales. If there is a subsequent increase in the value of inventories, the previous write-downs to net realizable value are reversed to the extent that the related inventory has not been sold. </font></div></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Stockpiled ore inventory represents ore that has been extracted from the mine and is available for further processing. Costs added to stockpiled ore inventory are valued based on current mining cost per ounce incurred up to the point of stockpiling the ore and are removed at the weighted average cost per ounce. Stockpiled ore tonnage and head grades are verified by periodic surveys and physical counts.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Work in process inventory includes precipitates, inventories in tanks and in the milling process. Finished goods inventory includes metals in their final stage of production prior to sale, including primarily dor&#233; and dried concentrates at our operations and finished goods in-transit. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Materials and supplies inventories are valued at the lower of weighted average cost and net realizable value. Costs include acquisition, freight and other directly attributable costs.</font></div></td></tr></table></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 11</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:174%">Exploration Potential, Exploration and Evaluation Expenditures (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:174%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:174%;text-decoration:underline">Note 15</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:174%">)</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exploration and evaluation activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activity includes&#58; </font></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;   acquiring the rights to explore&#59;</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;   researching and analyzing historical exploration data&#59; </font></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;   gathering exploration data through topographical, geochemical and geophysical studies&#59;</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;   exploratory drilling, trenching and sampling&#59;</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;   determining and examining the volume and grade of the resource&#59;</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;   surveying transportation and infrastructure requirements&#59; and</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;   compiling pre-feasibility and feasibility studies. </font></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Capitalization of exploration and evaluation expenditures commences on acquisition of a beneficial interest or option in mineral rights. Capitalized costs are recorded as mining interests at cost less  accumulated transfers to producing mineral properties and impairment charges, if applicable. No amortization is charged during the exploration and evaluation phase as the asset is not available for use. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exploration and evaluation assets include exploration potential which represents the potential additional mineralization beyond the existing known reserves and resources of a producing mineral property which the Company gain access through acquiring the mineral rights and&#47;or concessions. The exploration potential is recorded at cost less accumulated transfers to producing mineral properties and accumulated impairment losses, if any. No amortization is charged during the exploration and evaluation phase as the asset is not available for use. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The majority of the Company&#8217;s exploration and evaluation expenditures focus on mineral deposits in proximity to its existing mining operations. Where the Company is acquiring a new property, the Company makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exploration and evaluation expenditures are transferred to development or producing mining interests when technical feasibility and commercial viability of the mineral resource have been demonstrated. Factors taken into consideration include&#58;</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  there is sufficient geological certainty of converting the mineral deposit into proven and probable   reserves&#59;</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;   life of mine plan and economic modeling support the economic extraction of such reserves and       resources&#59;</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  for new properties, a scoping study and&#47;or feasibility study demonstrates that the additional    reserves and resources will generate a positive economic outcome&#59; and</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;    operating and environmental permits exist or are reasonably assured as obtainable.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exploration and evaluation expenditures remain as exploration mining interests and do not qualify as producing mining interests until the aforementioned criteria are met. Exploration and evaluation expenditures are transferred to development or producing mining interests when the technical feasibility and commercial viability of a mineral resource has been demonstrated according to the above mentioned factors.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Once the technical feasibility, commercial viability and a development decision have been established, the value of the exploration and evaluation asset is reclassified and accounted for in accordance with IAS 16, Property, Plant and Equipment (&#8220;IAS 16&#8221;). The exploration and evaluation asset is subject to an impairment test prior to reclassification in accordance with IFRS&#160;6. It is subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. </font></div><div><font><br></font></div><div><font><br></font></div></td></tr></table></div><div><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 12</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:174%">Exploration Potential, Exploration and Evaluation Expenditures (continued)</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Economic recoverability and probability of future economic benefits of exploration, evaluation and development costs</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management has determined that exploratory drilling, evaluation, development and related costs incurred which were capitalized have potential future economic benefits and are potentially economically recoverable, subject to impairment analysis. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefit including geologic and metallurgic information, exploration plans and results, accessible facilities and existing permits.</font></div></td></tr></table></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mining Interests (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note 15</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">)</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;<br></font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exploration, development and field support costs directly related to mining interests are deferred until the property to which they directly relate is placed into production, sold, abandoned or subject to a condition of impairment. The deferred costs are amortized over the useful life of the ore body following commencement of production, or written off if the property is sold or abandoned. Administration costs and other exploration costs that do not relate to any specific property are expensed as incurred.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon commencement of commercial production, mining interests are depleted on a units-of-production basis over the estimated economic life of the mine. In applying the units of production method, depletion is determined using quantity of material extracted from the mine in the period as a portion of total quantity of material to be extracted in current and future periods based on reserves and resources considered to be highly probable to be economically extracted over the life of mine. If no published reserves and resources are available, the Company may rely on internal estimates of economically recoverable mineralized material, prepared on a basis consistent with that used for determining reserves and resources, for purpose of determining depletion.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From time to time, the Company acquires or disposes of properties pursuant to the terms of option agreements. Options are exercisable entirely at the discretion of the optionee with no obligation or sale until exercised or expired and, accordingly, are recorded as mineral property costs or recoveries when the payments are made or received.</font></div></td></tr></table></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 13</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mining Interests (continued)</font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;<br></font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Mineral Reserve and Resource Estimates</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mineral reserve and resource estimates affect the determination of recoverable value used in impairment assessments, the depletion and depreciation rates for non-current assets using the units of production method and the expected timing of reclamation and closure expenditures. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The figures for mineral reserves and mineral resources are determined in accordance with National Instrument 43-101 (&#34;NI 43-101&#34;) Technical Report standards. There are numerous uncertainties inherent in estimating mineral reserves and mineral resources, including many factors beyond the Company&#8217;s control. Such estimation is a subjective process and the accuracy of any mineral reserve or mineral resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation. Differences between management&#8217;s assumptions including economic assumptions such as metal prices and market conditions could have a material effect in the future on the Company&#8217;s financial position, results of operation and cash flows.</font></div></td></tr></table></div><div style="margin-bottom:1pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;<br></font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Depletion Rate for Mining Interests</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depletion expenses are allocated based on estimated useful life of the asset. Should the expected asset life and associated depletion rate differ from the initial estimate, the change in estimate would be made prospectively in the consolidated statements of earnings or loss.</font></div></td></tr></table></div><div style="margin-bottom:6pt;margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Stream Asset (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note 15</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">)</font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;<br></font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">A stream asset is a long-term metal purchase agreement for which settlement is called for in silver, the amount of which is based on production at a mine corresponding to the specific agreement. On acquisition of a stream asset, it is recorded at cost and is accounted for in accordance with IFRS 6, Exploration and Evaluation of Mineral Resources (&#8220;IFRS 6&#8221;). A stream asset where the mine corresponding to the specific agreement is an exploration and evaluation stage property is classified as exploration and evaluation asset and is assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset&#8217;s carrying value exceeds its recoverable amount. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Once the technical feasibility, commercial viability and a development decision have been established, the value of the stream asset is reclassified and accounted for in accordance with IAS 16, Property, Plant and Equipment (&#8220;IAS 16&#8221;). The exploration and evaluation asset is subject to an impairment test prior to reclassification in accordance with IFRS&#160;6. It is subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">A producing stream asset is depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement. </font></div><div style="text-align:justify"><font><br></font></div></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 14</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Property, Plant and Equipment (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_97" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%;text-decoration:underline">Note 16</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">)</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property, plant and equipment are recorded at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of property, plant and equipment includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and borrowing costs related to the acquisition or construction of qualifying assets.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property, plant and equipment are depreciated using either the straight-line or units-of-production method over the shorter of the estimated useful life of the asset or the expected life of mine. Where an item of property, plant and equipment comprises of major components with different useful lives, the components are accounted for as separate items of property, plant and equipment. Assets under construction are recorded at cost and reclassified to machinery and equipment when it becomes available for use. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depreciation commences when the asset is in the condition and location necessary for it to operate in the manner intended by management. Depreciation charges on assets that are directly related to mineral properties are allocated to those mineral properties. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company conducts an annual review of residual balances, useful lives and depreciation methods utilized for property, plant and equipment. Any changes in estimate that arise from this review are accounted for prospectively.</font></div></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Commencement of Commercial Production</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior to reaching commercial production levels intended by management, costs incurred are capitalized as part of the related mine or mill . Depletion of capitalized costs for mining properties and depreciation and amortization of property, plant and equipment begin when operating levels intended by management have been reached.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Determining when a mine or mill is in the condition necessary for it to be capable of operating in the manner intended by management is a matter of judgment dependent on the specific facts and circumstances. The following factors may indicate that commercial production has commenced&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; substantially all major capital expenditures have been completed to bring the asset to the                                         condition necessary to operate in the manner intended by management&#59;</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  the mine or mill has reached a pre-determined percentage of design capacity&#59;</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  the ability to sustain a pre-determined level of design capacity for a significant period of time (i.e. the ability to process ore continuously at a steady or increasing level)&#59;</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  the completion of a reasonable period of testing of the mine plant and equipment&#59;</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  the ability to produce a saleable product (i.e. the ability to produce concentrate within required sellable specifications)&#59;</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  the mine or mill has been transferred to operating personnel from internal development groups or external contractors&#59; and</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  mineral recoveries are at or near the expected production levels.</font></div></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Depreciation and Amortization Rates for Property, Plant and Equipment</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depreciation and amortization expenses are determined based on estimated useful life of the asset. Should the expected asset life and associated depreciation rates differ from the initial estimate, the change in estimate would be made prospectively in the consolidated statements of earnings or loss.</font></div></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 15</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Borrowing Costs</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset that takes a substantial period of time to get ready for its intended use are capitalized as part of the cost of the asset until the asset is substantially ready for its intended use. Other borrowing costs are recognized as an expense in the period incurred. As at December 31, 2021 and 2020, the Company does not have any qualifying assets under construction.</font></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Right of Use Assets (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note <a href="#ib644f0c48cf3463b970cf34014886f76_100" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">17</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">) and Lease Liabilities (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_118" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note 21</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">)</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.</font></div><div style="padding-left:6.75pt;text-align:justify"><font><br></font></div><div style="padding-left:6.75pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. </font></div><div style="padding-left:6.75pt;text-align:justify"><font><br></font></div><div style="padding-left:6.75pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease payments included in the measurement of the lease liability comprise&#58; </font></div><div style="padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; fixed lease payments (including in-substance fixed payments), less any lease incentives receivable&#59;</font></div><div style="padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  variable lease payments that depend on an index or rate, initially measured using the index or                    rate at the commencement date&#59; </font></div><div style="padding-left:6.75pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  the amount expected to be payable by the lessee under residual value guarantees&#59; </font></div><div style="padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  the exercise price of purchase options, if the lessee is reasonably certain to exercise the options&#59; and </font></div><div style="padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.</font></div><div style="padding-left:6.75pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;</font></div><div style="padding-left:6.75pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. </font></div><div style="padding-left:6.75pt;text-align:justify"><font><br></font></div><div style="padding-left:6.75pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever&#58; </font></div><div style="padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  the lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. </font></div><div style="padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). </font></div><div style="padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. </font></div><div style="text-align:justify"><font><br></font></div></td></tr></table></div><div style="margin-bottom:1pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease payments included in the measurement of the lease liability comprise&#58; </font></div><div style="margin-bottom:3pt;padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; fixed lease payments (including in-substance fixed payments), less any lease incentives receivable&#59;</font></div><div style="margin-bottom:3pt;padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  variable lease payments that depend on an index or rate, initially measured using the index or                    rate at the commencement date&#59; </font></div><div style="margin-bottom:3pt;padding-left:6.75pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  the amount expected to be payable by the lessee under residual value guarantees&#59; </font></div><div style="margin-bottom:3pt;padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  the exercise price of purchase options, if the lessee is reasonably certain to exercise the options&#59; and </font></div><div style="margin-bottom:3pt;padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.</font></div><div style="padding-left:6.75pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;</font></div><div style="padding-left:6.75pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. </font></div><div style="padding-left:6.75pt;text-align:justify"><font><br></font></div><div style="padding-left:6.75pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever&#58; </font></div><div style="margin-bottom:3pt;padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  the lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. </font></div><div style="margin-bottom:3pt;padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). </font></div><div style="padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. </font></div><div style="text-align:justify"><font><br></font></div></td></tr></table></div><div style="margin-bottom:1pt;text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 16</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:1pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Right of Use Assets (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note <a href="#ib644f0c48cf3463b970cf34014886f76_100" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">17</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">) and Lease Liabilities (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_118" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note 21</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">) (continued)</font></div><div style="margin-bottom:1pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:17.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.829%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.636%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The right-of-use assets comprise of the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. </font></div><div style="padding-left:15.75pt;text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognized immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalized in accordance with the Company&#8217;s general policy on borrowing costs.</font></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Impairment of Non-Current Assets</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.440%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.821%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.339%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At each statement of financial position date, the Company reviews the carrying amounts of its non-current assets to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. Where the asset does not generate independent cash inflows, the Company estimates the recoverable amount of the cash generating unit (&#8220;CGU&#8221;) to which the asset belongs. <br></font><font style="font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><br></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the recoverable amount of the asset or CGU is determined to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and an impairment loss is recognized as an expense in the consolidated statements of earnings or loss. Recoverable amount is the higher of fair value less costs of disposal (&#8220;FVLCD&#8221;) and value in use (&#8220;VIU&#8221;).<br></font><font style="font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><br></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">FVLCD is determined as the amount that would be obtained from the sale of the asset or CGU in an arm&#8217;s length transaction between knowledgeable and willing parties. The Company considers the use of a combination of its internal discounted cash flow economic models and in-situ value of reserves, resources and exploration potential of each CGU for estimation of its FVLCD. These cash flows are discounted by an appropriate post-tax discount rate to arrive at a net present value of the asset. VIU is determined as the present value of the estimated cash flows expected to arise from the continued use of the asset or CGU in its present form and its eventual disposal. VIU is determined by applying assumptions specific to the Company&#8217;s continued use and does not take into account future development. <br></font><font style="font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><br></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment been recognized for the asset or CGU in prior periods, adjusted for additional amortization which would have been recorded had the asset or CGU not been impaired. A reversal of an impairment loss is recognized as a gain in the statements of earnings or loss.<br></font><font style="font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><br></font></td></tr></table></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 17</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Impairment of Non-Current Assets (continued)</font></div><div style="margin-bottom:1pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Indications of Impairment and Reversal of Impairment</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management considers both external and internal sources of information in assessing whether there are any indications that the Company&#8217;s property, plant and equipment and mining interests are impaired or previous impairments should be reversed. External sources of information management 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 its property, plant and equipment and mining interests. Internal sources of information management considers includes 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. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For exploration and evaluation assets, indications include but are not limited to expiration of the right to explore, substantive expenditure in the specific area is neither budgeted nor planned, and if the entity has decided to discontinue exploration activity in the specific area</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company did not identify any indicators of potential impairment or impairment reversal on its non-current assets and CGUs during the years ended December 31, 2021 and 2020. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Fair Value Estimates</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In determining the recoverable amounts of the Company&#8217;s property, plant and equipment and mining interests, management makes estimates of the discounted future cash flows expected to be derived from the Company&#8217;s mining properties, costs of disposal of the mining properties and the appropriate discount rate. Reductions in metal price forecasts, increases in estimated future costs of production, increases in estimated future capital expenditures, reductions in the amount of recoverable reserves, resources, and exploration potential, and&#47;or adverse current economics can result in an impairment of the carrying amounts of the Company&#8217;s non-current assets. Conversely, favourable changes to the aforementioned factors can result in a reversal of previous impairments.</font></div></td></tr></table></div><div style="margin-bottom:6pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Share-based Payment Transactions (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note 24(b)</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">)</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Employees (including directors and officers) of the Company may receive a portion of their remuneration in the form of stock options which are share&#8208;based payment transactions (&#8220;share-based payments&#8221;). Stock options issued to employees are measured by reference to their fair value using the Black-Scholes model at the date on which they were granted. Forfeitures are estimated at grant date and adjusted prospectively based on actual forfeitures. Share-based payments expense, for stock options that are forfeited or cancelled prior to vesting, is reversed. The costs of share-based payments are recognized, together with a corresponding increase in the equity reserve, over the period in which the services and&#47;or performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (&#8220;the vesting date&#8221;). On exercise by the employee, the associated option value in the equity reserve is reclassified to share capital.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company adopted the 2019 LTIP to allow the Company to grant to its directors, employees and consultants non-transferable Restricted Share Units (&#34;RSU's&#34;) based on the value of the Company's share price at the date of grant. Unless otherwise stated, the awards typically have a graded vesting schedule over a three-year period and can be settled either in cash or equity upon vesting at the discretion of the Company. The Company intends to settle all RSU's in equity.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In situations where equity instruments are issued to non&#8208;employees, the share-based payments are measured at the fair value of goods or services received. If some or all of the goods or services received by the Company as consideration cannot be specifically identified, they are measured at the fair value of the share&#8208;based payment. </font></div></td></tr></table></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 18</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Share-based Payment Transactions (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_130" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note 24(b)</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">) (continued)</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Valuation of Share-based Payments</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company uses the Black-Scholes Option Pricing Model for valuation of share-based payments. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company&#8217;s earnings and equity reserves.</font></div></td></tr></table></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Taxation (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_124" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note 23</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">)</font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case they are recognized in other comprehensive income or directly in equity. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current income tax is based on taxable earnings for the year. The tax rates and tax laws to compute the amount payable are those that are substantively enacted in each tax regime at the date of the statement of financial position.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred income tax is recognized, using the liability method, on temporary differences between the carrying value of assets and liabilities in the statement of financial position, unused tax losses, unused tax credits and the corresponding tax bases used in the computation of taxable earnings, based on tax rates and tax laws that are substantively enacted at the date of the statement of financial position and are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, and interests in joint ventures, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred tax assets are recognized for all deductible temporary differences to the extent that the realization of the related tax benefit through future taxable earnings is probable. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the current tax assets against the 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.</font></div></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy (continued)&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, and interests in joint ventures, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred tax assets are recognized for all deductible temporary differences to the extent that the realization of the related tax benefit through future taxable earnings is probable. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the current tax assets against the 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.</font></div></td></tr></table></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 19</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-top:5pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:174%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Taxation (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_124" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note 23</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">) (continued)</font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Recognition of Deferred Income Tax Assets</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future taxable income, applicable tax 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.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, reviewed by management and are consistent with the forecasts utilized for business planning and impairment testing purposes. Weight is attached to tax planning opportunities that are within the Company&#8217;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 recognized and unrecognized income tax assets.</font></div></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Tax Contingencies</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s operations involve dealing with uncertainties and judgments in the application of tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with tax authorities in various jurisdictions and resolution of disputes arising from tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues based on its estimate of whether, and the extent to which, additional taxes will be due. The Company adjusts these liabilities in light of changing facts and circumstances&#59; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company&#8217;s current estimate of the tax liabilities. If the Company&#8217;s estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater than the ultimate assessment, a tax benefit would result.</font></div></td></tr></table></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Cash and Cash Equivalents</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash in the statement of financial position includes cash on hand and held at banks and cash equivalents include short-term guaranteed investment certificates redeemable within three months or less at the date of purchase.</font></td></tr></table></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Determination and classification of current and non-current restricted cash (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_106" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">18</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">)</font></div></td></tr><tr style="height:138pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company determines if the funds on hand and held at banks meets the definition of cash or cash equivalents. When there is a restriction on those funds, the Company assesses the nature of the restriction and if it is applicable, excludes the related amounts from the cash and cash equivalents balance. The Company then assesses the classification of the restricted cash between current and non-current based on the following factors&#58;</font></div><div style="margin-bottom:4pt;margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:13.02pt">an asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the period&#59; and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;padding-left:13.02pt">it expects to realize the asset within twelve months after the reporting period.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The evaluation was performed based on the available information at the end of the reporting period&#59; if there are changes in the circumstances the Company will reassess the classification. </font></div></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 20</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div style="margin-top:3pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Financial Instruments </font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial assets and financial liabilities are recognized 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 (&#8220;FVTPL&#8221;). The directly attributable transaction costs of financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred.<br></font><font style="font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><br></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subsequent measurement of financial assets and liabilities depends on the classifications of such assets and liabilities. </font></td></tr></table></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Amortized cost</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial assets that meet the following conditions are measured subsequently at amortized cost&#58;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">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></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's financial assets at amortized cost primarily include cash and cash equivalents, trade and other receivables and value added taxes receivable included in other current and non-current financial assets in the Consolidated Statement of Financial Position.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Fair value through other comprehensive income (&#34;FVTOCI&#34;)</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial assets that meet the following conditions are measured at FVTOCI&#58;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets&#59; and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">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></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has designated certain investments in marketable securities that are not held for trading as FVTOCI (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_91" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">14</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On initial recognition, the Company may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments that would otherwise be measured at fair value through profit or loss to present subsequent changes in fair value in other comprehensive income. Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination. Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in OCI. The cumulative gain or loss is not reclassified to profit or loss on disposal of the equity instrument, instead, it is transferred to retained earnings.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Financial assets measured subsequently at fair value through profit or loss (&#8220;FVTPL&#8221;)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By default, all other financial assets, including derivatives, are measured subsequently at FVTPL.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. Fair value is determined in the manner described in note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_133" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">24</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Company's financial assets at FVTPL include its account receivable arising from sales of metal contained in concentrates.</font></div></td></tr></table></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 21</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div><font><br></font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Financial Instruments (continued)</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;<br></font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Financial assets measured subsequently at fair value through profit or loss (&#8220;FVTPL&#8221;)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By default, all other financial assets, including derivatives, are measured subsequently at FVTPL.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. Fair value is determined in the manner described in Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_133" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">25</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Company's financial assets at FVTPL include its account receivable arising from sales of metal contained in concentrates.</font></div></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Financial liabilities and equity</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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&#8217;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&#8217;s own equity instruments.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading or designated as FVTPL, are measured at amortized cost using  the effective interest method. The Company's financial liabilities at amortized cost primarily include trade and other payables, debt facilities (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">20</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) and lease liabilities (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_118" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">21</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">).</font></div><div style="text-align:justify"><font><br></font></div></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Provisions (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_121" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note 22</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">)</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate of the obligation can be made. The amount recognized as a provision is the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as finance costs.</font></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Estimates and Judgments&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Estimated Reclamation and Closure Costs</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s provision for decommissioning liabilities represents management&#8217;s best estimate of the present value of the future cash outflows required to settle estimated reclamation and closure costs at the end of the mine&#8217;s life. The provision reflects estimates of future costs, inflation, movements in foreign exchange rates and assumptions of risks associated with the future cash outflows, and the applicable risk-free interest rates for discounting the future cash outflows. Changes in the above factors can result in a change to the provision recognized by the Company. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Changes to reclamation and closure cost obligations are recorded with a corresponding change to the carrying amounts of related mining properties. Adjustments to the carrying amounts of related mining properties can result in a change to future depletion expense.</font></div></td></tr></table></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 22</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Earnings or Loss per Share (</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_82" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note 12</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">)</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.174%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:79.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounting Policy&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Basic earnings or loss per share for the period is calculated by dividing the earnings or loss attributable to equity holders of the Company by the weighted average number of shares outstanding during the reporting period.<br></font><font style="font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><br></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Diluted earnings or loss per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all potentially dilutive share equivalents, such as stock options, restricted share units, convertible debt and share purchase warrants. Diluted earnings or loss per share is calculated using the treasury stock method and assumes the receipt of proceeds upon exercise of the options with exercise prices below the average market price to determine the number of shares assumed to be purchased at the average market price during the period.</font></td></tr></table></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Future Changes in Accounting Policies Not Yet Effective as at December 31, 2021</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline">Property, Plant and Equipment &#8212; Proceeds before Intended Use (Amendments to IAS 16)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the cost of producing those items, in profit or loss.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2022, with early application permitted. The amendments are applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the Company first applies the amendments. The Company will recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings at the beginning of that earliest period presented. This amendment will impact the Company&#8217;s accounting for proceeds from mineral sales prior to reaching commercial production levels intended by management.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2023, with early application permitted. This amendment is not expected to have a material impact on the Company&#8217;s financial statements.<br><br></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%;text-decoration:underline">Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgments&#8212;Disclosure of Accounting Policies</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%"><br><br>The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term &#8216;significant accounting policies&#8217; with &#8216;material accounting policy information&#8217;. Accounting policy information is material if, when considered together with other information included in an entity&#8217;s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The Board has also developed guidance and examples to explain and demonstrate the application of the &#8216;four-step materiality process&#8217; described in IFRS Practice Statement 2.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The amendments to IAS 1 are effective for annual periods beginning on or after 1 January 2023, with earlier application permitted and are applied prospectively. The amendments to IFRS Practice Statement 2 do not contain an effective date or transition requirements.</font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 23</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:107%">3.  SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Future Changes in Accounting Policies Not Yet Effective as at December 31, 2021 (continued) </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%;text-decoration:underline">Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors&#8212;Definition of Accounting Estimates</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%"><br>The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are &#8220;monetary amounts in financial statements that are subject to measurement uncertainty&#8221;.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The definition of a change in accounting estimates was deleted. However, the Board retained the concept of changes in accounting estimates in the Standard with the following clarifications&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">&#8226; A change in accounting estimate that results from new information or new developments is not the correction of<br>                   an error</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">&#8226; The effects of a change in an input or a measurement technique used to develop an accounting estimate are <br>                   changes in accounting estimates if they do not result from the correction of prior period errors</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The amendments are effective for annual periods beginning on or after January 1, 2023 to changes in accounting policies and changes in accounting estimates that occur on or after the beginning of that period, with earlier application permitted.<br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12)</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In May 2021, the International Accounting Standards Board issued targeted amendments to IAS 12, Income Taxes. The amendments are effective for annual periods beginning on or after January 1, 2023, although earlier application is permitted. With a view to reducing diversity in reporting, the amendments will clarify that companies are required to recognize deferred taxes on transactions where both assets and liabilities are recognized, such as with leases and decommissioning liabilities. This amendment is not expected to have a material impact on the Company's financial statements.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_55"></div><div style="margin-bottom:4pt;margin-top:3pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%">4.  ACQUISITION OF JERRITT CANYON CANADA LTD. </font></div><div style="margin-bottom:10pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Description of the Transaction</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 30, 2021, the Company completed the acquisition of 100% of the issued and outstanding shares of Jerritt Canyon Canada Ltd. from Sprott Mining Inc. (&#34;Sprott Mining&#34;) in exchange for 26,719,727 common shares of First Majestic (the &#34;Consideration Shares&#34;) and five million common share purchase warrants (the &#34;Consideration Warrants&#34;), each exercisable for one common share of the Company at a price of $20 per share for a period of three years from the date of acquisition on April 30, 2021 (the &#8220;Acquisition Date&#8221;). Concurrent with closing of the acquisition, Sprott Mining also completed a private placement consisting of $30.0 million at a price of $17.59 per share for a total of 1,705,514 common shares of the Company (the &#34;Private Placement Shares&#34;) (together, the &#34;Acquisition Agreement&#34;).  </font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to closing of the Acquisition Agreement, the Company deposited into escrow an aggregate of $60.0 million (the &#34;Escrowed Funds&#34;), including $30.0 million from First Majestic and $30.0 million proceeds from the Private Placement Shares, representing the estimated tax (&#34;Triggered Tax&#34;) due by Jerritt Canyon Canada as a result of a reorganization completed prior to the acquisition of the Jerritt Canyon Gold Mine. Pursuant to the Acquisition Agreement, the Purchase Price is increased to the extent the Triggered Tax is less than $60 million (&#8220;Triggered Tax Adjustment&#8221;) and decreased to the extent the working capital (the &#8220;Working Capital Adjustment&#8221;) of Jerritt Canyon is less than zero. The amount of such tax liability was $45.2 million and has been paid from the Escrowed Funds. As of April 30, 2021, Jerritt Canyon had a preliminary negative working capital of $2.8 million. As at December 31, 2021, the Working Capital Adjustment and Triggered Tax Adjustment had not been finally determined and $12.6 million remains in escrow pending such determination. </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">   </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">4.  ACQUISITION OF JERRITT CANYON CANADA LTD.  (continued)</font></div><div style="margin-bottom:10pt;margin-top:3pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Description of the Transaction (continued)</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Jerritt Canyon owns and operates the Jerritt Canyon Gold Mine located in Elko County, Nevada. Jerritt Canyon was discovered in 1972 and has been in production since 1981 having produced over 9.5 million ounces of gold over its 40-year production history. The mine currently operates as an underground mine and has one of three permitted gold processing plants in Nevada that uses roasting in its treatment of ore. This processing plant has a capacity of 4,000 tonnes per day (&#8220;tpd&#8221;) and is currently operating at an average rate of approximately 2,200 tpd. The property consists of a large, under explored land package consisting of 30,821 hectares (119 square miles). The acquisition was completed in order to support the Company's growth strategy by adding another cornerstone asset within a world class mining jurisdiction to the Company's portfolio. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management has concluded that Jerritt Canyon constitutes a business and, therefore, the acquisition is accounted for in accordance with IFRS 3 - Business Combinations. Given the delivery of the consideration and the fulfillment of the covenants as per the Acquisition Agreement, the transaction was deemed to be completed with First Majestic identified as the acquirer. Based on the April 30, 2021 opening share price of common shares, the total consideration of the Jerritt Canyon acquisition is $478.9 million. The Company began consolidating the operating results, cash flows and net assets of Jerritt Canyon from April 30, 2021 onwards. </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The determination of the fair value of assets acquired and liabilities assumed was previously reported based on preliminary estimates at the Acquisition Date. The Company is completing a full and detailed valuation of the fair value of the net assets of Jerritt Canyon acquired using income, market, and cost valuation methods with the assistance of an independent third party. As of the date of these consolidated financial statements, the allocation of purchase price with respect to the fair value increment of assets acquired and liabilities assumed have been updated to reflect new information obtained which existed at the Acquisition Date.  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of assets acquired, and liabilities assumed are subject to change for up to one year from the Acquisition Date. The Company is finalizing its full and detailed assessment of the fair value of the net assets of Jerritt Canyon acquired. As stated above, the Triggered Tax Adjustment and the Working Capital Adjustment, as well as any consequential impact on the deferred tax liabilities, have yet to be finally determined. If new information arises which would impact management's assessment of the fair value at the Acquisition Date, any adjustments to the allocation of the purchase consideration will be recognized retrospectively and comparative information will be revised. Consequently, the final allocation of the purchase price consideration may result in material adjustments to the amounts shown in these audited consolidated financial statements.</font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">4.  ACQUISITION OF JERRITT CANYON CANADA LTD. (continued)</font></div><div style="margin-bottom:1pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Consideration and Purchase Price Allocation</font></div><div style="margin-bottom:1pt;text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total consideration for the acquisition was valued at $478.9 million on the Acquisition Date. The following table summarizes the consideration paid as part of the purchase price&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.621%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total Consideration</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">26,719,727 Consideration Shares issued to Sprott Mining with an accounting fair value of $15.59 per share</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:400;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$416,561&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,705,514 Private Placement Shares issued to Sprott Mining with an accounting fair value of $15.59 per share</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:400;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">26,589&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">5,000,000 Consideration Warrants issued to Sprott Mining with an accounting fair value of $4.63 per warrant</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:400;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">23,150&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Estimated Triggered Tax Adjustment</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">12,570&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total consideration</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$478,870</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9.11pt">Fair values of Consideration Shares and Private Placement Shares were estimated at $15.59 per share based on the opening price of First Majestic&#8217;s common share on the New York Stock Exchange on April&#160;30, 2021, as compared to their deemed price of $17.59 according to the Acquisition Agreement. </font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9.11pt">The Consideration Warrants have an exercise price of $20 per share for a three-year term expiring on April 30, 2024. The fair value of Consideration Warrants were estimated using the Black-Scholes method at the Jerritt Canyon Acquisition Date, using the following assumptions&#58;</font></div><div style="margin-bottom:3pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><font><br></font></div><div style="margin-bottom:3pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:84.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.351%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Stock price (as of opening on April  30, 2021)</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$15.59&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Exercise price of Consideration Warrants</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$20.00&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Term (years)</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Volatility</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">55%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Annual rate of quarterly dividends</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">0%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Discount rate - bond equivalent yield</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">0.5%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Total fair value of warrants</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$23,150&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">4.  ACQUISITION OF JERRITT CANYON CANADA LTD. (continued)</font></div><div style="margin-bottom:1pt;margin-top:3pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Consideration and Purchase Price Allocation (continued)</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the preliminary and revised purchase price allocated to the identifiable assets and liabilities based on their estimated fair values on the acquisition date&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:1pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:45.537%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.859%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.155%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Allocation of Purchase Price</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Preliminary as reported June 30, 2021</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Adjustments</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Revised as reported December 31, <br>2021</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$1,025&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$1,025&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Inventories</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,304&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,304&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade and other receivables</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">135&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(63)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">72&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other financial assets</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,581&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,581&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid expenses</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,662&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">62&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,724&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Restricted cash</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">96,985&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">96,985&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mining interest</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">409,930&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,729&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">432,659&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">224,034&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(48,307)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">175,727&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposit on non-current assets</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">128&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">128&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade and other payables</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(27,159)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,974&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23,185)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,194)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,194)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income taxes payable</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(47,185)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,866&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(45,319)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Contingent environmental provision</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(17,900)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,900&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Decommissioning liabilities</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(87,705)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,570&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(71,135)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax liabilities</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(98,186)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12,316)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(110,502)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net assets acquired</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$476,455</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$2,415</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$478,870</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:3pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(1) Restricted cash includes $30.0 million proceeds from the issuance of Private Placement Shares which were deposited into the Escrowed Funds and $67.0 million in non-current environmental reclamation bonds.</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(2) Decommissioning liabilities include funds required to establish a trust agreement with the Nevada Division of Environmental Protection (&#8220;NDEP&#8221;) to cover post-closure water treatment costs at Jerritt Canyon, which were previously reported as a contingent environmental provision.</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3) Lease liabilities are defined per Note <a href="#ib644f0c48cf3463b970cf34014886f76_118" style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%;text-decoration:none">21</a>.</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> </font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company used discounted cash flow models to determine the fair value of the depletable mining interest. The expected future cash flows are based on estimates of future gold prices, estimated quantities of ore reserves and mineral resources, expected future production costs and capital expenditures based on the life of mine plans at the acquisition date. The discounted future cash flow models used a 5.1% discount rate based on the Company&#8217;s assessment of country risk, project risk, and other potential risks specific to the acquired mining interest. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The significant assumptions used in the determination of the fair value of the mining interests were as follows&#58;</font></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.205%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Short-term and long-term gold price</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$1,750</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Discount rate</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.1%</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mine life (years)</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Average gold grade over life of mine</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.0 g&#47;t</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Average gold recovery rate</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">86%</font></td></tr></table></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company used a market approach to determine the fair value of exploration potential by comparing the costs of other precedent market transactions within the industry on a dollar per square kilometres basis. Those amounts were used to determine the range of area-based resources multiples implied within the value of transactions by other market participants. Management made a significant assumption in the determination of the fair value of exploration potential by using an implied multiple of $298,524 per square kilometre for a total of $92.0 million. The Company accounted for exploration potential through inclusion within non-depletable mineral interest.</font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">4.  ACQUISITION OF JERRITT CANYON CANADA LTD. (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial and operating results of Jerritt Canyon are included in the Company&#8217;s consolidated financial statements effective April 30, 2021. During the year ended December 31, 2021, the acquisition of Jerritt Canyon contributed $123.8&#160;million of revenues and $32.1 million of net loss to the Company&#8217;s financial results since April 30, 2021.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Had the business combination been effected at January 1, 2021, pro forma revenues and net loss of the Company for the year ended December 31, 2021 would have been $636.4 million and $26.5 million, respectively. Total transaction costs of $2.0 million related to the acquisition were expensed during the year.</font></div><div><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_58"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">5.  SEGMENTED INFORMATION</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All of the Company&#8217;s operations are within the mining industry and its major products are precious metals dor&#233; which are refined or smelted into pure silver and gold and sold to global metal brokers. Transfer prices between reporting segments are set on an arms-length basis in a manner similar to transactions with third parties. Coins and bullion cost of sales are based on transfer prices.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">A reporting segment is defined as a component of the Company that&#58;</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">engages in business activities from which it may earn revenues and incur expenses&#59;</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">whose operating results are reviewed regularly by the entity&#8217;s chief operating decision maker&#59; and</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">for which discrete financial information is available.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">For the year ended December&#160;31, 2021, the Company's significant reporting segments includes its three operating mines in Mexico, the recently acquired Jerritt Canyon Gold Mine in Nevada, United States and its &#34;non-producing properties&#34; in Mexico which include the La Parrilla, Del Toro, San Martin and La Guitarra mines, which have been placed on suspension. &#8220;Others&#8221; consists primarily of the Company&#8217;s corporate assets including cash and cash equivalents, other development and exploration properties (Note&#160;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline">15</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">), debt facilities (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline">20</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">), coins and bullion sales, and corporate expenses which are not allocated to operating segments. The Company&#8217;s chief operating decision maker (&#8220;CODM&#8221;) evaluates segment performance based on mine operating earnings. Therefore, other income and expense items are not allocated to the segments. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Significant information relating to the Company&#8217;s reportable operating segments is summarized in the tables below&#58;</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.022%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.335%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Year Ended December 31, 2021 and 2020</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">&#160;Revenue</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Cost of sales</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Depletion, depreciation, and amortization</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Mine operating earnings (loss)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Capital expenditures</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Mexico</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">San Dimas</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2021</font></td><td 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1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$44,859</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$98,054</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$56,385</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2020</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">217,576&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">110,782&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td 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style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">43,772&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Santa Elena</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">117,303</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">77,126</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">17,536</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">22,641</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">67,453</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2020</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">76,051&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">52,990&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">10,472&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">12,589&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">33,739&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">La Encantada</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">81,738</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">45,350</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">8,123</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">28,265</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">11,355</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2020</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">73,632&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">37,794&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">8,265&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 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colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">&#160;&#160;&#160;Non-producing Properties</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 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style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">418</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font 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style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Jerritt Canyon</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" 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1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">4,173&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,082&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(3,004)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">32,453&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Intercompany elimination</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:700;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">(25,077)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">(12,338)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">(12,739)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2020</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(5,817)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(2,684)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(3,133)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Consolidated</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$584,117</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$366,085</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$116,613</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font 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style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$363,876</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$204,417</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font 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0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$125,036</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1) The &#34;Others&#34; segment includes revenues of $10.9 million from coins and bullion sales of 349,278 silver ounces at an average price of $31.16 per ounce.</font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2) Effective January 1, 2021, the Company is presenting its segment revenue, cost of sales and mine operating earnings (loss) on a gross basis, with a new line item to reflect intercompany eliminations. The segmented information for the comparative periods have been adjusted to reflect this change for consistency.</font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 24</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%">5.  SEGMENTED INFORMATION (continued)</font></div><div style="margin-bottom:3pt;margin-top:5pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year ended December&#160;31, 2021, the Company had three (December&#160;31, 2020 - three) customers that accounted for 99% (2020 - 99%) of its sales revenue, with one major metal broker accounting for 93% of total revenue (2020 - 92%).</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.701%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.186%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.998%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">At December  31, 2021 and 2020</font></td><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Mining Interests</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Property, plant and equipment</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" 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style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font 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style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Santa Elena</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">97,271</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" 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style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25,865&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,955&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16,555&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">45,375&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">99,185&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 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colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font 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style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">38,752</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">27,180</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">172,147</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">215,725</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">31,760</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2020</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">108,837&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">37,004&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 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colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">104,431</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">172,857</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">640,099</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">733,725</font><font 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0;text-align:left;vertical-align:top"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 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colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">6.  REVENUES</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The majority of the Company&#8217;s revenues are from the sale of precious metals contained in dor&#233; form. The Company&#8217;s primary products are precious metals of silver and gold. 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style="width:1.0%"></td><td style="width:5.186%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.449%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.190%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="15" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gross</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">revenue</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">from</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">payable</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">metals&#58;</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160; &#160;Silver</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$307,304&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">52&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$242,338&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160; &#160;Gold</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">279,921&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">48&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">124,264&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">34&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160; &#160;Lead</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">74&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gross revenue</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">587,225</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">100</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">366,676</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">100</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less&#58; smelting and refining costs</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,108)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,800)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Revenues</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$584,117</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$363,876</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at December&#160;31, 2021, the Company had $12.2 million of unearned revenue (December 31, 2020 - $2.7 million) that has not satisfied performance obligations. </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a)</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:6.85pt">Gold Stream Agreement with Sandstorm Gold Ltd.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Santa Elena mine is subject to a gold streaming agreement with Sandstorm Gold Ltd. (&#8220;Sandstorm&#8221;), which requires the Company to sell 20% of its gold production over the life of mine from its leach pad and a designated area of its underground operations at the Santa Elena mine. The selling price to Sandstorm is the lesser of the prevailing market price or $450 per ounce, subject to a 1% annual inflation. During the year ended December&#160;31, 2021, the Company delivered 5,327 ounces (2020 - 5,697 ounces) of gold to Sandstorm at an average price of $467 per ounce (2020 - $463 per ounce). </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b)&#160;&#160;&#160;&#160;Net Smelter Royalty</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Santa Elena mine has a net smelter royalty (&#34;NSR&#34;) agreement with Orogen Royalties Inc. that requires a 2% NSR from the production of the Ermita&#241;o property. In addition, there is an underlying NSR royalty where Osisko Gold Royalties Ltd. retains a 2% NSR from the sale of mineral products extracted from the Ermita&#241;o property. During the year ended December&#160;31, 2021, the Company had accrued $1.0 million (2020 - $nil) in NSR from the production of Ermita&#241;o in November and December of 2021 to be paid in the first quarter of 2022.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(c)   Gold Stream Agreement with Wheaton Precious Metals Corporation</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2018, the San Dimas mine entered into a purchase agreement with Wheaton Precious Metals International (&#34;WPMI&#34;), a wholly owned subsidiary of Wheaton Precious Metals Corp., which entitles WPMI to receive 25% of the gold equivalent production (based on a fixed exchange ratio of 70 silver ounces to 1 gold ounce) at San Dimas in exchange for ongoing payments equal to the lesser of $600 (subject to a 1% annual inflation adjustment) and the prevailing market price for each gold equivalent ounce delivered. Should the average gold to silver ratio over a six-month period exceed 90&#58;1 or fall below 50&#58;1, the fixed exchange ratio would be increased to 90&#58;1 or decreased to 50&#58;1, respectively. The fixed gold to silver exchange ratio as at December 31, 2021 was 70&#58;1. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the  year ended December&#160;31, 2021, the Company delivered 48,015 ounces (2020 - 38,604 ounces) of gold to WPMI at  $617 (2020 - $610) per ounce, respectively.  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the condensed interim consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Third Quarter Report</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 26</font></div></td></tr></table></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_67"></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">7.  COST OF SALES</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales excludes depletion, depreciation and amortization and are costs that are directly related to production and generation of revenues at the operating segments. Significant components of cost of sales are comprised of the following&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.730%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.621%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consumables and materials</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$78,463&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$36,760&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Labour costs</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">194,846&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">103,075&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Energy</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">42,881&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,075&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other costs</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,011&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,275&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Production costs</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$343,201</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$176,185</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Transportation and other selling costs</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,739&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,288&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Workers participation costs</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,939&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,245&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Environmental duties and royalties</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,835&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,010&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Inventory changes</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,304)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(423)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">675&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Cost of Sales</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$366,085</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$194,305</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Cost of Sales - Standby Costs</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$10,112</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="margin-top:2pt"><font><br></font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:107%">(1) Cost of sales for the year ended December 31, 2020 included standby costs of $10.1 million, primarily related to direct costs incurred at the San Dimas  ($3.5 million), Santa Elena ($2.0 million) and La Encantada ($1.7 million) mines due to temporary suspensions following Mexico&#8217;s Ministry of Health&#8217;s Federal Decree requiring all non-essential businesses, including mining, to temporarily suspend activities throughout most of April and May in response to the global pandemic. In addition, the Company incurred $2.0 million in standby costs related to the 13-day union work stoppage at San Dimas in June 2020.</font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font><br></font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font><br></font></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_70"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">8.  GENERAL AND ADMINISTRATIVE EXPENSES</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">General and administrative expenses are incurred to support the administration of the business that are not directly related to production. Significant components of general and administrative expenses are comprised of the following&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:71.841%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.694%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.695%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Corporate administration</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$7,806&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$5,012&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Salaries and benefits</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,636&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,271&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Audit, legal and professional fees</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,619&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,353&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Filing and listing fees</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">506&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">499&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Directors fees and expenses</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">826&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">842&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,670&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,878&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$27,063</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$24,855</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 27</font></div></td></tr></table></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_73"></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">9.  MINE HOLDING COSTS</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s mine holding costs are primarily comprised of labour costs associated with care and maintenance staff, electricity, security, environmental and community support costs for the following mines which are currently under temporary suspension&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:65.274%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.356%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.621%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Del Toro</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$3,385&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$7,999&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">La Parrilla</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,278&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,563&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">San Martin</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,597&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,265&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">La Guitarra</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,796&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,757&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$12,056</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$21,583</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_76"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">10.  INVESTMENT AND OTHER (LOSS) INCOME </font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s investment and other (loss) income are comprised of the following&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:74.230%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:10.500%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Loss) gain  from investment in marketable securities (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_91" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">14</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(a)) </font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">($2,054)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$1,973&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Loss on write-down of plant and equipment</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)(2)</font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,501)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gain from investment in silver futures derivatives </font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">532&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,079&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest income and other</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,075&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,075&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($2,948)</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$5,127</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </font></div><div style="margin-bottom:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:107%">(1)  In March 2021, the Company entered into an agreement with Condor Gold PLC (&#34;Condor&#34;) to sell its AG Mill equipment for gross proceeds of $6.5 million, including $3.5 million in cash and $3.0 million in common shares of Condor. During the year ended December&#160;31, 2021, the Company completed the sale and recognized a loss of $2.1 million, being the difference between the proceeds of disposal and the carrying amount of the project's net assets, as loss on write-down of plant and equipment. </font></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)  In May 2021, the Company entered into an agreement with Capstone Mining Corp. to sell certain mill equipment for gross proceeds of $6.4 million in cash, of which $5.7 million has been received as at December&#160;31, 2021. No gain or loss was recognized as part of this transaction as the equipment was sold at cost. </font></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_79"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">11.  FINANCE COSTS</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance costs are primarily related to interest and accretion expense on the Company&#8217;s debt facilities, lease liabilities and accretion of decommissioning liabilities. The Company&#8217;s finance costs in the year are summarized as follows&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:73.461%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.180%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.599%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Debt facilities</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">20</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$10,541&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$10,593&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_118" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">21</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,013&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,479&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Loss on settlement of senior convertible note</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2) </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">20</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(a))</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,642&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accretion of decommissioning liabilities </font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,228&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,362&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Silver sales and other</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">580&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">339&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$21,004</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$14,773</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1) During the year ended December&#160;31, 2021, finance costs for debt facilities include non-cash accretion expense of $7.2 million (2020 - $6.8 million).</font></div><div style="margin-top:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:107%">(2) In December 2021, the Company closed an offering of $200.0 million aggregate principal amount of unsecured senior convertible notes plus an additional over-allotment option of $30 million which it used to repurchase the outstanding 2018 senior convertible notes (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:107%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:107%;text-decoration:underline">20</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:107%"> (a)). The repurchase generated a loss due to the difference between the cash paid to repurchase and cancel the 2018 senior convertible notes, compared to the carrying value of the notes on the date of settlement. </font></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font><br></font></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font><br></font></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 28</font></div></td></tr></table></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_82"></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">12.  EARNINGS OR LOSS PER SHARE</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Basic earnings or loss per share is the net earnings or loss available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted net earnings or loss per share adjusts basic net earnings per share for the effects of potential dilutive common shares. The calculations of basic and diluted earnings or loss per share for the years ended December&#160;31, 2021 and 2020 are as follows&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:73.315%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.180%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.745%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net (loss) earnings for the year</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">($4,923)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$23,087&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Weighted average number of shares on issue - basic</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">244,749,772&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">213,879,622&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Impact of effect on dilutive securities&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Stock options</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,705,689&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Restricted, performance and deferred share units</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">293,518&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Weighted average number of shares on issue - diluted</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">244,749,772</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">215,878,829</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Loss) earnings per share - basic and diluted</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($0.02)</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$0.11</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%;padding-left:5.16pt">For the year ended December&#160;31, 2021, diluted weighted average number of shares excluded 2,014,379 (2020 - 2,666,819) options, 5,000,000 (2020 - nil) warrants, 701,250 restricted and performance share units (2020 - nil),  16,327,598 (2020 - 16,327,598) common shares issuable under the 2018 convertible debentures and 13,888,895 common shares issuable under the 2021 convertible debentures (2020- nil) (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%;text-decoration:underline">20(a)</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> that were anti-dilutive.</font></div><div style="text-align:justify;text-indent:4.5pt"><font><br></font></div><div style="text-align:justify;text-indent:4.5pt"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_88"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">13.  INVENTORIES</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Inventories consist primarily of materials and supplies and products of the Company&#8217;s operations, in varying stages of the production process, and are presented at the lower of weighted average cost or net realizable value. </font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:68.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.522%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31,<br>2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31,<br>2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Finished goods - dor&#233; </font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$3,735&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$2,812&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Work-in-process</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,409&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,780&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Stockpile</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,015&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,336&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Silver coins and bullion</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,790&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">956&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Materials and supplies</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">30,664&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,628&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$60,613</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$32,512</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The amount of inventories recognized as an expense during the period is equivalent to the total of cost of sales plus depletion, depreciation and amortization for the period. As at December 31, 2021 mineral inventories, which consist of stockpile, work&#8208;in&#8208;process and finished goods, include a $7.5 million (2020 - $nil) write&#8208;down which was recognized in cost of sales during the year.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_91"></div><div><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 29</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">14.  OTHER FINANCIAL ASSETS</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at December&#160;31, 2021, other financial assets consists of the Company&#8217;s investment in marketable securities comprised of the following&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:68.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.522%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31,<br>2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31,<br>2020</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">FVTPL marketable securities (a)</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$10,851&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$13,876&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">FVTOCI marketable securities (b)</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,635&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,443&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total other financial assets</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$26,486</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$36,319</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt"><font><br></font></div><div><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a)</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:6.85pt">Fair Value through Profit or Loss (&#34;FVTPL&#34;) Marketable Securities</font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Loss in marketable securities designated as FVTPL for the year ended December&#160;31, 2021 was  $2.1 million (2020 - gain of $2.0&#160;million), and was recorded through profit or loss.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b)</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:6.42pt">Fair Value through Other Comprehensive Income (&#34;FVTOCI&#34;) Marketable Securities</font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Changes in fair value of marketable securities designated as FVTOCI for the year ended December 31, 2021 was a loss of  $13.9&#160;million (2020 - gain of $10.5 million), net of tax, and were recorded through other comprehensive income and will not be transferred into earnings or loss upon disposition or impairment. </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_94"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">15.  MINING INTERESTS</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mining interests primarily consist of acquisition, development, exploration and exploration potential costs directly related to the Company&#8217;s operations and projects. Upon commencement of commercial production, mining interests for producing properties are depleted on a units-of-production basis over the estimated economic life of the mine. In applying the units of production method, depletion is determined using quantity of material extracted from the mine in the period as a portion of total quantity of material, based on reserves and resources, considered to be highly probable to be economically extracted over the life of mine plan.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s mining interests are comprised of the following&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:68.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.522%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br>2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br>2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depletable properties</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$805,649&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$392,185&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-depletable properties (exploration and evaluation costs, exploration potential)</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">242,881&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">117,545&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$1,048,530</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$509,730</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 30</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-top:5pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">15.  MINING INTERESTS (continued)</font></div><div style="margin-top:5pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depletable properties are allocated as follows</font></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.701%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:10.742%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.751%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Depletable properties</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">San Dimas</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Santa Elena</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">La Encantada</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Jerritt Canyon</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Non-producing</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Properties</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Cost</font></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">At December 31, 2019</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$220,658</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$61,654</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$111,590</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$494,132</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$888,034</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Additions</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21,263&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,218&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,201&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">31,682&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Change in decommissioning liabilities </font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;(Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_121" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:underline">22</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,527&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,191&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,049&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,059&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,826&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Transfer from exploration properties</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,645&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,229&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">472&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,346&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">At December 31, 2020</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$250,093</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$73,292</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$118,312</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$497,191</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$938,888</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Additions</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">34,894&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16,150&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,546&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16,618&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">70,208&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Acquisition of Jerritt Canyon (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">340,652&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">340,652&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Change in decommissioning liabilities (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_121" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:underline">22</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,209&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,177&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">584&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">28,799&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,623)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30,147&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Transfer from exploration properties</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">34,302&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,293&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">35,595&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">At December 31, 2021</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$286,196</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$125,921</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$122,735</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$386,069</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$494,569</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$1,415,490</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="12" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Accumulated depletion, amortization and impairment</font></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">At December 31, 2019</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($27,225)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($16,608)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($88,499)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($388,354)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($520,686)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depletion and amortization</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(18,277)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3,792)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3,948)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(26,017)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">At December 31, 2020</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($45,502)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($20,400)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($92,447)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($388,354)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($546,703)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depletion and amortization</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(27,169)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8,250)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4,461)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(23,258)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(63,138)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">At December 31, 2021</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($72,671)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($28,650)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($96,908)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($23,258)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($388,354)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">($609,841)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:5pt"><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Carrying values</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">At December 31, 2020</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$204,592</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$52,892</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$25,865</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$108,837</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$392,185</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">At December 31, 2021</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$213,526</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$97,271</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$25,827</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$362,811</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$106,215</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$805,649</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1) Non-producing properties include the San Martin, Del Toro, La Parrilla and La Guitarra mines.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-depletable properties costs are allocated as follows&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:16.443%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.704%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-depletable</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">properties</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">San Dimas</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(a)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Santa</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Elena</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(b)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">La Encantada&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Jerritt Canyon</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(c)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-producing</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Properties</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exploration Projects</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Springpole</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Stream</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(d)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">At</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">31,</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2019</font></div></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$8,699</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$18,592</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$1,104</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$32,938</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$34,710</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$96,043</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exploration and evaluation expenditures</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,125&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,588&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,323&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,066&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,142&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,356&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43,601&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in decommissioning liabilities (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_121" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline">22</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of exploration project</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13,812)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13,812)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to producing properties</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,645)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,229)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(472)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,346)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">At</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">31,</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</font></div></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$17,179</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$33,951</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$2,955</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$37,004</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$22,099</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$4,356</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$117,545</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exploration and evaluation expenditures</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,007&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31,418&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,978&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,424&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,748&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">985&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,500&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69,060&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in decommissioning liabilities (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_121" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline">2</a><a href="#ib644f0c48cf3463b970cf34014886f76_121" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline">2</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(136)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(136)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisition of Jerritt Canyon (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">92,007&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">92,007&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to producing properties</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(34,302)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,293)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font 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style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$31,067</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$4,640</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$104,431</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$38,752</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$22,948</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$11,856</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$242,881</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1) Non-producing properties include the San Martin, Del Toro, La Parrilla and La Guitarra mines.</font></div><div style="margin-top:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2) Exploration projects include the La Luz, La Joya, Los Amoles, Jalisco Group of Properties and Jimenez del Tuel projects, as well as the Plomosas project which was sold during 2020.</font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 31</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">15.  MINING INTERESTS (continued)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font></div><div><font><br></font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a)</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:6.85pt">San Dimas Silver&#47;Gold Mine, Durango State, Mexico</font></div><div><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The San Dimas Mine is subject to a gold and silver streaming agreement with WPMI which entitles WPMI to receive 25% of the gold equivalent production (based on a fixed exchange ratio of 70 silver ounces to 1 gold ounce) at San Dimas in exchange for ongoing payments equal to the lesser of $600 (subject to a 1% annual inflation adjustment commencing in May 2019) and the prevailing market price for each gold ounce delivered. Should the average gold to silver ratio over a six-month period exceed 90&#58;1 or fall below 50&#58;1, the fixed exchange ratio would be increased to 90&#58;1 or decreased to 50&#58;1, respectively. The fixed gold to silver exchange ratio as at December 31, 2021 was 70&#58;1. </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b)</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:6.42pt">Santa Elena Silver&#47;Gold Mine, Sonora State, Mexico</font></div><div><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Santa Elena Mine is subject to a gold streaming agreement with Sandstorm, which requires the mine to sell 20% of its life of mine gold production from its leach pad and a designated area of its underground operations of the Santa Elena mine to Sandstorm. The selling price to Sandstorm is currently the lesser of $464 per ounce, subject to a 1% annual inflation increase every April, and the prevailing market price.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Santa Elena mine has a net smelter royalty (&#34;NSR&#34;) agreement with Orogen Royalties Inc. that requires a 2% NSR from the production of the Ermita&#241;o property. In addition, there is an underlying NSR royalty where Osisko Gold Royalties Ltd. retains a 2% NSR from the sale of mineral products extracted from the Ermita&#241;o property. During the year ended December&#160;31, 2021, the Company had accrued $1.0 million (2020 - $nil) in NSR from the production of Ermita&#241;o in November and December of 2021 to be paid in the first quarter of 2022.</font></div><div><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(c)   Jerritt Canyon Gold Mine, Nevada, United States</font></div><div style="padding-left:18pt;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Jerritt Canyon Mine is subject to a 0.5% NSR royalty on production of gold and silver from the Jerritt Canyon mines and processing plant. The royalty is applied, at a fixed rate of 0.5%, against proceeds from gold and silver products after deducting treatment, refining, transportation, insurance, taxes and levies charges.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Jerritt Canyon Mine is also subject to a 2.5% to 5% NSR royalty relating to the production of gold and silver within specific boundary lines at certain mining areas. The royalty is applied, at a fixed rate of 2.5% to 5.0%, against proceeds from gold and silver products. </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at December&#160;31, 2021</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">total NSR royalty accrual outstanding was $0.1 million (2020 -$nil). </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(d)   Springpole Silver Stream, Ontario, Canada </font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In July 2020, the Company completed an agreement with First Mining Gold Corp. (&#8220;First Mining&#8221;) to purchase 50% of the life of mine payable silver produced from the Springpole Gold Project (&#34;Springpole Silver Stream&#34;), a development stage mining project located in Ontario, Canada. First Majestic agreed to pay First Mining consideration of $22.5 million in cash and shares, in three milestone payments, for the right to purchase silver at a price of 33% of the silver spot price per ounce, to a maximum of $7.50 per ounce (subject to annual inflation escalation of 2%, commencing at the start of the third anniversary of production). Commencing with its production of silver, First Mining must deliver 50% of the payable silver which it receives from the offtaker within five business days of the end of each quarter. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transaction consideration paid and payable by First Majestic is summarized as follows&#58;</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">The first payment of $10.0 million, consisting of $2.5&#160;million in cash and $7.5 million in First Majestic shares (805,698 common shares), was paid to First Mining on July 2, 2020&#59;</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">The second payment, consisting of $3.75 million in cash and $3.75 million in First Majestic shares (287,300 common shares), was paid on January 21, 2021 upon the completion and public announcement by First Mining of the results of a Pre-Feasibility Study for Springpole&#59; and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">The third payment, consisting of $2.5 million in cash and $2.5 million in First Majestic shares (based on 20 days volume weighted average price), will be paid upon receipt by First Mining of a Federal or Provincial Environmental Assessment approval for Springpole, which has not yet been received.</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 32</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">15.  MINING INTERESTS (continued)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(d)   Springpole Silver Stream, Ontario, Canada (continued)</font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the agreement, First Mining also granted First Majestic 30 million common share purchase warrants, each of which will entitle the Company to purchase one common share of First Mining at CAD$0.40 over a period of five years. The fair value of the warrants was measured at $5.7 million using the Black-Scholes option pricing model.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">First Mining shall have the right to repurchase 50% of the silver stream for $22.5 million at any time prior to the commencement of production at Springpole leaving the Company with a reduced silver stream of 25% of life of mine payable silver production. </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">        As at December&#160;31, 2021, the Company has paid $17.5 million in consideration to First Mining as part of the agreement, of which $5.7 million was allocated to other financial assets and $11.8 million was allocated to the Springpole Silver Stream recognized within exploration and evaluation assets. </font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">First Mining is a related party with one independent board member who is also a director and&#47;or officer of First Majestic.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 33</font></div></td></tr></table></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_97"></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">16.  PROPERTY, PLANT AND EQUIPMENT</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The majority of the Company's property, plant and equipment is used in the Company's operating mine segments. Property, plant and equipment is depreciated using either the straight-line or units-of-production method over the shorter of the estimated useful life of the asset or the expected life of mine. Where an item of property, plant and equipment comprises of major components with different useful lives, the components are accounted for as separate items of property, plant and equipment. Assets under construction are recorded at cost and re-allocated to land and buildings, machinery and equipment or other when they become available for use. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property,&#160;plant&#160;and&#160;equipment&#160;are&#160;comprised&#160;of&#160;the&#160;following&#58;&#160;</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:40.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.385%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.385%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.198%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.385%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.385%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.888%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Land and Buildings</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.52pt;font-weight:700;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Machinery and Equipment</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Assets under Construction</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.52pt;font-weight:700;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(2)(3)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Other</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Cost</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2019</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$198,412</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$456,655</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$27,645</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$24,438</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$707,150</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Additions</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,096&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">47,266&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">391&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">49,753&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Transfers and disposals</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">917&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">9,873&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(19,242)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,822&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4,630)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2020</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$199,329</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$468,624</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$55,669</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$28,651</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$752,273</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Additions</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">34&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,974&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">77,151&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">341&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">80,500&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Acquisition of Jerritt Canyon (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">32,992&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">137,219&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,337&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,179&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">175,727&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Transfers and disposals</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">12,602&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15,645&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(46,706)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,412&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(15,047)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2021</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$244,957</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$624,462</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$90,451</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$33,583</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$993,453</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#cfdbff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Accumulated depreciation, amortization and impairment</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2019</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($129,040)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($326,300)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($15,171)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($470,511)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Depreciation and amortization</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4,188)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(19,833)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,555)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(26,576)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Transfers and disposals</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">72&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,754&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">208&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,034&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2020</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($133,156)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($343,379)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($17,518)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($494,053)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Depreciation and amortization</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(13,923)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(33,137)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,899)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(49,959)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Transfers and disposals</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,637&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">240&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,877&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Loss on disposal of equipment</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,081)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,081)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2021</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($147,079)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($374,879)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($22,258)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($544,216)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Carrying values</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2020</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$66,173</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$125,245</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$55,669</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$11,133</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$258,220</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2021</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$97,878</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$249,583</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$90,451</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$11,325</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$449,237</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div><font><br></font></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)  Included&#160;in&#160;land&#160;and&#160;buildings&#160;is&#160;$11.2 million&#160;(2020 -&#160;$11.2&#160;million)&#160;of&#160;land&#160;which&#160;is&#160;not&#160;subject&#160;to&#160;depreciation.</font></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(2) Assets under construction includes certain innovation projects, such as high-intensity grinding (&#34;HIG&#34;) mills and related modernization, plant improvements, other mine infrastructures and equipment overhauls.</font></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(3) Transfers and disposals in construction in progress includes the sale of the AG mill and certain mill equipment to Condor Gold PLC and Capstone Mining Corp. as disclosed in Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_76" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%;text-decoration:underline">10</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 34</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">16.  PROPERTY, PLANT AND EQUIPMENT (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property, plant and equipment, including land and buildings, machinery and equipment, assets under construction and other assets above are allocated by mine as follow&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:27.093%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.710%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.151%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.472%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.444%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.387%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.647%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.710%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.716%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">San Dimas</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Santa Elena</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font 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style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2019</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font 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style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$297,240</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$45,543</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$707,150</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Additions</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">10,384&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">7,933&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,209&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">272&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">26,955&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">49,753&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Transfers and disposals</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">41&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(1,364)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,999&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(3,751)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(1,555)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4,630)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2020</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$146,728</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$97,331</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$143,510</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$293,761</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$70,943</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$752,273</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Additions</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:5.52pt;font-weight:400;line-height:100%;position:relative;top:-2.97pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">9,484&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">19,885&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5,831&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,366&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">229&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">27,705&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">80,500&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Acquisition of Jerritt Canyon (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">175,727&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">175,727&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Transfers and disposals</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,316&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5,381&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,377&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(8)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(8,184)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(15,929)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(15,047)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2021</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$158,528</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$122,597</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$150,718</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$193,085</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$285,806</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$82,719</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$993,453</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="21" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Accumulated depreciation, amortization and impairment</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2019</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($19,747)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($42,975)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($122,566)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($266,190)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($19,033)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($470,511)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Depreciation and amortization</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(15,032)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6,451)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,646)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(592)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(1,855)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(26,576)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Transfers and disposals</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">156&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,340&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(1,743)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,909&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">372&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,034&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2020</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($34,623)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($48,086)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($126,955)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($263,873)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($20,516)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($494,053)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Depreciation and amortization</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(17,801)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6,997)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,259)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(20,228)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(266)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,408)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(49,959)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Transfers and disposals</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(631)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,671)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(824)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5,513&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">490&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,877&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Write-down on assets held-for-sale</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,081)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2,081)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2021</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($53,055)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($57,754)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($130,038)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($20,228)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($258,626)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($24,515)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">($544,216)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Carrying values</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2020</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$112,105</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$49,245</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$16,555</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$29,888</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$50,427</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$258,220</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">At December 31, 2021</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$105,473</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$64,843</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$20,680</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$172,857</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$27,180</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$58,204</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$449,237</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1) Non-producing properties include the San Martin, Del Toro, La Parrilla and La Guitarra mines.</font></div><div style="margin-top:3pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2) Additions classified in &#34;Other&#34; primarily consist of innovation projects and construction-in-progress.</font></div><div><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_100"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">17.  RIGHT-OF-USE ASSETS</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company entered into operating leases to use certain land, building, mining equipment and corporate equipment for its operations. The Company is required to recognize right-of-use assets representing its right to use these underlying leased asset over the lease term. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Right-of-use assets are initially measured at cost, equivalent to its obligation for payments over the term of the leases, and subsequently measured at cost less accumulated depreciation and impairment losses. Depreciation is recorded on a straight-line basis over the shorter period of lease term and useful life of the underlying asset. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 35</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">17.  RIGHT-OF-USE ASSETS (continued)</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Right-of-use assets&#160;are&#160;comprised&#160;of&#160;the&#160;following&#58;&#160;</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:38.138%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.541%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.541%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.541%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.543%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Land and Buildings</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Machinery and Equipment</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Other</font></td><td colspan="3" 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0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$7,812</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$15</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$12,034</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Additions</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,939&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">554&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,494&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Remeasurements</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,789&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,779&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation and amortization</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(848)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,106)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,961)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Disposals</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">At December 31, 2020</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$8,087</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$6,234</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$8</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$14,330</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Additions</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,294&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,560&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,854&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Remeasurements</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">363&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,668&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,031&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation and amortization</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,325)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4,520)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,851)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Disposals</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(117)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(139)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">At December 31, 2021</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$8,302</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$20,921</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$2</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$29,225</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_106"></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">18.  RESTRICTED CASH</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Restricted cash is comprised of the following&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a)</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:6.85pt">Current</font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As part of the acquisition of Jerritt Canyon (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">4</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), the Company was required to hold certain funds in escrow to settle the payment for Triggered Tax provisions along with any adjustments to working capital. As at December 31, 2021, $12.6 million (2020 - $nil) remains in escrow which the Company expects to be settled within the next twelve months.</font></div><div style="margin-bottom:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b)</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:6.42pt">Non-Current</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:68.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.522%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br>2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br>2020</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Nevada Division of Environmental Protection bond</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$39,727&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chartis Commutation Account</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,275&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">SAT Primero tax dispute</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">48,010&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$115,012</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:7.44pt">Jerritt Canyon is required to provide a surety bond to the Nevada Division of Environmental Protection (&#34;NDEP&#34;) and the US Forestry Service to fund the ongoing reclamation and mine closure obligations. To meet this surety requirement, the Company has on deposit $39.7 million in money market accounts. The money market account principal balance plus interest earned on the principal is used to fund ongoing reclamation and mine closure obligations.</font></div><div style="margin-bottom:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:7.44pt">The Company owns an environmental risk transfer program (the &#34;ERTP&#34;) for Jerritt Canyon from American Insurance Group (&#34;AIG&#34;). As part of the ERTP, $27.3 million is on deposit in an interest-bearing account with AIG (the &#34;Commutation Account&#34;). The Commutation Account principal plus interest earned on the principal is used to fund ongoing reclamation and mine closure obligations. The Company can elect to extinguish all rights under the policy, which would release AIG from reclamation cost and financial assurance liabilities, and substitute with replacement bonds. AIG would pay Jerritt Canyon the remaining balance in the Commutation Account. </font></div><div style="margin-bottom:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:7.44pt">In connection with the dispute between Primero Empresa Minera, S.A. de C.V. (&#34;PEM&#34;) and the Servicio de Admistracion Tributaria (&#34;SAT&#34;) in relation to the advanced pricing agreement (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><a href="#ib644f0c48cf3463b970cf34014886f76_139" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:none">27</a>(b))</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">, the tax authority has frozen a PEM bank account with funds of $48.0 million (989.9 million MXN) as a guarantee against certain disputed tax assessments. This balance consists of Value Added Tax (&#34;VAT&#34;) refunds that the Company has received which were previously withheld by the tax authority. The Company does not agree with SAT's position and has challenged it through the relevant legal channels.  </font></div><div style="margin-bottom:3pt;text-align:justify;text-indent:4.5pt"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify;text-indent:4.5pt"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify;text-indent:4.5pt"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify;text-indent:4.5pt"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify;text-indent:4.5pt"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify;text-indent:4.5pt"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify;text-indent:4.5pt"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 36</font></div></td></tr></table></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_109"></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">19.  TRADE AND OTHER PAYABLES</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s trade and other payables are primarily comprised of amounts outstanding for purchases relating to mining operations, exploration and evaluation activities and corporate expenses. The normal credit period for these purchases is usually between 30 to 90 days.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Trade and other payables are comprised of the following items&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:68.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.522%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br>2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br>2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade payables</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$41,827&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$31,262&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade related accruals</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">30,621&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,635&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payroll and related benefits</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28,162&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,427&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Estimated Triggered Tax Adjustment and Working Capital Adjustment payable, net (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,570&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">NSR royalty liabilities (Notes </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">15</a><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">(b)</a><a href="#ib644f0c48cf3463b970cf34014886f76_94" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">(c)</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,147&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Environmental duty and net mineral sales proceeds tax</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,281&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,156&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other accrued liabilities</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,058&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,522&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$120,666</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$76,002</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr></table></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="margin-top:5pt"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 37</font></div></td></tr></table></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_115"></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-top:3pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">20.  DEBT FACILITIES</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in debt facilities during the year ended December 31, 2021 and year ended December 31, 2020, respectively, are comprised of the following&#58;</font></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:61.803%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.190%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.216%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:10.192%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Convertible Debentures<br>(a)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Revolving Credit Facility <br>(b)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Balance at December 31, 2019</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$136,607</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$19,211</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$155,818</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Finance costs</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest expense</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,984&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">763&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,747&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accretion</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,168&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">678&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,846&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Proceeds from drawdown of revolving credit facility</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,000&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,000&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Repayments of principal</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(19,969)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(19,969)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payments of finance costs</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,934)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(800)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,734)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Balance at December 31, 2020</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$142,825</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$9,883</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$152,708</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gross proceeds from debt financing</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$230,000&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$230,000&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Portion allocated to equity reserves from debt financing</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(42,340)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">($42,340)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Finance costs</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest expense</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,846&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">537&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,383&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accretion</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,809&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">349&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,158&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Proceeds from drawdown of revolving credit facility</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">30,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">30,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Repayments of principal</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(125,576)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(40,000)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(165,576)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Conversion of senior convertible notes to common shares</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23,230)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23,230)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Transaction costs</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,224)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(101)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,325)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payments of finance costs</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,932)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(612)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,544)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Balance at December 31, 2021</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$181,178</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$56</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$181,234</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Statements of Financial Position Presentation</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current portion of debt facilities</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$1,092&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$9,883&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$10,975&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current portion of debt facilities</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">141,733&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">141,733&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Balance at December 31, 2020</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$142,825</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$9,883</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$152,708</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current portion of debt facilities</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$69&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$56&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$125&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current portion of debt facilities</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">181,108&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">181,108&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Balance at December 31, 2021</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$181,178</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$56</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$181,234</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a)</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:6.85pt">Convertible Debentures</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">        2018 Senior Convertible Debentures</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the first quarter of 2018, the Company issued $156.5 million of unsecured senior convertible debentures (the &#8220;Existing Notes&#8221;). The Company received net proceeds of $151.1 million after transaction costs of $5.4 million. The Existing Notes mature on March 1, 2023 and bear an interest rate of 1.875% per annum, payable semi-annually in arrears in March and September of each year. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Existing Notes are convertible into common shares of the Company at any time prior to maturity at a conversion rate of 104.3297 common shares per $1,000 principal amount of Existing Notes converted, representing an initial conversion price of $9.59 per common share, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur, holders of the Existing Notes may be entitled to an increased conversion rate. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 38</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">20.  DEBT FACILITIES (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">(a)</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.73pt">Convertible Debentures (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company may not redeem the Existing Notes before March 6, 2021, except in the event of certain changes in Canadian tax law. At any time on or after March 6, 2021 and until maturity, the Company may redeem all or part of the Existing Notes for cash if the last reported share price of the Company&#8217;s common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price or $12.47 per common share. The redemption price is equal to </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the sum of&#58; (i) 100% of the principal amount of the notes to be redeemed and (ii) accrued and unpaid interest, if any, to the redemption date. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is required to offer to purchase for cash all of the outstanding Existing Notes upon a fundamental change, at a cash purchase price equal to 100% of the principal amount of the Existing  Notes to be purchased, plus accrued and unpaid interest, if any, to the fundamental change purchase date. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The component parts of the convertible debentures, a compound instrument, are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument. A conversion option that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company's own equity instrument is an equity instrument.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At initial recognition, net proceeds of $151.1 million from the Existing Notes were allocated into its debt and equity components. The fair value of the debt portion was estimated at $124.8 million using a discounted cash flow model method with an expected life of five years and a discount rate of 6.14%. This amount is recorded as a financial liability on an amortized cost basis using the effective interest method using an effective interest rate of 6.47% until extinguished upon conversion or at its maturity date.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The conversion option is classified as equity and was estimated based on the residual value of $26.3 million. This amount is not subsequently remeasured and will remain in equity until the conversion option is exercised, in which case, the balance recognized in equity will be transferred to share capital. Where the conversion option remains unexercised at the maturity date of the convertible note, the balance will remain in equity reserves. Deferred tax liability of $7.1 million related to taxable temporary difference arising from the equity portion of the convertible debenture was recognized in equity reserves. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transaction costs of $5.4 million that relate to the issuance of the convertible debentures were allocated to the liability and equity components in proportion to the allocation of the gross proceeds. Transaction costs relating to the equity component are recognized directly in equity. Transaction costs relating to the liability component are included in the carrying amount of the liability component and are amortized over the life of the convertible debentures using the effective interest method.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021 Senior Convertible Debentures</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 2, 2021, the Company issued $230 million of unsecured senior convertible debentures (the &#8220;Notes&#8221;). The Company received net proceeds of $222.8 million after transaction costs of $7.2 million. The Notes mature on January 15, 2027 and bear an interest rate of 0.375% per annum, payable semi-annually in arrears in January and July of each year. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Notes are convertible into common shares of the Company at any time prior to maturity at a conversion rate of 60.3865 common shares per $1,000 principal amount of Notes converted, representing an initial conversion price of $16.56 per common share, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur, holders of the Notes may be entitled to an increased conversion rate. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 39</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">20.  DEBT FACILITIES (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a)</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:6.85pt">Convertible Debentures (continued)</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company may not redeem the Notes before January 20, 2025  except in the event of certain changes in Canadian tax law. At any time on or after January 20, 2025 and until maturity, the Company may redeem all or part of the Notes for cash if the last reported share price of the Company&#8217;s common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price in effect on each such trading day. The redemption price is equal to the sum of&#58; (i) 100% of the principal amount of the Notes to be redeemed and (ii) accrued and unpaid interest, if any, to the redemption date. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is required to offer to purchase for cash all of the outstanding Notes upon a fundamental change, at a cash purchase price equal to 100% of the principal amount of the Notes to be purchased, plus accrued and unpaid interest, if any, to the fundamental change purchase date. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The component parts of the convertible debentures, a compound instrument, are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument. A conversion option that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company's own equity instrument is an equity instrument.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At initial recognition, net proceeds of $222.8 million from the Notes were allocated into its debt and equity components. The fair value of the debt portion was estimated at $180.4 million using a discounted cash flow model method with an expected life of five years and a discount rate of 4.75%. This amount is recorded as a financial liability on an amortized cost basis using the effective interest method using an effective interest rate of 5.09% until extinguished upon conversion or at its maturity date.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The conversion option is classified as equity and was estimated based on the residual value of $42.3 million. This amount is not subsequently remeasured and will remain in equity until the conversion option is exercised, in which case, the balance recognized in equity will be transferred to share capital. Where the conversion option remains unexercised at the maturity date of the convertible note, the balance will remain in equity reserves. Deferred tax liability of $11.4 million related to taxable temporary difference arising from the equity portion of the convertible debenture was recognized in equity reserves. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transaction costs of $7.2 million that relate to the issuance of the convertible debentures were allocated to the liability and equity components in proportion to the allocation of the gross proceeds. Transaction costs relating to the equity component are recognized directly in equity. Transaction costs relating to the liability component are included in the carrying amount of the liability component and are amortized over the life of the convertible debentures using the effective interest method.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A portion of the Notes proceeds received were used to redeem 125,231 of the Existing Notes for total costs of $164.9 million. The total proceeds were allocated to the carrying value of the debt by $118.9 million and $41.8 million to equity reserves of these Notes, resulting with a loss on the settlement of debt of $4.6 million. 24,219 of the remaining Notes were converted to common shares by note holders at an adjusted conversion rate of 106.0528 common shares per $1,000 face value note, where $23.2 million were allocated to the carrying value of the debt and $4.1 million were transferred to share capital from equity reserves. Finally, 6,950 of the remaining notes were settled at par value with a payment in cash of $6.95 million&#59; the cash paid was allocated to the carrying value of the debt by $6.6 million and $0.2 million to equity reserves. At December 31, 2021, the Existing Notes have been fully settled, with a remaining carrying value of $nil.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b) &#160;&#160;&#160;&#160;Revolving Credit Facility</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 1, 2021, the Company renewed its senior secured revolving credit facility (the &#34;Revolving Credit Facility&#34;) with the Bank of Nova Scotia and Bank of Montreal by extending the maturity date from May 10, 2021 to November 30, 2022 and reducing the credit limit from $75.0 million to $50.0 million. Interest on the drawn balance will accrue at LIBOR plus an applicable range of 2.25% to 3.5% per annum while the undrawn portion is subject to a standby fee with an applicable range of 0.563% to 0.875% per annum, dependent on certain financial parameters of First Majestic. As at December&#160;31, 2021, the applicable rates were 2.3% and 0.5625% per annum, respectively. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 40</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">20.  DEBT FACILITIES (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b) &#160;&#160;&#160;&#160;Revolving Credit Facility (continued)</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These debt facilities are guaranteed by certain subsidiaries of the Company and are also secured by a first priority charge against the assets of the Company, and a first priority pledge of shares of the Company&#8217;s subsidiaries.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Revolving Credit Facility includes financial covenants, to be tested quarterly on a consolidated basis, requiring First Majestic to maintain the following&#58; (a) a leverage ratio based on net indebtedness to rolling four quarters adjusted EBITDA of not more than 3.00 to 1.00&#59; (b) an interest coverage ratio, based on rolling four quarters adjusted EBITDA divided by interest payments, of not less than 4.00 to 1.00&#59; and (c) tangible net worth of not less than $563.5 million plus 50% of its positive earnings subsequent to June&#160;30, 2018. The debt facilities also provide for negative covenants customary for these types of facilities and allows the Company to enter into finance leases, excluding any leases that would have been classified as operating leases in effect immediately prior to the implementation of IFRS 16 - Leases, of up to $30.0 million. As at December&#160;31, 2021 and December 31, 2020, the Company was in compliance with these covenants.</font></div><div style="text-align:justify"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_118"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">21.  LEASE LIABILITIES</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has finance leases, operating leases and equipment financing liabilities for various mine and plant equipment, office space and land. Finance leases and equipment financing obligations require underlying assets to be pledged as security against the obligations and all of the risks and rewards incidental to ownership of the underlying asset being transferred to the Company. For operating leases, the Company controls but does not have ownership of the underlying right-of-use assets.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease liabilities are subsequently measured at amortized cost using the effective interest rate method. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain lease agreements may contain lease and non-lease components, which are generally accounted for separately. For certain equipment leases, such as vehicles, the Company has elected to account for the lease and non-lease components as a single lease component. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 41</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">21.  LEASE LIABILITIES (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in lease liabilities during the year ended December 31, 2021 and year ended December 31, 2020 are comprised of the following&#58;</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:45.829%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Finance Leases</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating Leases</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(a)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Equipment Financing</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(b)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Balance at December 31, 2019</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$50</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$18,951</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$2,935</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$21,936</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Additions</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,494&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,494&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Remeasurements</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,779&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,779&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Finance costs</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,396&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">83&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,479&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Repayments of principal</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(50)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,353)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,303)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,706)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payments of finance costs</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(126)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(126)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Foreign exchange gain</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(281)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(281)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Balance at December 31, 2020</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$19,986</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$589</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$20,575</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Acquisition of Jerritt Canyon (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,194&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,194&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Additions</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,001&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,854&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,855&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Remeasurements</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,031&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,031&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Disposals</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(150)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(150)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Finance costs</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">89&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,915&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,013&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Repayments of principal</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(942)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,824)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(521)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9,287)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payments of finance costs</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(89)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(102)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Foreign exchange gain</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(268)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(268)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Balance at December 31, 2021</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$5,253</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$34,544</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$64</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$39,861</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Statements of Financial Position Presentation</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current portion of lease liabilities</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$4,820&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$538&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$5,358&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current portion of lease liabilities</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,166&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">51&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,217&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Balance at December 31, 2020</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$19,986</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$589</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$20,575</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current portion of lease liabilities</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$2,165&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$9,596&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$64&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$11,825&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current portion of lease liabilities</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,088&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,948&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28,036&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Balance at December 31, 2021</font></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$5,253</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$34,544</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$64</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$39,861</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">  </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating leases</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases primarily relate to equipment and building rental contracts, land easement contracts and service contracts that contain embedded leases for property, plant and equipment. These operating leases have remaining lease terms of one to ten years, some of which include options to terminate the leases within a year, with incremental borrowing rates ranging from 3.35% to 11.20% per annum</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">.</font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 42</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">21.  LEASE LIABILITIES (continued)</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">  </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating leases (continued)</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year ended December 31, 2021 and 2020, the amounts of lease payments recognized in the profit and loss are summarized as follows&#58;</font></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.397%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.969%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.835%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.969%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.130%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended<br>December 31, 2021</font></td><td colspan="6" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended<br>December 31, 2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Expenses relating to variable lease payments not included in <br>&#160;&#160;&#160;&#160;the measurement of lease liability</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$109,565</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$25,560</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Expenses relating to short-term leases</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">41,283&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,607&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Expenses relating to low value leases</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">81</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$150,853</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$45,248</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b)  Equipment financing</font></div><div style="margin-bottom:9pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2017, the Company entered into a $7.9 million credit facility with repayment terms ranging from 12 to 16 equal quarterly installments in principal plus related interest. The facility bears an interest rate of LIBOR plus 4.60%. Proceeds from the equipment financing were primarily used for the purchase and rehabilitation of property, plant and equipment. The equipment financing is secured by certain equipment of the Company and is subject to various covenants, including the requirement for First Majestic to maintain a leverage ratio based on total debt to rolling four quarters adjusted EBITDA. As of December&#160;31, 2021 and year ended December&#160;31, 2020, the Company was in compliance with these covenants. </font></div><div style="margin-bottom:6pt;margin-top:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at December&#160;31, 2021, the net book value of property,&#160;plant&#160;and&#160;equipment&#160;includes $2.0 million&#160;(December 31, 2020 - $1.9&#160;million)&#160;of&#160;equipment&#160;pledged as security for the equipment financing.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 43</font></div></td></tr></table></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_121"></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">22.  DECOMMISSIONING LIABILITIES</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has an obligation to undertake decommissioning, restoration, rehabilitation and environmental work when environmental disturbance is caused by the development and ongoing production of a mining operation. Movements in decommissioning liabilities during the years ended December&#160;31, 2021 and 2020 are allocated as follow&#58;</font></div><div style="margin-bottom:6pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:15.128%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.502%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.502%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.502%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.502%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.502%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.502%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.502%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.514%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">San Dimas</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Santa Elena</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">La Encantada</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Jerritt Canyon</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">San Martin</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">La Parrilla</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Del Toro</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">La Guitarra</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">La Luz</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2019</font></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$9,442</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$4,971</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$8,112</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$7,103</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$4,337</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$3,769</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$2,178</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$616</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$40,528</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movements during the year&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposition of exploration project</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(153)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(153)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in rehabilitation provision</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,527&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,191&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,049&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,240&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">830&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">772&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">217&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,885&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reclamation costs incurred</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(55)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(81)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(156)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest or accretion expense</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">565&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">295&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">477&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">418&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">259&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">226&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">122&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,362&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Foreign exchange loss</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(475)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(252)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(415)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(359)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(216)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(190)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(86)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,995)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2020</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$14,059</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$6,150</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$10,223</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$8,321</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$5,190</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$4,577</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$2,278</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$673</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$51,471</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movements during the year&#58;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisition of Jerritt Canyon</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">71,135&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">71,135&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in rehabilitation provision</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,209&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,177&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">584&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28,799&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,435)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(900)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(565)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">278&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(137)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,010&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reclamation costs incurred</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(186)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(339)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(64)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(606)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest or accretion expense</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">715&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">313&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">521&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">642&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">424&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">264&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">234&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">115&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,228&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Foreign exchange (loss) gain</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(454)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(199)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(333)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(264)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(169)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(148)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(73)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,631)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2021</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$15,529</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$8,441</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$10,995</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$100,390</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$6,707</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$4,368</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$4,034</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$2,598</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$545</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$153,607</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A provision for decommissioning liabilities is estimated based on current regulatory requirements and is recognized at the present value of such costs. The expected timing of cash flows in respect of the provision is based on the estimated life of the  Company's mining operations. The discount rate is a risk-free rate determined based on Mexican pesos default swap rates ranging between 7.4% to 7.5% (2020 - 5.0% to 5.3%) for the respective estimated life of the operations. The inflation rate used is based on historical Mexican inflation rate of 4.2% (2020 - 3.9%). </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the Jerritt Canyon Gold Mine, the discount rate is a risk-free rate determined based on the US swap rates ranging between 1.5% to 1.6% for the estimated life of the mine. The inflation rate is based on historical US inflation rate of 2.15%. The present value of reclamation liabilities may be subject to change based on changes to cost estimates, remediation technologies or applicable laws and regulations. Changes in decommissioning liabilities are recorded against mining interests.</font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2021, the reclamation and closure cost obligation for the Jerritt Canyon Gold Mine totaled $100.4 million. This obligation is secured through cash of $39.7 million (note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_106" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">18</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)), a surety bond of $41.3 million held with the NDEP and two surety bonds totaling $11.2 million held with the United States Forest Services (&#34;USFS&#34;) to support various reclamation obligation bonding requirements.</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 2, 2021, the Company executed an agreement with the NDEP</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">relating to funds required to establish a trust agreement to cover post-closure water treatment cost at Jerritt Canyon. The estimated costs are $17.6 million which are included in the  decommissioning liabilities provision and would need to be funded by October 31, 2022.</font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_124"></div><div><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 44</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">23.  INCOME TAXES</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following is a reconciliation of income taxes calculated at the combined Canadian federal and provincial statutory tax rate to the income tax expense for the year ended December&#160;31, 2021 and 2020&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.999%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.622%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Earnings before</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">tax</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$25,250</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$29,729</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Combined statutory tax rate</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Income tax expense computed at statutory tax rate</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6,818</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">8,027</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Reconciling</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">items&#58;</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:15.75pt;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Effect of different foreign statutory tax rates on&#160;earnings of subsidiaries</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,962&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4,760)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:15.75pt;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Impact of foreign exchange on deferred income tax&#160;assets and liabilities</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,419)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,688&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Change in unrecognized deferred income tax asset</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,100&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4,596)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.5% mining royalty in Mexico</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,389&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,415&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other non-deductible expenses</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,491&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">758&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Impact of inflationary adjustments</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13,504)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,317)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Change in tax provision estimates</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(945)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,387&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Impact of divestitures and restructurings</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">102&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16,724)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,821)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,236)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Income</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">tax expense</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$30,173</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$6,642</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Statements of Earnings Presentation</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current income tax expense</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$49,283&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$9,966&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred income tax recovery</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(19,110)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,324)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Income</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">tax expense</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$30,173</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$6,642</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Effective tax rate</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-bottom:1.5pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1.5pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">119</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:1.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</font></td><td colspan="3" style="border-bottom:1.5pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1.5pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">22</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:1.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</font></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">As at December&#160;31, 2021 and 2020, the Company has the following income tax payable balances&#58;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.999%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.622%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current income tax payable</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$27,980&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$6,574&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current income tax payable</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,812&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23,099&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$49,792</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$29,673</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 45</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">23.  INCOME TAXES (continued)</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the years ended December&#160;31, 2021 and 2020, the movement in deferred tax assets and deferred tax liabilities is shown as follows&#58;</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.227%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.160%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Deferred tax assets</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Losses</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;Provisions </font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;Deferred tax asset not recognized </font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;Other </font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;Total </font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">At December 31, 2019</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$126,472</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$22,887</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($100,504)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$8,845</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$57,700</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Benefit to statement of earnings</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,327&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,389&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,788&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">456&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">35,960&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">At December 31, 2020</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$147,799</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$25,276</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($88,716)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$9,301</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$93,660</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Benefit (expense) to statement of earnings</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29,196&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,467&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12,891)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,667&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">37,439&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Acquired from Jerritt Canyon</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,275&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,801&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,076&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">At December 31, 2021</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$187,270</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$41,743</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($101,607)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$16,769</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$144,175</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Deferred tax liabilities</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Property, plant and equipment and mining interests</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Effect of <br>Mexican tax deconsolidation</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;Other </font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;Total </font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">At December 31, 2019</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$33,001</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$4,429</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$33,045</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$70,475</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Expense (Benefit) to statement of earnings</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23,883&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(113)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(18,311)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,459&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reclassed to current income taxes payable</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,245)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,245)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Charged to OCI</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,633&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,633&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Divestiture of exploration projects</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,577)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,577)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">At December 31, 2020</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$56,884</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$2,071</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$13,790</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$72,745</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Expense to statement of earnings</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,186&#160;</font></td><td style="background-color:#cfdbff;border-top:1.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">84&#160;</font></td><td style="background-color:#cfdbff;border-top:1.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,059&#160;</font></td><td style="background-color:#cfdbff;border-top:1.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,329&#160;</font></td><td style="background-color:#cfdbff;border-top:1.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reclassed to current income taxes payable</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,549)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,549)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Acquired from Jerritt Canyon </font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">123,578&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">123,578&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Benefit to equity</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,843&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,843&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Translation and other</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,192)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,192)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">At December 31, 2021</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$192,648</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$606</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$27,500</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$220,754</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Statements of Financial Position Presentation</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax assets</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$69,644&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax liabilities</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">48,729&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">At December 31, 2020</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($20,915)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax assets</font></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$74,257&#160;</font></td><td style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax liabilities</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">150,836&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">At December 31, 2021</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$76,579</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:13pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2021, the Company recognized $74.3 million (2020 - $69.6 million) of net deferred tax assets in entities that have had a loss for tax purposes in either 2021 or 2020, or both. In evaluating whether it is probable that sufficient taxable income will be generated to realize the benefit of these deferred tax assets, the Company considered all available evidence, including approved budgets, forecasts and business plans and, in certain cases, tax planning opportunities. </font></div><div style="margin-bottom:13pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The aggregate amount of taxable temporary differences associated with investments in subsidiaries for which deferred taxes have not been recognized, as at December&#160;31, 2021 was </font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$334.0 </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million (2020 - $236.5 million).</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 46</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">23.  INCOME TAXES (continued)</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognized are attributable to the following&#58; </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%"> </font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.999%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.622%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-capital losses</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$239,175&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$207,853&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Capital losses</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,619&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accrued expenses</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">78,754&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,513&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mineral properties, plant and equipment</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">44,300&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,460&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,578&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,897&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$390,426</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$295,723</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at December&#160;31, 2021 and 2020, the Company has available Canadian, US and Mexican non-capital tax losses, which if not utilized will expire as follows&#58;</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.835%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.835%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.835%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.835%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.843%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year of expiry</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Canadian <br>non-capital losses</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">US non-capital losses</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;Mexican<br>non-capital losses </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2020</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2022</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$4,025&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$4,025&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$3,835&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2023</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,052&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,052&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,878&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">37,355&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">37,355&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,071&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">41,286&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">41,286&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">34,964&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">108,513&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">108,513&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">38,901&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2027</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,579&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,579&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104,044&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2028</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,852&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,852&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,040&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2029</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">75,381&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">75,381&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">57,809&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2030 </font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">153,152&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">153,152&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">68,074&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2031 and after</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,113&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,334&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">57,889&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">83,336&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">152,862&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">No expiry</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66,578&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66,578&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$11,113</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$80,912</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$547,084</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$639,109</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$487,478</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Unrecognized losses</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$11,113</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$&#8212;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$243,180</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$254,293</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$199,775</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_130"></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 47</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div><font><br></font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">24.  SHARE CAPITAL</font></div><div><font><br></font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a)</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:6.85pt">Authorized and issued capital</font></div><div><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has unlimited authorized common shares with no par value. </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in the Company&#8217;s issued and outstanding capital during the years ended December&#160;31, 2021 and 2020 is summarized in the consolidated statements of changes in equity.</font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.368%"><tr><td style="width:1.0%"></td><td style="width:50.701%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.461%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.550%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.461%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.550%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.761%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.550%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.866%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31, 2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31, 2020</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Number of Shares</font></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net Proceeds</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Number of Shares</font></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net Proceeds</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">ATM program</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,225,000&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$66,674</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,654,338&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$67,896&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prospectus offering</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,000,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">58,240&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,225,000&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$66,674</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,654,338&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$126,136&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:31.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1) In May 2021, the Company filed prospectus supplements to its short form base shelf prospectus, pursuant to which the Company may, at its discretion and from time-to-time, sell common shares of the Company for aggregate gross proceeds of up to $100.0&#160;million. The sale of common shares is to be made through &#8220;at-the-market distributions&#8221; (&#34;ATM&#34;),&#160;as defined in the Canadian Securities Administrators&#8217; National Instrument&#160;44-102 Shelf Distributions, directly on the New York Stock Exchange. During the year ended December 31, 2021, the Company sold 4,225,000 (2020 - 5,654,338) common shares of the Company under the ATM program at an average price of $16.24 (2020 - $12.31) for gross proceeds of $68.6 million (2020 - $69.6&#160;million), or net proceeds of $66.7 million (2020 - $67.9&#160;million) after costs. At December&#160;31, 2021, the Company completed $68.6 million of the ATM program.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">  </font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b)</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:6.42pt">Stock options </font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under the terms of the Company&#8217;s 2019 Long-Term Incentive Plan (&#34;LTIP&#34;), the maximum number of shares reserved for issuance under the LTIP is 8% of the issued shares on a rolling basis. Options may be exercisable over periods of up to ten years as determined by the Board of Directors of the Company and the exercise price shall not be less than the closing price of the shares on the day preceding the award date, subject to regulatory approval. All stock options granted are subject to vesting with 25% vesting on first anniversary from the date of grant, and 25% vesting each six months thereafter.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes information about stock options outstanding as at December&#160;31, 2021&#58;</font></div><div style="margin-top:5pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.783%"><tr><td style="width:1.0%"></td><td style="width:18.839%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.984%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.041%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.041%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.984%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.041%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.595%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160; &#160;&#160;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Options Outstanding</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> &#160;&#160;&#160;</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160; &#160;&#160;</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Options Exercisable</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> &#160;&#160;&#160;</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Exercise prices (CAD$)</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Number of<br>Options</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Weighted Average Exercise Price (CAD $&#47;Share)</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Weighted Average Remaining Life (Years)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Number of<br>Options</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Weighted Average Exercise Price (CAD $&#47;Share)</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Weighted Average Remaining Life (Years)</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">5.01 - 10.00</font></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,226,614&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.62&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.87&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,819,114&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.57&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.70&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">10.01 - 15.00</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,369,993&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.62&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.19&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">537,120&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.31&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.61&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">15.01 - 20.00</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,296,821&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16.21&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.45&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">286,973&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15.93&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.56&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">20.01 - 250.00</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">744,955&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21.56&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.76&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">52,705&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22.55&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.23&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,638,383&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.29&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.80&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,695,912&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.57&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.85&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 48</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">24.  SHARE CAPITAL (continued)</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b)</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:6.42pt">Stock options (continued)</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movements in stock options issued during the years ended December&#160;31, 2021 and  2020 are summarized as follows&#58; </font></div><div style="margin-top:5pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.783%"><tr><td style="width:1.0%"></td><td style="width:34.398%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.156%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.761%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.156%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.764%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Year Ended</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Year Ended</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">December 31, 2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">December 31, 2020</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Number of<br>Options</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Weighted Average Exercise Price (CAD $&#47;Share)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Number of<br>Options</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Weighted Average Exercise Price (CAD $&#47;Share)</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Balance, beginning of the year</font></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">7,074,092&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">12.07&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">7,583,439&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">10.70&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Granted</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,400,000&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">18.98&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,621,924&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">13.46&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Exercised</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(2,502,234)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">10.87&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(2,473,926)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">7.50&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Cancelled or expired</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(333,475)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">29.45&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(657,345)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">18.96&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Balance, end of the year</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">5,638,383&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">13.29&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">7,074,092&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">12.07&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  During the year ended December&#160;31, 2021, the aggregate fair value of stock options granted was $9.9 million (December&#160;31, 2020 - $12.1&#160;million), or a weighted average fair value of $7.04 per stock option granted (2020 - $4.63).</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:97%">During the year ended December&#160;31, 2021, total share-based payments expense related to stock options was $8.8&#160;million (December 31, 2020 - $7.0 million).</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following weighted average assumptions were used in estimating the fair value of stock options granted using the Black-Scholes Option Pricing Model&#58;</font></div><div style="padding-left:18pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.222%"><tr><td style="width:1.0%"></td><td style="width:22.509%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.551%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:37.847%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.551%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.193%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.551%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.798%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Year Ended</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Year Ended</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Assumption</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Based</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">on</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">December 31, 2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">December 31, 2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Risk-free interest rate (%)</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Yield curves on Canadian government zero- coupon bonds with a remaining term equal to the stock options&#8217; expected life</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1.04</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1.03</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Expected life (years)</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Average of the expected vesting term and expiry term of the option</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">5.93</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">5.83</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Expected volatility (%)</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Historical and implied volatility of the precious metals mining sector</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">49.00</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">49.00</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Expected dividend yield (%)</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Annualized dividend rate as of the date of grant</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">0.10%</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;</font></td></tr></table></div><div><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The weighted average closing share price at date of exercise for the year ended December&#160;31, 2021 was CAD$13.29 (December&#160;31, 2020 - CAD$15.61).</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(c)    Restricted Share Units </font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company adopted the 2019 LTIP to allow the Company to grant to its directors, employees and consultants non-transferable Restricted Share Units (&#34;RSU's&#34;) based on the value of the Company's share price at the date of grant. Unless otherwise stated, the awards typically have a graded vesting schedule over a three-year period and can be settled either in cash or equity upon vesting at the discretion of the Company. The Company intends to settle all RSU's in equity.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The associated compensation cost is recorded as share-based payments expense against equity reserves. </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 49</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">24.  SHARE CAPITAL (continued)</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(c)    Restricted Share Units (continued)</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the changes in RSU's for the year ended December&#160;31, 2021 and the year ended December 31, 2020&#58;</font></div><div style="margin-top:5pt;padding-left:18pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.614%"><tr><td style="width:1.0%"></td><td style="width:42.325%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.967%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.814%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.564%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.814%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.816%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Year Ended December 31, 2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Year Ended December 31, 2020</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Number of shares</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Weighted<br>Average<br>Fair Value <br>(CAD$)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Number of shares</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Weighted<br>Average<br>Fair Value <br>(CAD$)</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Outstanding, beginning of the year</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">184,483&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">15.66&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">128,944&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">10.36&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Granted</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">312,991&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">17.19&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">211,192&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">15.72&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Settled</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(69,504)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">15.79&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(127,000)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">10.32&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Forfeited</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(27,421)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">16.56&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(28,653)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">15.93&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Outstanding, end of the year</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">400,549&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">16.77&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">184,483&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">15.66&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:97%">During the year ended December&#160;31, 2021, total share-based payments expense related to RSU's was $1.9 million (December 31, 2020 - $0.8 million).</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(d)   Performance Share Units </font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company adopted the 2019 LTIP to allow the Company to grant to its directors, employees and consultants non-transferable Performance Share Units (&#34;PSU's&#34;). The amount of units to be issued on the vesting date will vary from 0% to 200% of the number of PSU&#8217;s granted, depending on the Company&#8217;s total shareholder return compared to the return of a selected group of peer companies. Unless otherwise stated, the awards typically vest three years from the grant date. The fair value of a PSU is based on the value of the Company's share price at the date of grant and will be adjusted based on actual units issued on the vesting date. The Company intends to settle all PSU's in equity.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the changes in PSU's granted to employees and consultants for the year ended December&#160;31, 2021 and the year ended December 31, 2020&#58;&#160;&#160;&#160;&#160;</font></div><div style="margin-top:5pt;padding-left:18pt;text-align:justify;text-indent:-4.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.830%"><tr><td style="width:1.0%"></td><td style="width:49.047%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.178%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.178%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.539%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.178%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.180%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Year Ended December 31, 2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Year Ended December 31, 2020</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Number of shares</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Weighted<br>Average<br>Fair Value<br>(CAD$)</font></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Number of shares</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Weighted<br>Average<br>Fair Value<br>(CAD$)</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Outstanding, beginning of the year</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">109,035&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">15.62&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Granted</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">184,050&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">17.15&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">122,575&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">15.65&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Forfeited</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(17,569)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">16.56&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(13,540)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">15.93&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Outstanding, end of the year</font></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">275,516&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">16.58&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">109,035&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">15.62&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:97%">During the year ended December&#160;31, 2021, total share-based payments expense related to PSU's was $1.2 million (year ended December 31, 2020 - $0.5 million).</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 50</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">24.  SHARE CAPITAL (continued)</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(e) &#160;&#160;&#160;&#160;Deferred Share Units </font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company adopted the 2019 LTIP to allow the Company to grant to its directors, employees and consultants non-transferrable Deferred Share Units (&#34;DSU's&#34;). Unless otherwise stated, the awards typically vest immediately at the grant date. The fair value of a DSU is based on the value of the Company's share price at the date of grant. The Company intends to settle all DSU's in equity.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the changes in DSU's granted to directors for the year ended December&#160;31, 2021 and December 31, 2020&#58;&#160;&#160;&#160;&#160;</font></div><div style="margin-top:5pt;padding-left:18pt;text-align:justify;text-indent:-4.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.076%"><tr><td style="width:1.0%"></td><td style="width:45.285%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.153%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.153%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.153%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.154%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Year Ended December 31, 2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Year Ended December 31, 2020</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Number of shares</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Weighted<br>Average<br>Fair Value<br>(CAD$)</font></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Number of shares</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Weighted<br>Average<br>Fair Value<br>(CAD$)</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Outstanding, beginning of the year</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Granted</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">31,040&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18.08&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Settled</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5,855)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17.08&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Outstanding, end of the year</font></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25,185&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18.31&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:97%">During the year ended December&#160;31, 2021, total share-based payments expense related to DSU's was $0.4 million (year ended December 31, 2020 - $nil).</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(f) &#160;&#160;&#160;&#160;Share Repurchase Program and Share Cancellation</font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has an ongoing share repurchase program to repurchase up to 5% of the Company&#8217;s issued and outstanding shares. The normal course issuer bids will be carried through the facilities of the Toronto Stock Exchange and alternative Canadian marketplaces. During the year ended December 31, 2020, the Company repurchased and cancelled 275,000 common shares for a total consideration of $1.7 million through a normal course issuer bid in the open market as approved by the Toronto Stock Exchange. No shares were repurchased during the year ended December&#160;31, 2021. </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company cancelled 6,913 shares pursuant to section 4.4 of the plan of arrangement between Primero Mining Corp. (&#34;Primero&#34;) and the Company with an effective date of May 10, 2018 that states that any former shareholder of Primero who does not surrender their shares on the third anniversary of the effective date would cease the right to any of the Company's shares and as such would automatically be cancelled.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(g) &#160;&#160;&#160;&#160;Dividend</font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company declared the following dividends during the year ended December&#160;31, 2021&#58;</font></div><div style="margin-top:5pt;padding-left:18pt;text-align:justify;text-indent:-4.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.380%"><tr><td style="width:1.0%"></td><td style="width:24.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.564%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.564%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.564%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.566%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 3.25pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Declaration Date</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Record Date</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Dividend per Common Share</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">May 6, 2021</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">May 17, 2021</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$0.0045</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">August 16, 2021</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">August 26, 2021</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$0.0060</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">November 4, 2021</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">November 17, 2021</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$0.0049</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">March 10, 2022</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">March 21, 2022</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$0.0079</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:5pt;padding-left:22.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(1) These&#160;&#160;&#160;&#160;dividends&#160;&#160;&#160;&#160;were declared subsequent to the period end and have not been recognized as distributions to owners&#160;&#160;&#160;&#160;during the &#160;&#160;&#160;&#160;period presented.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_133"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">25.  FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT </font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s financial instruments and related risk management objectives, policies, exposures and sensitivity related to financial risks are summarized below.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%">(a) &#160;&#160;&#160;&#160;Fair value and categories of financial instruments</font></div><div style="padding-left:18pt;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments included in the consolidated statements of financial position are measured either at fair value or amortized cost. Estimated fair values for financial instruments are designed to approximate amounts for which the instruments could be exchanged in an arm&#8217;s-length transaction between knowledgeable and willing parties.</font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 51</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">25.  FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:107%">(a) &#160;&#160;&#160;&#160;Fair value and categories of financial instruments (continued)</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company uses various valuation techniques in determining the fair value of financial assets and liabilities based on the extent to which the fair value is observable. The following fair value hierarchy is used to categorize and disclose the Company&#8217;s financial assets and liabilities held at fair value for which a valuation technique is used&#58;</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level 1&#58; Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.</font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Level 2&#58; All inputs which have a significant effect on the fair value are observable, either directly or indirectly, for substantially the full contractual term.</font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Level 3&#58; Inputs which have a significant effect on the fair value are not based on observable market data.</font></div><div style="padding-left:18pt;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There were no transfers between levels 1, 2 and 3 during the year ended December&#160;31, 2021 and year ended December&#160;31, 2020.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below summarizes the valuation methods used to determine the fair value of each financial instrument&#58;</font></div><div style="margin-top:5pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.929%"><tr><td style="width:1.0%"></td><td style="width:44.299%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:52.747%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Financial Instruments Measured at Fair Value</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Valuation Method</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Marketable securities - common shares</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Marketable securities and silver future derivatives are valued based on quoted market prices for identical assets in an active market (Level 1) as at the date of statements of financial position. Marketable securities - stock warrants are valued using the Black-Scholes model based on the observable market inputs (Level 2).</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Marketable securities - stock warrants</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:33pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Silver futures derivatives</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Financial Instruments Measured at Amortized Cost</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Valuation Method</font></td></tr><tr><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Approximated carrying value due to their short-term nature</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Restricted cash</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade and other receivables</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade and other payables</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Debt facilities</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Approximated carrying value as discount rate on these</font></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">instruments approximate the Company's credit risk.</font></td></tr></table></div><div style="text-align:justify;text-indent:18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the Company&#8217;s fair value hierarchy for financial assets and financial liabilities that are measured at fair value&#58;</font></div><div style="margin-top:5pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.345%"><tr><td style="width:1.0%"></td><td style="width:35.318%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.852%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.558%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.370%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.558%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.370%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.558%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.852%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.558%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.370%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.558%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.378%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="15" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">December 31, 2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">December 31, 2020</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Fair value measurement</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Fair value measurement</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Carrying value</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Level 1</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Level 2</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Carrying value</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Level 1</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Level 2</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%;text-decoration:underline">Financial assets</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Marketable securities (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_91" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%;text-decoration:underline">14</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">)</font></div></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">26,486&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">22,531&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3,955&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">36,319&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">30,996&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">5,323&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:22.5pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s objectives when managing capital are to maintain financial flexibility to continue as a going concern while</font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">optimizing growth and maximizing returns of investments from shareholders.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b)   Capital risk management</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company monitors its capital structure and, based on changes in operations and economic conditions, may adjust the structure by repurchasing shares, issuing new shares, issuing new debt or retiring existing debt. The Company prepares annual budget and quarterly forecasts to facilitate the management of its capital requirements. The annual budget is approved by the Company&#8217;s Board of Directors.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 52</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">25.  FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b)   Capital risk management (continued)</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The capital of the Company consists of equity (comprising of issued capital, equity reserves and retained earnings or accumulated deficit), debt facilities, lease liabilities, net of cash and cash equivalents as follows&#58;</font></div><div style="margin-top:5pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.637%"><tr><td style="width:1.0%"></td><td style="width:67.886%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.028%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.030%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">December 31,<br>2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">December 31,<br>2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Equity</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$1,410,971&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$850,236&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Debt facilities</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">181,233&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">152,708&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Lease liabilities</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">39,861&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">20,575&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Less&#58; cash and cash equivalents</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(237,926)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(238,578)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:1.5pt solid #000000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1.5pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$1,394,139</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1.5pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1.5pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1.5pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$784,941</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1.5pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr></table></div><div style="padding-left:22.5pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s investment policy is to invest its cash in highly liquid short-term investments with maturities of 90 days or less, selected with regards to the expected timing of expenditures from operations. The Company expects that its available capital resources will be sufficient to carry out its development plans and operations for at least the next 12 months.</font></div><div style="padding-left:22.5pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is not subject to any externally imposed capital requirements with the exception of complying with covenants under the debt facilities (Note </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_115" style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">20</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)) and lease liabilities (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_118" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">21</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)). As at December&#160;31, 2021 and December&#160;31, 2020, the Company was in compliance with these covenants.</font></div><div><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(c)   Financial risk management</font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company thoroughly examines the various financial instruments and risks to which it is exposed and assesses the impact and likelihood of those risks. These risks may include credit risk, liquidity risk, currency risk, commodity price risk, and interest rate risk. Where material, these risks are reviewed and monitored by the Board of Directors.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Credit Risk</font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Credit risk is the risk of financial loss if a customer or counterparty fails to meet its contractual obligations. The Company&#8217;s credit risk relates primarily to chartered banks, trade receivables in the ordinary course of business, value added taxes receivable and other receivables.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at December 31, 2021, VAT receivable was $47.1 million (December 31, 2020 - $56.9 million), of which $22.2 million (December 31, 2020 $16.5 million) relates to Minera La Encantada S.A. de C.V. (&#34;MLE&#34;) and $22.0 million (December 31, 2020 - $37.9 million) relates to PEM. The SAT commenced processing VAT refund requests by PEM in June 2021 and the Company expects the amounts to be refunded within the next twelve months. </font></div><div><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company sells and receives payment upon delivery of its silver dor&#233; and by-products primarily through three international customers. All of the Company's customers have good ratings and payments of receivables are scheduled, routine and fully received within 60 days of submission&#59; therefore, the balance of trade receivables owed to the Company</font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in the ordinary course of business is not significant.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The carrying amount of financial assets recorded in the consolidated financial statements represents the Company&#8217;s maximum exposure to credit risk. With the exception to the above, the Company believes it is not exposed to significant credit risk.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">       Liquidity Risk</font></div><div><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they arise. The Company manages liquidity risk by monitoring actual and projected cash flows and matching the maturity profile of financial assets and liabilities. Cash flow forecasting is performed regularly to ensure that there is sufficient capital in order to meet short-term business requirements, after taking into account cash flows from operations and our holdings of cash and cash equivalents. </font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 53</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">25.  FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT (continued)</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(c)   Financial risk management (continued)</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity Risk (continued)</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the maturities of the Company&#8217;s financial liabilities as at December&#160;31, 2021 based on the undiscounted contractual cash flows&#58; </font></div><div style="margin-top:5pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.637%"><tr><td style="width:1.0%"></td><td style="width:29.005%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.943%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.943%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.943%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.943%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.943%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.044%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Carrying Amount</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Contractual</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Cash</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Flows</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Less than <br>1 year</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2 to 3<br>years</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">4 to 5<br>years</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">After 5 years</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade and other payables</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$120,666&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$120,666&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$120,666&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Debt facilities</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">181,233&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">234,666&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,216&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,725&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">231,725&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">39,861&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">44,561&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,252&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,312&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,752&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,245&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,797&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,797&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,797&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$347,557</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$405,690</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$133,134</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$23,037</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$242,477</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$7,042</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr></table></div><div style="padding-left:22.5pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2021, the Company had working capital of $224.4 million (December&#160;31, 2020 &#8211; $254.4 million). Total available liquidity at December&#160;31, 2021 was $274.4 million, including $50.0&#160;million of undrawn revolving credit facility. </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company believes it has sufficient cash on hand, combined with cash flows from operations, to meet operating requirements as they arise for at least the next 12 months. If the Company needs additional liquidity to meet obligations, the Company may consider drawing on its debt facility, securing additional debt financing and&#47;or equity financing. </font></div><div><font><br></font></div><div style="padding-left:18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Currency Risk</font></div><div style="padding-left:18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is exposed to foreign exchange risk primarily relating to financial instruments that are denominated in Canadian dollars or Mexican pesos, which would impact the Company&#8217;s net earnings or loss. To manage foreign exchange risk, the Company may occasionally enter into short-term foreign currency derivatives, such as forwards and options, to hedge its cash flows. </font></div><div style="padding-left:18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The sensitivity of the Company&#8217;s net earnings or loss and comprehensive income or loss due to changes in the exchange rates of the Canadian dollar and the Mexican peso against the U.S. dollar is included in the table below&#58;</font></div><div style="margin-top:5pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.783%"><tr><td style="width:1.0%"></td><td style="width:12.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.322%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.020%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.020%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.416%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.020%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.020%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.020%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.633%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="45" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">December 31, 2021</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Cash and cash equivalents</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Restricted cash</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Value added taxes receivable</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Other financial assets</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Trade and other payables</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Trade and other receivables</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Net assets (liabilities) exposure</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Effect of +&#47;- 10% change in currency</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Canadian dollar</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$52,978&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$12,574&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$7,644&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">($3,547)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$90&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$69,739&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$6,974&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Mexican peso</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">36,575&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">48,010&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">42,979&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(47,023)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">80,541&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">8,054&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$89,553</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$60,584</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$42,979</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$7,644</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">($50,570)</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$90</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$150,280</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$15,028</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="padding-left:22.5pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company utilizes certain derivatives to manage its foreign exchange exposures to the Mexican Peso. During the  year ended December&#160;31, 2021, the Company had an unrealized loss of $nil (2020 - realized loss of $11.5 million) on fair value adjustments to its foreign currency derivatives. As at December&#160;31, 2021, the Company does not hold any foreign currency derivatives (2020 - $nil). </font></div><div style="padding-left:22.5pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Commodity Price Risk</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is exposed to commodity price risk on silver and gold, which have a direct and immediate impact on the value of its related financial instruments and net earnings. The Company&#8217;s revenues are directly dependent on commodity prices that have shown volatility and are beyond the Company&#8217;s control. The Company does not use derivative instruments to hedge its commodity price risk to silver or gold.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 54</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">25.  FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT (continued)</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(c)   Financial risk management (continued)</font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Commodity Price Risk (continued)</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the Company&#8217;s exposure to commodity price risk and their impact on net earnings&#58;</font></div><div style="margin-top:5pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.467%"><tr><td style="width:1.0%"></td><td style="width:60.615%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.151%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.565%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.151%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.565%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.153%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2021</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="15" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Effect of +&#47;- 10% change in metal prices</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Silver</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Metals in dor&#233; inventory</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$2,217&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$571&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$2,788&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$2,217</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$571</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$2,788</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr></table></div><div style="padding-left:22.5pt"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Interest Rate Risk</font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is exposed to interest rate risk on its short-term investments, debt facilities and lease liabilities. The Company monitors its exposure to interest rates and has not entered into any derivative contracts to manage this risk. The Company&#8217;s interest bearing financial assets comprise of cash and cash equivalents which bear interest at a mixture of variable and fixed rates for pre-set periods of time.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at December&#160;31, 2021, the Company&#8217;s exposure to interest rate risk on interest bearing liabilities is limited to its debt facilities and lease liabilities. Based on the Company&#8217;s interest rate exposure at December&#160;31, 2021, a change of 25 basis points increase or decrease of market interest rate does not have a significant impact on net earnings or loss.</font></div><div style="padding-left:11.25pt;padding-right:11.25pt;text-align:center"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_136"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">26.  SUPPLEMENTAL CASH FLOW INFORMATION</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:73.461%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.745%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Other adjustments to investing activities&#58;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Purchase of marketable securities</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">($3,522)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">($1,522)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Proceeds from disposal of marketable securities</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,564&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">664&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Cash received on settlement of derivatives</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">533&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,079&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">($425)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$1,221</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Net</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">change</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">in</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">non-cash</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">working</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">capital</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">items&#58;</font></div></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(Increase) decrease in trade and other receivables</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">($3,386)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$24&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Decrease (increase) in value added taxes receivable</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">9,839&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(27,525)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Increase in inventories</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(8,956)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(4,288)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Increase  in prepaid expenses and other</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(903)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(692)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Decrease (increase) in income taxes payable</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3,332&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(1,115)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Increase in trade and other payables</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">16,580&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">10,765&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Increase in restricted cash (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_106" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%;text-decoration:underline">18(b)</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(48,010)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">($31,504)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">($22,831)</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Non-cash</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">investing</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">and</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">financing</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">activities&#58;</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Acquisition of Jerritt Canyon (Note </font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#ib644f0c48cf3463b970cf34014886f76_55" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$466,300&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Transfer of share-based payments reserve upon settlement of RSU's</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">963&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">992&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Transfer of share-based payments reserve upon exercise of options</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">8,643&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">5,903&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Acquisition of mining interests</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(3,750)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(8,179)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Assets acquired by finance lease</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(4,001)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Conversion to common shares upon settlement of the convertible note</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(23,230)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$444,925</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($1,284)</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr></table></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at December&#160;31, 2021, cash and cash equivalents include $6.4 million (December 31, 2020 - $6.4 million) that are held in-trust as bonds for tax audits in Mexico. </font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 55</font></div></td></tr></table></div></div></div><div id="ib644f0c48cf3463b970cf34014886f76_139"></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">27.  CONTINGENCIES AND OTHER MATTERS</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Due to the size, complexity and nature of the Company&#8217;s operations, various legal and tax matters arise in the ordinary course of business. The Company accrues for such items when a liability is probable and the amount can be reasonably estimated. In the opinion of management, these matters will not have a material effect on the consolidated financial statements of the Company. </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a) Claims and Legal Proceedings Risks</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to various claims and legal proceedings covering a wide range of matters that arise in the ordinary course of business activities. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation&#58; availability of time on court calendars in Canada and elsewhere&#59; the recognition of Canadian judgments under Mexican law&#59; the possibility of settlement discussions&#59; the risk of appeal of judgment&#59; and the insufficiency of the defendant&#8217;s assets to satisfy the judgment amount. Each of these matters is subject to various uncertainties and it is possible that some of these matters may be resolved unfavourably to the Company. First Majestic carries liability insurance coverage and establishes provisions for matters that are probable and can be reasonably estimated. In addition, the Company may be involved in disputes with other parties in the future which may result in a significant impact on our financial condition, cash flow and results of operations.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although the Company has taken steps to verify ownership and legal title to mineral properties in which it has an interest, according to the usual industry standards for the stage of mining, development and exploration of such properties, these procedures do not guarantee the Company&#8217;s title. Such properties may be subject to prior agreements or transfers, and title may be affected by undetected defects. However, management is not aware of any such agreements, transfers or defects. </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b) Primero Tax Rulings</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When Primero, the previous owner of San Dimas acquired the San Dimas Mine in August 2010, it assumed the obligations under a Silver Purchase Agreement (&#8220;Old Stream Agreement&#8221;) that required its subsidiary PEM to sell to WPMI all the silver produced from the San Dimas mine, up to 6 million ounces and 50% of silver produced thereafter, at the lower of&#58; (i) the spot market price and (ii) $4.014 per ounce plus an annual increase of 1%. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to reflect the commercial terms and the effects of the Old Stream Agreement, for Mexican income tax purposes, PEM recognized the revenue on these silver sales based on its actual realized revenue (&#8220;PEM Realized Price&#8221;) instead of at spot market prices.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To obtain assurance that the SAT would accept the PEM Realized Price as the price to use to calculate Mexican income taxes, Primero applied for and received on October 4, 2012, an Advance Pricing Agreement (&#8220;APA&#8221;) from the SAT for taxation years 2010 to 2014. The APA confirmed that the PEM Realized Price could be used as Primero&#8217;s basis for calculating taxes owed by PEM for the silver sold under the Old Stream Agreement. The purpose of the APA was to have SAT provide tax certainty and as a result Primero and PEM made significant investments in Mexico based on that certainty. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2016, PEM received a legal claim from the SAT seeking to nullify the APA. The legal claim did not identify any alternative basis for paying taxes. </font></div><div style="padding-right:6.75pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2019, the SAT issued reassessments for the 2010 to 2012 tax years in the total amount of $239.0 million (4,919 million MXN) inclusive of interest, inflation, and penalties. In 2021, the SAT also issued a reassessment against PEM for the 2013 tax year in the total amount of $132.3 million (2,723 million MXN) (collectively, the &#34;Reassessments&#34;). The Company believes that the Reassessments were issued in violation of the terms of the APA. The key items in the Reassessments include determining revenue on the sale based on the silver spot market price, denial of the deductibility of interest expense and service fees, SAT technical error related to double counting of taxes, and interest and penalties. </font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%"><br><br><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 56</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%"><br>27.  CONTINGENCIES AND OTHER MATTERS (continued)</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b) Primero Tax Rulings (continued)</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company continues to defend the APA in the Mexican legal proceedings, and initiated proceedings under relevant tax treaties between the competent tax authorities of Mexico, Canada, Luxembourg and Barbados, all of which were subsequently dismissed on a unilateral basis by the SAT (&#34;Dismissals&#34;) in May 2020. The Company believes that the Dismissals breach international obligations regarding double taxation treaties, and also that the APA remains valid and legally binding. The Company will continue disputing the Reassessments, exhausting its domestic and international remedies. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">While the Company continues to vigorously defend the validity of the APA and its transfer pricing position, it is also engaging in various proceedings against the SAT seeking to resolve matters and bring tax certainty through a negotiated solution. Despite these extensive efforts and ongoing legal challenges to the Reassessments and the Dismissals, in April 2020 and February 2021, SAT issued notifications to PEM to attempt to secure amounts it claims are owed pursuant to its reassessments issued. These notifications impose certain restrictions on PEM including its ability to dispose of its concessions and real properties, and to restrict access to funds within its bank account, the latter as disclosed in Note 18(b)3 of the audited financial statements.</font></div><div style="padding-right:6.75pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company has challenged SAT&#8217;s Reassessments and Dismissals through all domestic means available to it, including annulment suits before the Mexican Federal Tax Court on Administrative Matters (&#34;Federal Court&#34;), which remain unresolved, and a complaint before Mexico&#8217;s Federal Taxpayer Defense Attorney's Office (known as &#8220;PRODECON&#8221;). The Company believes that the actions of the SAT are neither fair nor equitable, are discriminatory against the Company as a foreign investor, amount to a denial of justice under international law, and furthermore violate various provisions of the Federal Constitution of the United Mexican States, Mexican domestic law, and Mexican court precedents. </font></div><div style="padding-right:6.75pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On May 13, 2020, the Company provided to the Government of Mexico notice of its intention to initiate an international arbitration proceeding (&#8220;Notice of Intent&#8221;) pursuant to the North American Free Trade Agreement (&#8220;NAFTA&#8221;). The Notice of Intent commenced a 90-day period for the Government of Mexico to enter into good faith and amicable negotiations with the Company to resolve the dispute. On August 11, 2020, the 90-day period expired without any resolution of the dispute.</font></div><div style="padding-right:2.25pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In September 2020, the Company was served with a decision of the Federal Court seeking to nullify the APA granted to PEM. The Federal Court&#8217;s decision directs SAT to re-examine the evidence and basis for the issuance of the APA with retroactive effect, for the following key reasons&#58; </font></div><div style="padding-right:2.25pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">        (i) SAT&#8217;s errors in analyzing PEM&#8217;s request for the APA and the evidence provided in support of the request&#59; and </font></div><div style="padding-right:2.25pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">        (ii) SAT&#8217;s failure to request from PEM certain additional information before issuing the APA. </font></div><div style="padding-right:2.25pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company&#8217;s legal advisors having reviewed the written reasons have advised that the Federal Court&#8217;s decision is flawed both due to SAT's procedural irregularities and failure to address the relevant evidence and legal authorities. In addition, they consider that the laws applied to PEM in the decision are unconstitutional. As a result, the Company filed an appeal of the decision to the Mexican Circuit Courts on November 30, 2020. Since two writs of certiorari were filed before the Mexican Supreme Court of Justice, on April 15, 2021, the Plenary of the Supreme Court i) admitted one of those writs, ii) requested the Circuit Court to send the amparo file and iii) assigned such writ to the Second Chamber of the Supreme Court for issuing the corresponding decision. The other writ of certiorari has not been admitted by the Plenary of the Supreme Court. Therefore, the Company is currently waiting for the Supreme Court to issue a resolution towards such writs of certiorari.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company intends to continue to challenge the actions of the SAT in Mexican courts. However, due to the ongoing COVID-19 crisis, the Mexican courts continues to be available only on a restricted basis for further hearings on these matters.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On March 2, 2021, the Company announced that it submitted a Request for Arbitration to the International Centre for Settlement of Investment Disputes (&#34;ICSID&#34;), on its own behalf and on behalf of PEM, based on Chapter 11 of NAFTA. On March 31, 2021, the Notice of Registration of the Request for Arbitration was issued by the ICSID Secretariat. Once the NAFTA Arbitration Panel (the &#8220;Tribunal&#8221;) was fully constituted by the appointment of all three panel members on August 20, 2021, the NAFTA Arbitration Proceedings (the &#8220;NAFTA Proceedings&#8221;) were deemed to have commenced. The first session of the NAFTA Proceedings was held by videoconference on September 24, 2021 to decide upon the procedural rules which will govern the NAFTA Proceedings. The Tribunal issued Procedural Order No. 1 on October 21, 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-right:2.25pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%"><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 57</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.412%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt;padding-right:2.25pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%"><br>27.  CONTINGENCIES AND OTHER MATTERS (continued)</font></div><div style="margin-bottom:6pt;padding-right:2.25pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">(b) Primero Tax Rulings (continued)</font></div><div style="padding-right:2.25pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">If the SAT were to be successful in retroactively nullifying the APA, the SAT may seek to audit and reassess PEM in respect of its sales of silver pursuant to the Old Stream Agreement for 2010 through 2014. Such an outcome would likely have a material adverse effect on the Company&#8217;s results of operations, financial condition and cash flows. Should the Company ultimately be required to pay tax on its silver revenues based on spot market prices without any mitigating adjustments, the incremental income tax for the years 2010-2019 would be approximately $228.5&#160;million (4,703 million MXN), before taking into consideration interest or penalties.</font></div><div style="padding-right:2.25pt;text-align:justify"><font><br></font></div><div style="padding-right:2.25pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Based on the Company&#8217;s consultation with third party advisors, the Company believes PEM filed its tax returns in compliance with applicable Mexican law and, therefore, at this time no liability has been recognized in the financial statements. </font></div><div style="padding-right:2.25pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To the extent it is ultimately determined that the appropriate price of silver sales under the Old Stream Agreement is significantly different from the PEM Realized Price and while PEM would have rights of appeal in connection with any reassessments, it is likely to have a materially adverse effect on the Company&#8217;s business, financial position and results of operations.</font></div><div style="text-align:justify"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_142"></div><div style="margin-bottom:6pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">La Encantada Tax Re-assessments</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2019, as part of the ongoing annual audits of the tax returns of Minera La Encantada S.A. de C.V., the SAT issued tax assessments for fiscal 2012 and 2013 in the amount of $7.6 million (155.4 million MXN) and $6.2 million (126.6 million MXN), respectively.&#160; The key items relate to forward silver purchase agreement and denial of the deductibility of mine development costs and service fees.&#160; The Company continues to defend the validity of the forward silver purchase agreement and will vigorously dispute the assessments that have been issued.&#160; The Company, based on advice from legal and financial advisors believes MLE&#8217;s tax filings were appropriate and its tax filing position is correct, therefore no liability has been recognized in the financial statements.&#160;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">First Silver litigation</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2013, the Company received a positive judgment on the First Silver litigation from the Supreme Court of British Columbia (the &#8220;Court&#8221;), which awarded the sum of $93.8 million in favour of First Majestic against Hector Davila Santos (the &#8220;Defendant&#8221;). The Company received a sum of $14.1 million in June 2013 as partial payment of the judgment, leaving an unpaid amount of approximately $64.3 million (CAD$81.5 million). As part of the ruling, the Court granted orders restricting any transfer or encumbrance of the Bola&#241;os Mine by the Defendant and limiting mining at the Bola&#241;os Mine. The orders also require that the Defendant to preserve net cash flow from the Bola&#241;os Mine in a holding account and periodically provide to the Company certain information regarding the Bola&#241;os Mine. However, there can be no guarantee that the remainder of the judgment amount will be collected and it is likely that it will be necessary to take additional action in Mexico and&#47;or elsewhere to recover the balance. Therefore, as at December 31, 2021, the Company has not accrued any of the remaining $64.3 million (CAD$81.5 million) unrecovered judgment in favour of the Company.</font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 58</font></div></td></tr></table></div></div></div><hr style="page-break-after:always"><div style="min-height:63pt;width:100%"><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 66.25pt;text-align:left;text-indent:-67.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Tabular amounts are expressed in thousands of US dollars)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">28.  SUBSIDIARIES</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial statements of the Company include the following significant subsidiaries as at December 31, 2021 and 2020 as follows&#58;</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:35.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.653%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.794%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.796%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Name of subsidiary</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operations and Projects</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Location</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;2021<br>% Ownership </font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;2020<br>% Ownership </font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">First Majestic Silver Corp.</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Parent company and bullion sales</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Canada </font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Corporaci&#243;n First Majestic, S.A. de C.V.</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Holding company </font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Mexico </font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Primero Empresa Minera, S.A de C.V.</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">San Dimas Silver&#47;Gold Mine</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Mexico </font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Nusantara de Mexico, S.A. de C.V.</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Santa Elena Silver&#47;Gold Mine</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Mexico</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Minera La Encantada, S.A. de C.V.</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">La Encantada Silver Mine</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Mexico </font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">First Majestic Plata, S.A. de C.V.</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">La Parrilla Silver Mine</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Mexico</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Minera El Pil&#243;n, S.A. de C.V.</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">San Martin Silver Mine</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Mexico</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">First Majestic Del Toro, S.A. de C.V.</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Del Toro Silver Mine</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Mexico </font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">La Guitarra Compa&#241;ia Minera, S.A. de C.V.</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">La Guitarra Silver Mine</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Mexico </font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Majestic Services, S.A. de C.V.</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Service company</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Mexico</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Jerritt Canyon Canada Ltd. </font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Holding company</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Canada</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Jerritt Canyon Gold LLC</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Jerritt Canyon Gold Mine</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">United States</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;%</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">FM Metal Trading (Barbados) Inc.</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Metals trading company</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Barbados</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">FMS Trading AG</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Metals trading company</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Switzerland</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_145"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">29.  KEY MANAGEMENT COMPENSATION</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.621%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;Year Ended December 31, </font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Salaries, bonuses, fees and benefits</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Independent members of the Board of Directors</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$868&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$803&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other members of key management</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,790&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,937&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Share-based payments</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Independent members of the Board of Directors</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">769&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">402&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other members of key management</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,661&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,646&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$9,088</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$7,788</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div id="ib644f0c48cf3463b970cf34014886f76_148"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">30.  SUBSEQUENT EVENTS</font></div><div><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Declaration of Quarterly Dividend</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 9, 2022, the Company's board of directors approved its quarterly common share dividend of $0.0079 per share, payable on and after April 4, 2022, to common shareholders of record at the close of business on March 21, 2022. These dividends were declared subsequent to the quarter end and have not been recognized as distributions to owners during the year ended December 31, 2021.</font></div><div style="text-align:justify"><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.285%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The accompanying notes are an integral part of the audited consolidated financial statements</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report   </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-align:right"><font style="color:#424242;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Page 59</font></div></td></tr></table></div></div></div></body></html>
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<FILENAME>ag-2021q4mdaxex992.htm
<DESCRIPTION>EX-99.2
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<title>Document</title></head><body><div id="i0608ab168e8346a9b15bda773286889f_1"></div><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:5pt"><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:8pt;text-align:center"><img alt="image0b33a.gif" src="image0b33a.gif" style="height:186px;margin-bottom:5pt;vertical-align:text-bottom;width:280px"></div><div style="margin-bottom:8pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:5pt"><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:15pt;font-weight:700;line-height:120%">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">FOR THE YEAR AND QUARTER ENDED DECEMBER&#160;31, 2021  </font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:58.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="9" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">925 West Georgia Street, Suite 1800, Vancouver, B.C., Canada V6C 3L2<br>Phone&#58; 604.688.3033 &#124; Fax&#58; 604.639.8873&#124; Toll Free&#58; 1.866.529.2807 &#124; Email&#58; info&#64;firstmajestic.com<br>www.firstmajestic.com</font></td></tr></table></div><div style="text-align:center"><font><br></font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_4"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.751%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:74.049%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">TABLE OF CONTENTS</font></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:2.917%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:89.971%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.812%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_7" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%;text-decoration:underline">COMPANY OVERVIEW</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_7" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">3</a></font></div></td></tr><tr style="height:6pt"><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_10" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%;text-decoration:underline">2021 ANNUAL HIGHLIGHTS</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_10" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font></div></td></tr><tr style="height:6pt"><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_13" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%;text-decoration:underline">2021 FOURTH QUARTER HIGHLIGHTS</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_13" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">11</a></font></div></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_19" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%;text-decoration:underline">2021 PRODUCTION OUTLOOK AND COST GUIDANCE UPDATE</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_19" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">13</a></font></div></td></tr><tr style="height:6pt"><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">OVERVIEW OF OPERATING RESULTS</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_22" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Summary of Selected Quarterly Production Results</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_22" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">15</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_25" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Consolidated Operations</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_25" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">16</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_28" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">San Dimas Silver&#47;Gold Mine</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_28" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">18</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_31" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Santa Elena Silver&#47;Gold Mine</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_31" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">20</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_34" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">La Encantada Silver Mine</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_34" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">23</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_37" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Jerritt Canyon Gold Mine</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_37" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">25</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_40" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">La Parrilla Silver Mine</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_40" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">27</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_46" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Del Toro Silver Mine</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_46" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">27</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_52" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">San Martin Silver Mine</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_52" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">27</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_58" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">La Guitarra Silver Mine</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_58" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">27</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_61" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Springpole Silver Stream</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_61" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">28</a></font></div></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">OVERVIEW OF FINANCIAL PERFORMANCE</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_67" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Fourth Quarter 2021 vs 2020</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_67" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">29</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_70" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Year to Date 2021 vs 2020</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_70" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">31</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_73" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Summary of Selected Quarterly Results</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_73" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">33</a></font></div></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">OTHER DISCLOSURES</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_76" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Liquidity, Capital Resources and Contractual Obligations</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_76" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">33</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_79" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Management of Risks and Uncertainties</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_79" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">36</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_82" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Other Financial Information</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_82" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">41</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_85" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Subsequent Events</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_85" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">42</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_88" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Accounting Policies, Judgments and Estimates</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_88" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">42</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_91" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Non-GAAP Measures</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_91" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">45</a></font></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_103" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Management's Report on Internal Control Over Financial Reporting</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_103" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">53</a></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_106" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Cautionary Statements</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i0608ab168e8346a9b15bda773286889f_106" style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">54</a></font></div></td></tr></table></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_7"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:16pt;font-weight:700;line-height:120%">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">This Management&#8217;s Discussion and Analysis of Results of Operations and Financial Condition (&#8220;MD&#38;A&#8221;) should be read in conjunction with the audited consolidated financial statements of First Majestic Silver Corp. (&#8220;First Majestic&#8221; or &#8220;the Company&#8221;) as at and for the year ended December 31, 2021 which are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (&#34;IFRS&#34;).&#160;All dollar amounts are expressed in United States (&#8220;US&#8221;) dollars and tabular amounts are expressed in thousands of US dollars, unless otherwise indicated.&#160;Certain amounts shown in this MD&#38;A may not add exactly to total amounts due to rounding differences. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This MD&#38;A contains &#8220;forward-looking statements&#8221; that are subject to risk factors set out in a cautionary note contained at the end of this MD&#38;A.&#160;All information contained in this MD&#38;A is current and has been approved by the Board of Directors of the Company as of March&#160;9, 2022 unless otherwise stated. </font></div><div style="text-align:justify"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.751%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:74.049%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">COMPANY OVERVIEW</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">First Majestic is a multinational mining company headquartered in Vancouver, Canada, focused on primary silver and gold production in North America, pursuing the exploration and development of its existing mineral properties and acquiring new assets. The Company owns one producing mine in the USA, the Jerritt Canyon Gold Mine, three producing mines in Mexico&#58; the San Dimas Silver&#47;Gold Mine, the Santa Elena Silver&#47;Gold Mine, the La Encantada Silver Mine, four mines currently in care and maintenance in Mexico&#58; the San Martin Silver Mine, the Del Toro Silver Mine, the La Parrilla Silver Mine and the La Guitarra Silver&#47;Gold Mine. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">First Majestic is publicly listed on the New York Stock Exchange under the symbol &#8220;AG&#8221;, on the Toronto Stock Exchange under the symbol &#8220;FR&#8221; and on the Frankfurt Stock Exchange under the symbol &#8220;FMV&#8221;. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><img alt="propertymap2021a.jpg" src="propertymap2021a.jpg" style="height:316px;margin-bottom:5pt;vertical-align:text-bottom;width:672px"></div><div style="text-align:justify"><font><br></font></div><div><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_10"></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:6pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2021 ANNUAL HIGHLIGHTS</font></div></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.702%"><tr><td style="width:1.0%"></td><td style="width:51.885%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.392%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.392%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.392%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.455%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Key Performance Metrics</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2019</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Change<br>'21 vs '20</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Operational</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Ore Processed &#47; Tonnes Milled</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3,339,394&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,213,954&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,831,999&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">51&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Silver Ounces Produced</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">12,842,945&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">11,598,380&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">13,241,118&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">11&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Silver Equivalent Ounces Produced</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">26,855,783&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">20,379,010&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">25,554,288&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">32&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Cash Costs per Silver Equivalent Ounce </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:400;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$13.23&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$9.00&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$8.74&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">47&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">All-in Sustaining Cost per Silver Equivalent Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:400;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline"> (1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$18.84&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$14.03&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$12.62&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">34&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Total Production Cost per Tonne </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:400;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$102.77&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$79.59&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$75.05&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">29&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Average Realized Silver Price per Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:400;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline"> (1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$25.16&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$21.15&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$16.40&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">19&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Financial (in $millions)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Revenues</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$584.1&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$363.9&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$363.9&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">61&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Mine Operating Earnings </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$101.4&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$105.1&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$66.2&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(3&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Earnings (Loss) before Income Taxes</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$25.3&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$29.7&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">($39.0)</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(15&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Net (Loss) Earnings </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">($4.9)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$23.1&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">($40.5)</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(121&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Operating Cash Flows before Working Capital and Taxes</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$176.8&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$107.3&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$108.9&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">65&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Cash and Cash Equivalents</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$237.9&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$238.6&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$169.0&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">0&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Working Capital </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:400;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$224.4&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$254.4&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$171.1&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(12&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Free Cash Flow </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:400;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">($16.9)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$30.7&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$91.0&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(155&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Shareholders</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(Loss) Earnings per Share (&#34;EPS&#34;) - Basic</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">($0.02)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$0.11&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">($0.20)</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(119&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Adjusted EPS</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:400;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline"> (1)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%"> </font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$0.02&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$0.18&#160;</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$0.04&#160;</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(86&#160;</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">NM - Not meaningful</font></div><div style="text-align:center"><font><br></font></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-11.25pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:115%">(1)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:115%;padding-left:3.47pt">The Company reports non-GAAP measures which include cash costs per ounce produced, all-in sustaining cost per ounce, total production cost per tonne, average realized silver price per ounce sold, working capital, adjusted EPS and free cash flow. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See &#8220;Non-GAAP Measures&#8221; on pages 45 to 53 for a reconciliation of non-GAAP to GAAP measures.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:13.5pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><img alt="chart-0a0cda3822704f6f92da.jpg" src="chart-0a0cda3822704f6f92da.jpg" style="height:293px;margin-bottom:5pt;vertical-align:text-bottom;width:160px"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    </font><img alt="chart-95f93e1d0f1e48deb2ca.jpg" src="chart-95f93e1d0f1e48deb2ca.jpg" style="height:293px;margin-bottom:5pt;vertical-align:text-bottom;width:160px"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">   </font><img alt="chart-3298096dd27f42cb830a.jpg" src="chart-3298096dd27f42cb830a.jpg" style="height:293px;margin-bottom:5pt;vertical-align:text-bottom;width:160px"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">  </font><img alt="chart-81bdf47357114357b84a.jpg" src="chart-81bdf47357114357b84a.jpg" style="height:293px;margin-bottom:5pt;vertical-align:text-bottom;width:160px"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Operational Highlights</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.144%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.252%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Annual Production Summary</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">San Dimas</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Santa Elena</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">La Encantada</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Jerritt Canyon</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidated</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ore Processed &#47; Tonnes Milled</font></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">822,791&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">879,060&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,004,144&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">633,400&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,339,394</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Silver Ounces Produced</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7,646,898&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,954,492&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,241,555&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">12,842,945</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold Ounces Produced</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">81,237&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">42,088&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">460&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">68,567&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">192,353</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Silver Equivalent Ounces Produced</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">13,525,049&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,041,937&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,274,798&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,013,999&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">26,855,783</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash Costs per Silver Equivalent Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$9.01&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$15.40&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$13.49&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$22.21&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$13.23</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">All-in Sustaining Cost per Silver Equivalent Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$12.70&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$19.20&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$16.66&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$28.01&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$18.84</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash Cost per Gold Equivalent Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">N&#47;A</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">N&#47;A</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">N&#47;A</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$1,624&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">All-in Sustaining Costs per Gold Equivalent Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">N&#47;A</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">N&#47;A</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">N&#47;A</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$2,048&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total Production Cost per Tonne</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$142.00&#160;</font></td><td style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$85.15&#160;</font></td><td style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$42.25&#160;</font></td><td style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$172.20&#160;</font></td><td style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$102.77</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-11.25pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:115%">(1)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:115%;padding-left:3.47pt">See &#34;Non-GAAP measures&#34;</font></div><div style="text-align:justify;text-indent:6.75pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Annual silver production</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of 12,842,945 ounces, which slightly missed the lower end of the Company&#8217;s revised guidance range of producing between 13.0 to 13.8 million ounces of silver.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Annual gold production </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of 192,353 ounces, was within the higher end of the Company&#8217;s revised guidance range of producing between 181,000 to 194,000 ounces. This strong performance was primarily attributed to the processing of Ermita&#241;o ore at the Santa Elena plant and strong gold grades at San Dimas in the fourth quarter.<br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Successfully completed the acquisition of the Jerritt Canyon Gold Mine</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in Nevada, USA adding a fourth operating mine to the Company&#8217;s portfolio. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Successfully began underground ore production from the Ermita&#241;o mine</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> near the Santa Elena mill in the fourth quarter of 2021, after five years since its initial discovery. This was completed ahead of schedule following batch processing of Ermita&#241;o ore which started in November. This important new mine is expected to significantly increase production and reduce costs at Santa Elena as it ramps up throughout 2022. <br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Successfully converted Santa Elena from diesel power to more environmentally friendly and lower cost liquid natural gas (&#8220;LNG&#8221;)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> with the construction of the new 12.4 megawatt (&#34;MW&#34;) LNG facility. <br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Sold a record 349,278 ounces of retail silver bullion products</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, or approximately 3% of the Company&#8217;s silver production, on First Majestic&#8217;s online bullion store at an average silver price of $31.21 per ounce for total proceeds of $10.9 million. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Cash cost per silver equivalent (&#34;AgEq&#34;) ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the year was $13.23, compared to $9.00 in the previous year. The increase in cash cost per AgEq ounce was primarily due to the addition of Jerritt Canyon which was producing at a higher cash costs since the acquisition. The Company has identified various projects to be implemented over the next 12 months at Jerritt Canyon to improve production and reduce costs at the mine and processing plant.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, there was an increase in energy costs at San Dimas due to lower energy contribution from the hydroelectric power plant as well as an increase in  costs at Santa Elena primarily due to higher ore development and mining contractor costs to prepare ore faces in the mine. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">All-in sustaining cost (&#34;AISC&#34;) per AgEq ounce </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in the year was $18.84, compared to $14.03 in the previous year. The increase in AISC per AgEq ounce was primarily attributed to higher cash costs, combined with an increase in sustaining capital costs related to the Tailings Storage Facility 2 (&#34;TSF2&#34;) lift project which was completed on time and under-budget at Jerritt Canyon Gold Mine. The increase in AISC was partially offset by increased production at San Dimas, Santa Elena and Jerritt Canyon during the year. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Financial Highlights</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Robust cash position and liquidity&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The Company ended the year with cash and cash equivalents of $237.9&#160;million compared to $238.6&#160;million at the end of the previous year, while working capital decreased to $224.4 million compared to $254.4 million. Cash and cash equivalent excludes the re-allocation of $48.0 million in VAT refunds which have been recorded within non-current restricted cash. </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Revenue&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The Company generated record annual revenues of $584.1 million in 2021, 61% higher than the previous year primarily due to the addition of the Jerritt Canyon Gold Mine during the second quarter, a 32% increase in payable </font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">silver equivalent ounces sold and a 19% increase in the average realized silver price per ounce which averaged $25.16 per ounce compared to $21.15 per ounce in 2020. </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Mine operating earnings&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> During the year, the Company recognized mine operating earnings of $101.4 million compared to $105.1&#160;million in 2020. The decrease in mine operating earnings was primarily driven by higher costs at Jerritt Canyon to prepare the mine for higher throughputs and improved plant performance along with increased costs at Santa Elena due to Ermita&#241;o ramping up production during the year which was partially offset by an increase in revenue.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Net earnings&#58; </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company recognized a net loss of $4.9 million (EPS of $(0.02)) in 2021 compared to net earnings of $23.1 million (EPS of $0.11) in 2020. The decrease in net earnings was primarily attributable to an increase in income tax expense during the year as well as an accounting loss recognized on the settlement of the Company's 2018 senior convertible notes of $4.6 million. The new convertible notes provided extended financing terms and allowed the Company to raise $230 million in cash which was used to repurchase the notes issued in 2018 for $171.8 million, with the remaining net proceeds to be used for general corporate purposes and strategic opportunities.  </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Adjusted earnings&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Adjusted earnings (see &#8220;Non-GAAP Measures&#8221;), normalized for non-cash or unusual items such as COVID-19 standby costs, write-down of mineral inventory, loss on early settlement of senior convertible notes, share-based payments and deferred income taxes for the year ended December&#160;31, 2021 was $6.0 million ($0.02 per share), compared to adjusted earnings of $37.4&#160;million ($0.18 per share) in 2020. </font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Cash flow from operations&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> During the year, cash flow from operations before changes in working capital and income taxes was $176.8 million compared to $107.3 million in 2020. </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_16"></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.245%"><tr><td style="width:1.0%"></td><td style="width:59.465%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:38.335%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">ACQUISITION OF JERRITT CANYON CANADA LTD. </font></div></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 30, 2021, the Company completed the acquisition of 100% of the issued and outstanding shares of Jerritt Canyon Canada Ltd. from Sprott Mining Inc. (&#34;Sprott Mining&#34;) in exchange for 26,719,727 common shares of First Majestic (the &#34;Consideration Shares&#34;) and five million common share purchase warrants (the &#34;Consideration Warrants&#34;), each exercisable for one common share of the Company at a price of $20 per share for a period of three years from the date of acquisition on April 30, 2021 (the &#8220;Acquisition Date&#8221;). Concurrent with closing of the acquisition, Sprott Mining also completed a private placement consisting of $30.0 million at a price of $17.59 per share for a total of 1,705,514 common shares of the Company (the &#34;Private Placement Shares&#34;) (together, the &#34;Acquisition Agreement&#34;).</font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to closing of the Acquisition Agreement, the Company deposited into escrow an aggregate of $60.0 million (the &#34;Escrowed Funds&#34;), including $30.0 million from First Majestic and $30.0 million proceeds from the Private Placement Shares, representing the estimated tax (&#34;Triggered Tax&#34;) due by Jerritt Canyon Canada as a result of a reorganization completed prior to the acquisition of the Jerritt Canyon Gold Mine. Pursuant to the Acquisition Agreement, the Purchase Price is increased to the extent the Triggered Tax is less than $60 million (&#8220;Triggered Tax Adjustment&#8221;) and decreased to the extent the working capital (the &#8220;Working Capital Adjustment&#8221;) of Jerritt Canyon is less than zero. The amount of such tax liability was $45.2 million and has been paid from the Escrowed Funds. As of April 30, 2021, Jerritt Canyon had a preliminary negative working capital of $2.8 million. As at December 31, 2021, the Working Capital Adjustment and Triggered Tax Adjustment had not been finally determined and $12.6 million remains in escrow pending such determination. </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">   </font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Jerritt Canyon owns and operates the Jerritt Canyon Gold Mine located in Elko County, Nevada. Jerritt Canyon was discovered in 1972 and has been in production since 1981 having produced over 9.5 million ounces of gold over its 40-year production history. The mine currently operates as an underground mine and has one of three permitted gold processing plants in Nevada that uses roasting in its treatment of ore. This processing plant has a capacity of 4,000 tonnes per day (&#8220;tpd&#8221;) and is currently operating at an average rate of approximately 2,200 tpd. The property consists of a large, under explored land package consisting of 30,821 hectares (119 square miles). The acquisition was completed in order to support the Company's growth strategy by adding another cornerstone asset within a world class mining jurisdiction to the Company's portfolio. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management has concluded that Jerritt Canyon constitutes a business and, therefore, the acquisition is accounted for in accordance with IFRS 3 - Business Combinations. Given the delivery of the consideration and the fulfillment of the covenants as per the Acquisition Agreement, the transaction was deemed to be completed with First Majestic identified as the acquirer. Based on the April 30, 2021 opening share price of common shares, the total consideration of the Jerritt Canyon acquisition is $478.9 million. The Company began consolidating the operating results, cash flows and net assets of Jerritt Canyon from April 30, 2021 onwards. </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The determination of the fair value of assets acquired and liabilities assumed was previously reported based on preliminary estimates at the Acquisition Date. The Company is completing a full and detailed valuation of the fair value of the net assets of Jerritt Canyon acquired using income, market, and cost valuation methods with the assistance of an independent third party. As of the date of these consolidated financial statements, the allocation of purchase price with respect to the fair value increment of assets acquired and liabilities assumed have been updated to reflect new information obtained which existed at the Acquisition Date.  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of assets acquired, and liabilities assumed are subject to change for up to one year from the Acquisition Date. The Company is finalizing its full and detailed assessment of the fair value of the net assets of Jerritt Canyon acquired. As stated above, the Triggered Tax Adjustment and the Working Capital Adjustment, as well as any consequential impact on the deferred tax liabilities, have yet to be finally determined. If new information arises which would impact management's assessment of the fair value at the Acquisition Date, any adjustments to the allocation of the purchase consideration will be recognized retrospectively and comparative information will be revised. Consequently, the final allocation of the purchase price consideration may result in material adjustments to the amounts shown in these audited consolidated financial statements.</font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Consideration and Purchase Price Allocation</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total consideration for the acquisition was valued at $478.9 million on the acquisition date. The following table summarizes the consideration paid as part of the purchase price&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:84.133%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total Consideration</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">26,719,727 Consideration Shares issued to Sprott Mining with an accounting fair value of $15.59 per share</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:400;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$416,561&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,705,514 Private Placement Shares issued to Sprott Mining with an accounting fair value of $15.59 per share</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:400;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">26,589&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">5,000,000 Consideration Warrants issued to Sprott Mining with an accounting fair value of $4.63 per warrant</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.17pt;font-weight:400;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">23,150&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Estimated Triggered Tax Adjustment</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">12,570&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total consideration</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$478,870</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9.11pt">Fair values of Consideration Shares and Private Placement Shares were estimated at $15.59 per share based on the opening price of First Majestic&#8217;s common share on the New York Stock Exchange on April&#160;30, 2021, as compared to their deemed price of $17.59 according to the Acquisition Agreement. </font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9.11pt">The Consideration Warrants have an exercise price of $20 per share for a three-year term expiring on April 30, 2024. The fair value of Consideration Warrants were estimated using the Black-Scholes method at the Jerritt Canyon Acquisition Date, using the following assumptions&#58;</font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:84.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.351%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Stock price (as of opening on April  30, 2021)</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$15.59&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Exercise price of Consideration Warrants</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$20.00&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Term (years)</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Volatility</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">55%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Annual rate of quarterly dividends</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">0%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Discount rate - bond equivalent yield</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">0.5%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Total fair value of warrants</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$23,150&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the preliminary and revised purchase price allocated to the identifiable assets and liabilities based on their estimated fair values on the acquisition date&#58;</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.753%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.009%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Allocation of Purchase Price</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Preliminary as reported June 30, 2021</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Adjustments</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Revised as reported December 31, <br>2021</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$1,025&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$1,025&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Inventories</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,304&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,304&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade and other receivables</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">135&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(63)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">72&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other financial assets</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,581&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,581&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid expenses</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,662&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">62&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,724&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Restricted cash</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">96,985&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">96,985&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mining interest</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">409,930&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,729&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">432,659&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">224,034&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(48,307)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">175,727&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposit on non-current assets</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">128&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">128&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade and other payables</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(27,159)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,974&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23,185)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,194)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,194)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income taxes payable</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(47,185)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,866&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(45,319)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Contingent environmental provision</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(17,900)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,900&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Decommissioning liabilities</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(87,705)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,570&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(71,135)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax liabilities</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(98,186)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12,316)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(110,502)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net assets acquired</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$476,455</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$2,415</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$478,870</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:1pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(1) Restricted cash includes $30.0 million proceeds from the issuance of Private Placement Shares which were deposited into the Escrowed Funds and $67.0 million in non-current environmental reclamation bonds.</font></div><div style="margin-bottom:1pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(2) Decommissioning liabilities include funds required to establish a trust agreement with the Nevada Division of Environmental Protection (&#8220;NDEP&#8221;) to cover post-closure water treatment costs at Jerritt Canyon, which were previously reported as a contingent environmental provision.</font></div><div style="margin-bottom:1pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3) Lease liabilities are defined per Note 21.</font></div><div style="margin-bottom:1pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">  </font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font><br></font></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company used discounted cash flow models to determine the fair value of the depletable mining interest. The expected future cash flows are based on estimates of future gold prices, estimated quantities of ore reserves and mineral resources, expected future production costs and capital expenditures based on the life of mine plans at the acquisition date. The discounted future cash flow models used a 5.1% discount rate based on the Company&#8217;s assessment of country risk, project risk, and other potential risks specific to the acquired mining interest. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The significant assumptions used in the determination of the fair value of the mining interests were as follows&#58;</font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.205%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Short-term and long-term gold price</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$1,750</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Discount rate</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.1%</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mine life (years)</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Average gold grade over life of mine</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.0 g&#47;t</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Average gold recovery rate</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">86%</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company used a market approach to determine the fair value of exploration potential by comparing the costs of other precedent market transactions within the industry on a dollar per square kilometres basis. Those amounts were used to determine the range of area-based resources multiples implied within the value of transactions by other market participants. Management made a significant assumption in the determination of the fair value of exploration potential by using an implied multiple of $298,524 per square kilometre for a total of $92.0 million. The Company accounted for exploration potential through inclusion within non-depletable mineral interest.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:58.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial and operating results of Jerritt Canyon are included in the Company&#8217;s consolidated financial statements effective April 30, 2021. During the year ended December 31, 2021, the acquisition of Jerritt Canyon contributed $123.8&#160;million of revenues and $32.1 million of net loss to the Company&#8217;s financial results since April 30, 2021.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Had the business combination been effected at January 1, 2021, pro forma revenues and net loss of the Company for the year ended December 31, 2021 would have been $636.4 million and $26.5 million, respectively. Total transaction costs of $2.0 million related to the acquisition were expensed during the year.</font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_13"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:6pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2021 FOURTH QUARTER HIGHLIGHTS</font></div></td></tr></table></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.769%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.683%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Key Performance Metrics</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021-Q4</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021-Q3</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Change<br>Q4 vs Q3</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020-Q4</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Change<br>Q4 vs Q4</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Operational</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ore Processed &#47; Tonnes Milled</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">955,810&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">943,126&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">625,332&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">53&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Silver Ounces Produced</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,358,809&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,302,086&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,452,959&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Silver Equivalent Ounces Produced</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,561,023&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7,319,441&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,477,492&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">56&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash Costs per Silver Equivalent Ounce </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$12.32&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$14.09&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(13&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$10.21&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">All-in Sustaining Cost per Silver Equivalent Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline"> (1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$17.26&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$19.93&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(13&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$16.12&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total Production Cost per Tonne </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$105.37&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$106.52&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$85.68&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">23&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Average Realized Silver Price per Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline"> (1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$24.18&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$23.10&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$24.88&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Financial (in $millions)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenues</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$204.9&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$124.6&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">64&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$117.1&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">75&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mine Operating Earnings </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$40.4&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$3.5&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">NM</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$43.7&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net (Loss) Earnings </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">($4.0)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">($18.4)</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(78&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #b3b3b3;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$34.5&#160;</font></td><td style="border-top:1pt solid #b3b3b3;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(112&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating Cash Flows before Movements in Working Capital and Taxes</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline"> </font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$71.8&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$22.6&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">NM</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$48.2&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b3b3b3;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49&#160;</font></td><td style="border-top:1pt solid #b3b3b3;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and Cash Equivalents</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$237.9&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$192.8&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">23&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$238.6&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Working Capital </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$224.4&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$262.5&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(15&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$254.4&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Free cash flow </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$66.4&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">($24.7)</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">NM</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$25.7&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">158&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Shareholders</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(Loss) Earnings per Share (&#34;EPS&#34;) - Basic</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">($0.02)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">($0.07)</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(71&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$0.16&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(110&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjusted EPS</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline"> (1)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$0.02&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">($0.07)</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">NM</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$0.11&#160;</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(85&#160;</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">NM - Not meaningful</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-11.25pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:115%">(1)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:115%;padding-left:3.47pt">The Company reports non-GAAP measures which include cash costs per silver equivalent ounce produced, all-in sustaining cost per silver equivalent ounce produced, total production cost per tonne, average realized silver price per ounce sold, working capital, adjusted EPS and free cash flow. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See &#8220;Non-GAAP Measures&#8221; on pages 45 to 53 for a reconciliation of non-GAAP to GAAP measures.</font></div><div style="text-align:justify;text-indent:6.75pt"><font><br></font></div><div style="padding-right:-11.25pt;text-align:center;text-indent:6.75pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.995%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.252%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Fourth Quarter Production Summary</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">San Dimas</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Santa Elena</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">La Encantada</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Jerritt Canyon</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidated</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ore Processed &#47; Tonnes Milled</font></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">206,738&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">224,459&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">268,239&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">256,374&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">955,810</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Silver Ounces Produced</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,174,353&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">426,870&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">757,586&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,358,809</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold Ounces Produced</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">23,795&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19,810&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">146&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">23,660&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">67,411</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Silver Equivalent Ounces Produced</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,015,346&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,955,550&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">768,796&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,821,331&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8,561,023</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash Costs per Silver Equivalent Ounce</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$7.98&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$11.56&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$14.51&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$21.71&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$12.32</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">All-in Sustaining Cost per Silver Equivalent Ounce</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$11.29&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$14.02&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$19.41&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$26.95&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$17.26</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash Cost per Gold Equivalent Ounce</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">N&#47;A</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">N&#47;A</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">N&#47;A</font></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$1,674&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">All-In Sustaining Costs per Gold Equivalent Ounce</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">N&#47;A</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">N&#47;A</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">N&#47;A</font></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$2,077&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total Production Cost per Tonne</font></td><td colspan="2" style="border-bottom:1pt solid #acacac;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$146.30&#160;</font></td><td style="border-bottom:1pt solid #acacac;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #acacac;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$93.78&#160;</font></td><td style="border-bottom:1pt solid #acacac;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #acacac;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$39.70&#160;</font></td><td style="border-bottom:1pt solid #acacac;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$151.23&#160;</font></td><td style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$105.37</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Operational Highlights</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Total production&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> During the quarter, total production was 8.6 million silver equivalent ounces, representing a 17% increase over the prior quarter. Silver production reached 3.4 million ounces, representing a 2% increase over the prior quarter. Gold production reached 67,411 ounces of gold, representing a 24% increase from the prior quarter and the Company's highest quarterly gold production primarily due to the addition of Jerritt Canyon and higher gold grades from San Dimas and Santa Elena. </font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Cash cost per silver equivalent ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for the quarter was $12.32 per ounce, compared to $14.09 per ounce in the previous quarter. The decrease in cash cost per AgEq ounce was primarily due to an increase in production from San Dimas and Santa Elena.</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">All-in sustaining cost per silver equivalent ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the fourth quarter was $17.26 per ounce compared to $19.93 per ounce in the previous quarter. The decrease in AISC per AgEq ounce was primarily attributed to an increase in production at San Dimas and Santa Elena, as well as lower sustaining capital expenditures in the fourth quarter as expenditures related to the Tailings Storage Facility 2 (&#34;TSF2&#34;) lift project at Jerritt Canyon have now been completed on time and under budget.</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Processing of Ermita&#241;o ore&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> In November, the Company began batch processing of Ermita&#241;o&#8217;s ore at the Santa Elena processing plant and in December started commercial production, ahead of schedule, which resulted in a new quarterly production record at Santa Elena. A total of 2.0 million silver equivalent ounces were produced in the quarter consisting of 426,870 ounces of silver and 19,810 ounces of gold. This represents a significant 84% increase from the prior quarter and the highest quarterly production since acquiring the mine in 2015.  </font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.15pt">San Dimas Production&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> San Dimas produced a record 4.0 million silver equivalent ounces, consisting of 2.2 million ounces of silver and 23,795 ounces of gold, representing a 17% increase in total production from the prior quarter and the highest quarterly production since acquiring the mine in 2018.  </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">21 active drill rigs&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The Company completed a total of 55,621 metres in exploration drilling across the Company's mines during the quarter. At the end of the quarter, a total of 21 exploration drill rigs were active consisting of seven rigs at San Dimas, nine rigs at Jerritt Canyon, three rigs at Santa Elena and two rigs at La Encantada.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Financial Highlights</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">In the fourth quarter, the Company generated revenues of $204.9 million compared to $117.1 million in the fourth quarter of 2020. The increase in revenues was primarily attributed to the addition of Jerritt Canyon, the processing of the Ermita&#241;o ore and the sale of 1.4 million silver ounces of inventory previously withheld in the prior quarter. The average realized silver price of silver averaged</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$24.18 per ounce during the quarter, a 3% decrease compared to $24.88 in the fourth quarter of 2020. </font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">The Company realized mine operating earnings of $40.4 million compared to mine operating earnings of $43.7&#160;million in the fourth quarter of 2020. The decrease in mine operating earnings was primarily attributed to an increase in cost of sales and depreciation and depletion attributed to the addition of Jerritt Canyon, partially offset by an increase in silver ounces sold.</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">Net loss for the quarter was $4.0 million (EPS of ($0.02)) compared to net earnings of $34.5 million (EPS of $0.16) in the fourth quarter of 2020. The decrease in net earnings was primarily attributable to an income tax expense</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of $23.9 million compared to a recovery of $7.1&#160;million in the fourth quarter of 2020.   </font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">Adjusted net earnings (a non-GAAP measure) for the quarter, normalized for non-cash or unusual items such as loss on early settlement of senior convertible notes, share-based payments, unrealized gain on foreign currency derivatives and deferred income taxes for the quarter ended December 31, 2021, was $4.1&#160;million&#160;(Adjusted EPS&#160;of&#160;$0.02) compared to adjusted net earnings of $24.2&#160;million (Adjusted EPS of $0.11) in the fourth quarter of 2020.  </font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">Operating cash flow before movements in working capital and taxes in the quarter was an inflow of $71.8&#160;million  compared to a cash inflow of $48.2 million in the fourth quarter of 2020. </font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">As of December&#160;31, 2021, the Company had cash and cash equivalents of $237.9 million and working capital of $224.4&#160;million.</font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_19"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:59.465%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:38.335%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2022 PRODUCTION OUTLOOK AND COST GUIDANCE UPDATE</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">This section provides management&#8217;s revised production outlook and cost guidance for 2022. These are forward-looking estimates and are subject to the cautionary note regarding the risks associated with relying on forward-looking statements at the end of this MD&#38;A. Actual results may vary based on production throughputs, grades, recoveries and changes in economic circumstances. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company expects 2022 total production from its four operating mines to range between 32.2 to 35.8 million silver equivalent ounces consisting of 12.2 to 13.5 million ounces of silver and 258,000 to 288,000 ounces of gold. Based on the midpoint of the guidance range the Company expects silver equivalent ounces to increase 27% when compared to 2021. Silver production is expected to remain consistent with 2021 rates whereas gold production is expected to increase by 42% year-over-year. The increase in gold production is primarily due to the ramp up of production at Ermita&#241;o which is known to contain higher amounts of gold and a full year of production from Jerritt Canyon.   </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A mine-by-mine breakdown of the 2022 production guidance is included in the table below. The Company reports cost guidance to reflect cash costs and AISC on a per silver equivalent payable ounces. For 2022, the Company is using a 78&#58;1 silver to gold ratio compared to a 72&#58;1 silver to gold ratio in its revised 2021 guidance. Metal price and foreign currency assumptions for calculating equivalents are silver&#58; $22.50&#47;oz, gold&#58; $1,750&#47;oz, MXN&#58;USD 20&#58;1. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">GUIDANCE FOR FULL YEAR 2022</font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.511%"><tr><td style="width:1.0%"></td><td style="width:22.918%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.099%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.833%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.724%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.912%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.914%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Silver Oz (M)</font></div></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Gold Oz (k)</font></div></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Silver Eqv Oz (M)</font></div></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Cash Cost</font></div></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">AISC</font></div></td></tr><tr style="height:11pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Silver&#58;</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">($ per AgEq oz)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">($ per AgEq oz)</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">San Dimas, Mexico</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">7.4 &#8211; 8.2</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">81 &#8211; 91</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">13.7 &#8211; 15.2</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">8.59 &#8211; 9.13</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">11.75 &#8211; 12.65</font></div></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Santa Elena, Mexico</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.9 &#8211; 2.1</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">61 &#8211; 68</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">6.6 &#8211; 7.4</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">13.06 &#8211; 13.68</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">15.58 &#8211; 16.66</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">La Encantada, Mexico</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.9 &#8211; 3.2</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8211;</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2.9 &#8211; 3.2</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">14.82 &#8211; 15.74</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">17.89 &#8211; 19.15</font></div></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Mexico Consolidated&#58;</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">12.2 &#8211; 13.5</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">142 &#8211; 159</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">23.2 &#8211; 25.8</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">10.65 &#8211; 11.31</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">15.18 &#8211; 16.35</font></div></td></tr><tr style="height:5pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Gold&#58;</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">($ per AuEq oz)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">($ per AuEq oz)</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Jerritt Canyon, USA</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8211;</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">116 &#8211; 129</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">9.0 &#8211; 10.0</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,259 &#8211; 1,334</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1,503 &#8211; 1,607</font></div></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Total Production</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">($ per AgEq oz)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">($ per AgEq oz)</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Consolidated*</font></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">12.2 &#8211; 13.5</font></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">258 &#8211; 288</font></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">32.2 &#8211; 35.8</font></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">12.20 &#8211; 12.94</font></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">16.79 &#8211; 18.06</font></div></td></tr></table></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:112%">*Certain amounts shown may not add exactly to the total amount due to rounding differences.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:112%">*Cash Costs and AISC are non-GAAP measures. Consolidated AISC includes general and administrative cost estimates and non-cash costs of $1.49  to $1.66 per payable silver ounce. The Company calculates AISC in the manner set out in the table below. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is projecting its 2022 AISC to be within a range of $16.79 to $18.06 on a per consolidated payable silver equivalent ounce basis. Excluding non-cash items, the Company anticipates its 2022 AISC to be within a range of $16.34 to $17.56 per payable silver equivalent ounce. An itemized AISC cost table is provided below&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.809%"><tr><td style="width:1.0%"></td><td style="width:66.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.280%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">FY 2022</font></td></tr><tr style="height:9pt"><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">All-In Sustaining Cost Calculation</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#002060;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">($ per AgEq oz)</font></div></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Total Cash Costs per Payable Silver Ounce</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">12.20 &#8211; 12.94</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">General and Administrative Costs </font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.04 &#8211; 1.16</font></div></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Sustaining Development Costs </font></div></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.29 &#8211; 1.44</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Sustaining Property, Plant and Equipment Costs </font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.86 &#8211; 0.96</font></div></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Sustaining Exploration Costs</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.13 &#8211; 0.15</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Profit Sharing </font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.49 &#8211; 0.54</font></div></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Share-based Payments (non-cash)</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.34 &#8211; 0.38</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Lease Payments </font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.33 &#8211; 0.37</font></div></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Accretion and Reclamation Costs (non-cash)</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">0.11 &#8211; 0.13</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">All-In Sustaining Costs (Ag Eq Oz)</font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">16.79 &#8211; 18.06</font></div></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">All-In Sustaining Costs&#58; (Ag Eq Oz excluding non-cash items)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">16.34 &#8211; 17.56</font></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">1.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:112%;padding-left:11.34pt">AISC is a non-GAAP measure and is calculated based on the Company&#8217;s consolidated operating performance. Other mining companies may calculate AISC differently as a result of differences in underlying accounting principles, the definition of &#8220;sustaining costs&#8221; and the distinction between sustaining and expansionary capital costs.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">2.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:112%;padding-left:11.34pt">Total cash cost per payable silver equivalent ounce includes estimated royalties and 0.5% Mexico mining environmental fee of $0.15 to $0.17 per payable silver equivalent ounce.</font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:174%">INVESTING FOR FUTURE GROWTH</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2022, the Company plans to invest a total of $207.8 million on capital expenditures consisting of $86.3 million for sustaining investments and $121.5 million for expansionary projects. This represents a 5.4% decrease compared to the  2021 capital expenditures and is aligned with the Company&#8217;s future growth strategy of investments in fine grinding technology, processing plant modernizations (including the dual-circuit project installation and expansion of the LNG generation plant at Santa Elena), increased exploration investment, higher mine development rates, and to increase underground ore extraction and plant processing rates at Jerritt Canyon and Santa Elena. </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font></div><div style="text-align:justify"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.511%"><tr><td style="width:1.0%"></td><td style="width:45.727%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.875%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.214%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.784%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">2022 Capital Budget ($millions)</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Sustaining</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Expansionary</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Total</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Underground Development</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">$46.2</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">$41.8</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">$88.8</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Exploration</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">9.2</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">36.0</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">45.2</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Property, Plant and Equipment</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">27.4</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">24.5</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">51.9</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Corporate Projects</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">3.4</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">19.3</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">22.7</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Total*</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">$86.2</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">$121.6</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:115%">$207.8</font></td></tr></table></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">*Certain amounts shown may not add exactly to the total amount due to rounding differences.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The 2022 annual budget includes total capital investments of $88.8 million to be spent on underground development&#59; $51.9 million towards property, plant and equipment&#59; $45.2 million in exploration&#59; and $22.7 million towards corporate innovation projects. Management may revise the guidance and budget during the year to reflect actual and anticipated changes in metal prices or to the business.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company plans to increase underground development in 2022 to approximately 53,700 metres compared to 50,559 metres completed in 2021. The 2022 development program consists of approximately 29,100 metres at San Dimas&#59; 4,950 metres at Jerritt Canyon&#59; 14,900 metres at Santa Elena (including Ermita&#241;o) and 4,750 metres at La Encantada.  This year-over-year increase is primarily due to the Company&#8217;s plan to increase underground ore production in the mines. At San Dimas, the Company is planning to bring the Perez and San Jose Veins, located in the Sinaloa Graben block, into production in the second half of 2022. At Santa Elena, underground development will focus on the Ermita&#241;o mine to continue the ramp up process to achieve approximately 1,000 tonnes per day of underground ore extraction throughout all of 2022 and further increasing to 2,000 tonnes per day in 2023. At Jerritt Canyon, higher development rates are planned to prepare the SSX&#47;Smith mines for increased ore extraction over the next two years. In addition, the Company is planning to begin underground production in the West Generator mine at the end of 2022. At La Encantada, the Company is continuing to develop towards the Ojuelas orebody to prepare for initial production in the second half of 2022.  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is planning to significantly increase exploration drilling in 2022 by 41% to approximately 320,200 metres compared to 227,845 metres which were completed in 2021. The 2022 drilling program will consist of&#58;<br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">At San Dimas, approximately 98,000 metres of exploration drilling are planned with infill, step-out and exploratory holes focused on near-mine and brownfield targets including major ore controlling structures in the West, Central, Sinaloa and Tayoltita blocks. </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">At Jerritt Canyon, approximately 135,100 metres are planned and consisting of a mixture of surface and underground infill, step-out and exploratory holes to support the life of mine and test the presence of a new ore body target at Waterpipe II, Wheeler Fault Zone, and Northeast Starvation Canyon. In addition, eight near-mine targets located adjacent to historic underground and open pit mines will be drilled from surface. Underground drilling will be conducted at the Saval 2 mine located north of the main SSX&#47;Smith mine operations and in the West Generator underground mine which is scheduled to be re-opened by the end of 2022.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">At Santa Elena, approximately 68,100 metres are planned with infill and near-mine drilling to continue testing the Santa Elena Main, Alejandra de Bajo, America, Fenix and Ermita&#241;o veins. Brownfield drilling will focus on several targets around the mine areas (both Santa Elena and Ermita&#241;o) and greenfield exploration will continue to test key projects around this very large property. </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">Finally, at La Encantada the Company has planned approximately 19,000 metres consisting of near-mine drilling to continue adding resources on several existing areas and brownfield drilling to test several high potential targets. The Company recently completed a land access agreement with the Tenochtitlan Ejido which has opened a significant amount of new land that is planned to be explored for the first time in 2022.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_22"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:61.400%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">OVERVIEW OF OPERATING RESULTS</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Selected Production Results for the Past Eight Quarters</font><font style="color:#00497f;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.702%"><tr><td style="width:1.0%"></td><td style="width:28.153%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.563%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">PRODUCTION HIGHLIGHTS</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Q4</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Q3</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Q2</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Q1</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Q4</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Q3</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Q2</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Q1</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Ore processed&#47;tonnes milled</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">San Dimas</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">206,738&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">214,205&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">202,382&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">199,466&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">208,648&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">189,918&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">114,390&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">200,109&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Santa Elena</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">224,459&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">234,862&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">234,381&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">185,358&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">168,276&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">204,577&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">89,590&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">177,834&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">La Encantada</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">268,239&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">263,645&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">242,839&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">229,421&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">248,408&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">261,425&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">129,579&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">221,200&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Jerritt Canyon</font></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">256,374&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">230,415&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">146,611&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidated</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">955,810</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">943,126</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">826,213</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">614,245</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">625,332</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">655,920</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">333,559</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">599,142</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Silver equivalent ounces produced</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">San Dimas</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,015,346&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,422,032&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,176,725&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,910,946&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,477,061&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,125,662&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,395,633&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,672,169&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Santa Elena</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,955,550&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,061,657&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,140,398&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">884,332&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">901,630&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,091,026&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">595,651&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,593,400&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">La Encantada</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">768,796&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">913,481&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">847,502&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">745,018&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,098,800&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">984,397&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">514,092&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">929,487&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Jerritt Canyon</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,821,331&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,922,270&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,270,398&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidated</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8,561,023</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">7,319,441</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6,435,023</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4,540,296</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5,477,492</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5,201,085</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,505,376</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6,195,057</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Silver ounces produced</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">San Dimas</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,174,353&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,888,371&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,868,031&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,716,143&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,941,286&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,678,075&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,102,931&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,677,376&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Santa Elena</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">426,870&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">508,641&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">565,453&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">453,528&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">418,153&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">502,375&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">222,100&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">550,133&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">La Encantada</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">757,586&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">905,074&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">840,541&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">738,354&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,093,521&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">978,416&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">509,544&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">924,472&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidated</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,358,809</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,302,086</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,274,026</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,908,024</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,452,959</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,158,866</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,834,575</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,151,980</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Gold ounces produced</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">San Dimas</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">23,795&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20,767&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19,227&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17,448&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19,980&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18,268&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,042&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21,308&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Santa Elena</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19,810&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7,498&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,453&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,327&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,294&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7,428&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,677&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,842&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Jerritt Canyon</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">23,660&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">26,145&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18,762&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidated</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">67,265</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">54,410</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">46,442</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">23,775</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">26,274</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">25,696</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">15,719</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">32,150</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Cash cost per Ounce</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">San Dimas (per AgEq Ounce)</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cfdbff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.98&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8.29&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10.17&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10.00&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8.49&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.74&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6.43&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.15&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Santa Elena (per AgEq Ounce)</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.56&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17.09&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16.70&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20.18&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16.50&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">13.81&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.44&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.25&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">La Encantada (per AgEq Ounce)</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14.51&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.25&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">13.66&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">13.77&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10.42&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10.16&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.55&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10.80&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Jerritt Canyon (per AuEq Ounce)</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,674&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,735&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,407&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidated (per AgEq Ounce)</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">12.32</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">14.09</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">13.89</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">12.61</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">10.21</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">9.48</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">7.76</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8.25</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">All-in sustaining cost per Ounce</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">San Dimas (per AgEq Ounce)</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cfdbff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.29&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.58&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14.22&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14.31&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.32&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10.74&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10.70&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.86&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Santa Elena (per AgEq Ounce)</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14.02&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21.10&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21.31&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25.66&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21.76&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16.36&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15.02&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #acacac;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10.60&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">La Encantada (per AgEq Ounce)</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19.41&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15.28&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15.97&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16.30&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.39&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.12&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.76&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">13.33&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Jerritt Canyon (per AuEq Ounce)</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,077&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,286&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,679&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidated (per AgEq Ounce)</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">17.26</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">19.93</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">19.42</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">19.35</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">16.12</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">14.01</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">13.95</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">12.23</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Production cost per tonne</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">San Dimas</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cfdbff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">146.30&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">128.67&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">153.43&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">140.29&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">135.13&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">120.60&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">129.67&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">126.33&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Santa Elena</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">93.78&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">75.76&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">79.17&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">94.15&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">86.32&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">71.44&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">74.50&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">81.04&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">La Encantada</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">39.70&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">41.08&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">45.71&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">42.99&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">43.72&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">36.04&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">36.80&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">43.82&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Jerritt Canyon</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">151.23&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">192.17&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">177.30&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #929292;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</font></td><td style="border-top:1pt solid #929292;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidated</font></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">105.37</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">106.52</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">104.94</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">90.03</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">85.68</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">71.56</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">78.78</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">82.41</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:1pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1)  In response to the COVID-19 pandemic, the Mexican Ministry of Health issued a decree requiring non-essential businesses, including mining, to temporarily suspend activities until May 23, 2020. As a result, production and costs were adversely affected during the quarter.</font></div><div style="margin-bottom:1pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2)  Effective January 1, 2021, the Company is reporting its cash costs and all-in sustaining costs on a per silver equivalent (&#34;AgEq&#34;) ounce basis. Cash cost and AISC per AgEq Ounce for previous comparative periods were updated based on the new metric. See &#34;Non-GAAP&#34; section.</font></div><div style="margin-bottom:1pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3)  Jerritt Canyon production was from April 30, 2021 to June 30, 2021, or 62 days.</font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_25"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:1pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Operating Results &#8211; Consolidated Operations</font></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:26.429%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.382%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.275%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.791%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">CONSOLIDATED</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q4</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q3</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q2</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q1</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-YTD</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2020-YTD</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">&#160;Change <br>Q4 vs Q3</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">&#160;Change<br>'21 vs '20</font></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Ore processed&#47;tonnes milled</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">955,810</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">943,126</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">826,213</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">614,245</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,339,394</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,213,954</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">51&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Average silver grade (g&#47;t)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">125</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">122</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">137</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">166</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">135</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">184</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(27&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Average gold grade (g&#47;t)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2.42</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2.00</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1.80</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1.26</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1.94</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1.46</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">33&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Silver recovery (%)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">88&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">90&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">90&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">89&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">89&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">88&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Gold recovery (%)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">91&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">90&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">91&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">96&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">91&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt 2px 25pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">96%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(5&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Production</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Silver ounces produced</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,358,809</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,302,086</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,274,026</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,908,024</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">12,842,945</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11,598,380</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Gold ounces produced </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">67,411</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">54,525</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">46,544</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">23,873</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">192,353</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">100,081</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">24&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">92&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Silver equivalent ounces produced</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8,561,023</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">7,319,441</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6,435,023</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,540,296</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">26,855,783</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">20,379,010</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">32&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Cost</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash Cost per AgEq Ounce</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$12.32</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$14.09</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$13.89</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$12.61</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$13.23</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$9.00</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(13&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">47&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">All-In sustaining costs per AgEq ounce</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$17.26</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$19.93</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$19.42</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$19.35</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$18.85</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$14.03</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(13&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">34&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total production cost per tonne</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$105.37</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$106.52</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$104.94</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$90.03</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$102.77</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$79.59</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(1&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">29&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Underground development (m)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11,535</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11,827</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,490</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,706</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">50,558</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">38,504</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">31&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Diamond drilling (m)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">55,621</font></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">79,066</font></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">53,608</font></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">39,550</font></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">227,845</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">156,244</font></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(30&#160;</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">46&#160;</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">The Impact of COVID-19 on Business and Operations </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">COVID-19 sanitary protocols were established in 2020 at all Company facilities and operations. These protocols include continuous monitoring and testing of workers, use of effective PPE, and other sanitary control measures.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These measures have proven effective at managing the pandemic impacts on the Company&#8217;s operations and remain in full effect. Worker availability has improved over the past several months, however, it continues to be a challenge but is currently being mitigated by increasing the use of temporary workers and contractors to replace vulnerable workers.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also continues supporting local communities by sponsoring health professionals, medical and testing equipment, personal protective equipment, medicine and health supplements.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Production</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year, the Company produced 26.9 million silver equivalent ounces, consisting of 12.8 million ounces of silver and  192,353 ounces of gold, representing an increase of 11% and 92% respectively, compared to the prior year. The increase in production was primarily due to the reduced effect of the temporary COVID-19 suspensions and units operating with limited workforce levels in the previous year, as well as the addition of Jerritt Canyon and commencing production at Ermita&#241;o.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total production in the fourth quarter was 8.6 million silver equivalent ounces, consisting of 3.4 million ounces of silver and 67,411 ounces of gold, r</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">epresenting an increase of 2% and 24%, respectively, compared to the previous quarter. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total ore processed amounted to 3,339,394 tonnes during the year and 955,810 tonnes during the quarter, representing a 51% and 1% increase compared to the prior year and quarter, respectively. The increase in tonnes processed was primarily due to Jerritt Canyon processing higher volumes of lower grade surface material partially offset by slightly lower throughput rates at San Dimas and Santa Elena.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Consolidated silver grades in the quarter averaged 125 g&#47;t compared to 122 g&#47;t in the previous quarter and consolidated gold grades averaged 2.42&#160;g&#47;t compared to 2.00 g&#47;t in the prior quarter.</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;The increase in consolidated silver and gold grades were primarily due to processing higher grade ore within the Jessica vein at San Dimas and the introduction of Ermita&#241;o&#8217;s ore into the Santa Elena plant in November.</font></div><div><font><br></font></div><div><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Consolidated silver and gold recoveries averaged 88% and 91%, respectively, during the quarter which are consistent compared to the previous quarter. The Company continues to work towards optimizing the metallurgical recoveries of Ermita&#241;o&#8217;s ore which achieved 61% for silver and 91% for gold during the fourth quarter. The Santa Elena processing plant will be modified to facilitate finer grinding and improve metallurgical recoveries and operating costs with the commissioning of a new tailing filter-press, an additional leaching tank and a fourth counter current decantation (&#34;CCD&#34;) thickener in the fourth quarter of 2022.  </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Cash Cost and All-In Sustaining Cost per Ounce</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash cost per AgEq ounce for the year was $13.23 per ounce, compared to $9.00 per ounce in the previous year. The increase in cash cost per AgEq ounce was primarily due to the addition of Jerritt Canyon which was producing at a higher cash costs since the acquisition. The Company has identified various projects to be implemented over the next 12 months at Jerritt Canyon to improve production and reduce costs at the mine and processing plant.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, there was an increase in energy costs at San Dimas due to lower energy contribution from the hydroelectric power plant as well as an increase in  costs at Santa Elena primarily due to higher ore development and mining contractor costs to prepare ore faces in the mine.     </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash cost per AgEq ounce for the quarter was $12.32 per ounce, compared to $14.09 per ounce in the previous quarter. The decrease in cash cost per AgEq ounce was primarily due to an increase in production from San Dimas and Santa Elena.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All-in Sustaining Cost per AgEq ounce in the year was $18.85 per ounce compared to $14.03 per ounce in the previous year. The increase in AISC per AgEq ounce was primarily attributed to higher cash costs, combined with an increase in sustaining capital costs related to the TSF2 lift project at Jerritt Canyon Gold. The increase in AISC was partially offset by increased production at San Dimas, Santa Elena and Jerritt Canyon Gold during the year. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All-in Sustaining Cost per AgEq ounce in the fourth quarter was $17.26 per ounce compared to $19.93 per ounce in the previous quarter. The decrease in AISC per AgEq ounce was primarily attributed to lower sustaining capital expenditures in the fourth quarter as expenditures related to the TSF2 lift project at Jerritt Canyon have now been completed as well as an increase in production at San Dimas and Santa Elena.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Development and Exploration</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year, the Company completed 50,558 metres of underground development and 227,845 metres of diamond drilling, compared to 38,504 metres and 156,244 metres, respectively, in the previous year. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company completed a total of 55,621 metres in exploration drilling across the Company's mines during the fourth quarter. At the end of the quarter, a total of 21 exploration drill rigs were active consisting of seven rigs at San Dimas, nine rigs at Jerritt Canyon, three rigs at Santa Elena and two rigs at La Encantada. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_28"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">San Dimas Silver&#47;Gold Mine, Durango, M&#233;xico</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The San Dimas Silver&#47;Gold Mine is located approximately 130 km northwest of Durango, Durango State, Mexico and consists of 71,868&#160;hectares of mining claims located in the states of Durango and Sinaloa, Mexico. San Dimas is one of the country&#8217;s most prominent silver and gold mines and the largest producing underground mine in the state of Durango with over 250 years of operating history. The San Dimas operating plan involves processing ore from several underground mining areas with a 2,500 tpd capacity milling operation which produces silver&#47;gold dor&#233; bars. The mine is accessible via a 40-minute flight from the Durango International Airport to the private airstrip in the town of Tayoltita, or by improved roadway. The Company owns 100% of the San Dimas mine.</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:26.876%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.382%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.382%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.828%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.395%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.126%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.382%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.385%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">San Dimas</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q4</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q3</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q2</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q1</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-YTD</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2020-YTD</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">&#160;Change <br>Q4 vs Q3</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">&#160;Change<br>'21 vs '20</font></td></tr><tr style="height:8pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total ore processed&#47;tonnes milled</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">206,738</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">214,205</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">202,382</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">199,466</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">822,791</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">713,064</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Average silver grade (g&#47;t)</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">347</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">289</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">301</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">285</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">305</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">297</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">20&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Average gold grade (g&#47;t)</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3.71</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3.14</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3.07</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2.83</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3.19</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3.24</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">18&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Silver recovery (%)</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">94&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">95&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">95&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">94&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">95&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">94&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(1&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Gold recovery (%)</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">96&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">96&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">96&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">96&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">96&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">96&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">0&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">0&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Production</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Silver ounces produced</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,174,353</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,888,371</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,868,031</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,716,143</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">7,646,898</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6,399,667</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">19&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Gold ounces produced</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">23,795</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">20,767</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">19,227</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,448</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">81,237</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">71,598</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Silver equivalent ounces produced</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,015,346</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,422,032</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,176,725</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,910,946</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,525,049</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">12,670,526</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">7&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Cost</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash cost per AgEq Ounce</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$7.98</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$8.29</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$10.17</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$10.00</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$9.01</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$7.53</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1.5pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4&#160;</font></td><td style="border-top:1.5pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">20&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">All-In sustaining costs per AgEq Ounce</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$11.29</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$11.58</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$14.22</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$14.31</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$12.70</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$10.91</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(3&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">16&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total production cost per tonne</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$146.30</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$128.67</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$153.43</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$140.29</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$142.00</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$127.91</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">14&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Underground development (m)</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5,104</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5,237</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6,637</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8,242</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">25,220</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">26,154</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1.5pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(3&#160;</font></td><td style="border-top:1.5pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Diamond drilling (m)</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,279</font></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">32,086</font></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">26,382</font></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">24,078</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">99,825</font></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">87,659</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(46&#160;</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">14&#160;</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr></table></div><div style="margin-top:1pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%">2021 vs. 2020</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2021, San Dimas produced 7,646,898 ounces of silver and 81,237 ounces of gold for a total production of 13,525,049 silver equivalent ounces, a 7% increase compared to 12,670,526 silver equivalent ounces in 2020. The mill processed a total of 822,791 tonnes, a 15% increase compared to 713,064 tonnes processed in the previous year. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2021, silver and gold grades averaged 305 g&#47;t and 3.19 g&#47;t, respectively, compared to 297 g&#47;t and 3.24 g&#47;t in the previous year. Silver recoveries averaged 95% compared to 94% in 2020, while gold recoveries averaged 96%, which was consistent with 2020.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year, cash cost per AgEq ounce averaged $9.01 compared to $7.53 per ounce in 2020. AISC averaged $12.70 per ounce in 2021 compared to $10.91 per ounce in 2020. The increase was primarily attributable to higher energy costs incurred in the first half of the year as the mine had to rely on electricity from the public grid and diesel power generation  as a result of lower rainfall and lower energy contribution from the Las Truchas hydroelectric power plant during the dry season. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The San Dimas mine is subject to a gold and silver streaming agreement with Wheaton Precious Metals Corp. (&#34;Wheaton&#34; or &#34;WPM&#34;) which entitles Wheaton to receive 25% of the gold equivalent production (based on a fixed exchange ratio of 70 silver ounces to 1&#160;gold ounce) at San Dimas in exchange for ongoing payments equal to the lesser of $600 (subject to a 1% annual inflation adjustment commencing in May 2019) and the prevailing market price, for each gold ounce delivered. Should the average gold to silver ratio over a six-month period exceed 90&#58;1 or fall below 50&#58;1, the fixed exchange ratio would be increased to 90&#58;1 or decreased to 50&#58;1, respectively. The fixed gold to silver exchange ratio as at December 31, </font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2021 was 70&#58;1.  During the year ended December 31, 2021, the Company delivered 48,015 ounces (2020 - 38,604 ounces) of gold to WPM at $617 (2020 - $610) per ounce.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year, a total of 25,220 metres of underground development and 99,825 metres of diamond drilling were completed compared to 26,154 metres and 87,659 metres, respectively, in the prior year.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">2021Q4 vs. 2021Q3</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the fourth quarter, San Dimas produced 2,174,353 ounces of silver and 23,795 ounces of gold representing an increase of 15% in each metal, compared to the prior quarter. Total production during the fourth quarter amounted to 4,015,346 silver equivalent ounces compared to 3,422,032 silver equivalent ounces in the prior quarter, representing the highest quarterly production since the Company acquired the mine in 2018. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The mill processed a total of 206,738 tonnes of ore with average silver and gold grades of 347 g&#47;t and 3.71 g&#47;t, respectively, compared to 214,205 tonnes milled with average silver and gold grades of 289 g&#47;t and 3.14 g&#47;t, respectively, in the previous quarter. Silver and gold grades increased in the fourth quarter as a major high-grade area within the Jessica vein of the Central Block was brought into production at the end of the third quarter.  </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Silver and gold recoveries averaged 94% and 96%, respectively, during the quarter which was consistent with the prior quarter. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Central Block and Sinaloa Graben areas contributed approximately 62% and 35%, respectively, of the total production during the quarter. In addition, the Tayoltita, El Cristo and West Block areas contributed approximately 3% of total production in the quarter. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the fourth quarter, cash cost per AgEq ounce was $7.98 per ounce compared to $8.29 per ounce in the prior quarter. The decrease in cash costs during the quarter was primarily due to a 17% increase in silver equivalent ounces produced. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">AISC per AgEq ounce for the quarter was $11.29 per ounce compared to $11.58 per ounce in the prior quarter, primarily due to a decrease in cash costs per ounce.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A total of 5,104 metres of underground development was completed in the fourth quarter, compared to 5,237 metres in the prior quarter. During the fourth quarter, seven underground drills completed 17,279 metres compared to 32,086 metres in the prior quarter. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_31"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Santa Elena Silver&#47;Gold Mine, Sonora, M&#233;xico</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Santa Elena Silver&#47;Gold Mine is located approximately 150 kilometres northeast of the city of Hermosillo, Sonora, Mexico. The operating plan for Santa Elena involves the processing of ore in a 3,000 tpd cyanidation circuit from a combination of underground reserves and spent ore from the previous heap leach pad. The Company owns 100% of the Santa Elena mine including mining concessions totaling over 102,244 hectares, inclusive of the Ermita&#241;o concessions and ore deposit.</font></div><div style="margin-bottom:3pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.788%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.640%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.788%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.540%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.344%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.540%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.344%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.540%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.196%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.540%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.352%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">SANTA ELENA</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q4</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q3</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q2</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q1</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-YTD</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2020-YTD</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Change <br>Q4 vs Q3</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">&#160;Change<br>'21 vs '20</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:8pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total ore processed&#47;tonnes milled</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">224,459</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">234,862</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">234,381</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">185,358</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">879,060</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">640,276</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">37&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Santa Elena  - heap leach and underground</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Tonnes milled</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">120,717</font></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">234,861</font></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">234,381</font></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">185,358</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">775,317</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">640,276</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(49&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Average silver grade (g&#47;t)</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">88</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">74</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">81</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">82</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">80</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">88</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">19&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(9&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Average gold grade (g&#47;t)</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1.37</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1.04</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1.17</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1.11</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1.15</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1.43</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">32&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(20&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Ermita&#241;o mine</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Tonnes milled</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">103,742</font></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">103,742</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">100&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">100&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Average silver grade (g&#47;t)</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">54</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">54</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">100&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">100&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Average gold grade (g&#47;t)</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4.83</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4.83</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">100&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">100&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Silver recovery (%)</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">82&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">91&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">93&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">93&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">90&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">93&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(10&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(3&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Gold recovery (%)</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">92&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">96&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">96&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">96&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">94&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">96&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(4&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(2&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Production</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Silver ounces produced</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">426,870</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">508,641</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">565,453</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">453,528</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,954,492</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,692,761</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(16&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Gold ounces produced</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">19,810</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">7,498</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">8,453</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6,327</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">42,088</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">28,242</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">164&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">49&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Silver equivalent ounces produced</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,955,550</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,061,657</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,140,398</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">884,332</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5,041,937</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,181,708</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">84&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">21&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Cost</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash cost per AgEq Ounce</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$11.56</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$17.09</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$16.70</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$20.18</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$15.40</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$12.32</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(32&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">25&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">All-In sustaining costs per AgEq Ounce</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$14.02</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$21.10</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$21.31</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$25.66</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$19.20</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$15.14</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(34&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">27&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total production cost per tonne</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$93.78</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$75.76</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$79.17</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$94.15</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$85.15</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$78.44</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">24&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">9&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Underground development (m)</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,430</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,195</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,994</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,500</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">18,119</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">7,851</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">6&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">131&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Diamond drilling (m)</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13,847</font></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">19,609</font></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17,915</font></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">12,607</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">63,977</font></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">39,451</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(29&#160;</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">62&#160;</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:1pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%">2021 vs. 2020</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2021, Santa Elena produced 1,954,492 ounces of silver and 42,088 ounces of gold for a total production of 5,041,937 silver equivalent ounces, a 21% increase compared to 4,181,708 silver equivalent ounces in 2020. The mill processed a total of 879,060 tonnes compared to 640,276 tonnes in the previous year, representing a 37% increase compared to 2020. Overall production in 2021 in the Santa Elena mine increased following multiple improvements in mining methods at the Main, Alejandra Bajo and America veins. Mining and milling rates improved as progress was made in improving underground infrastructure, development and haulage rates over the prior year, plus the addition of Ermita&#241;o ore feed in the fourth quarter. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A 12.4 MW LNG facility was successfully completed and commissioned at Santa Elena during the year, supplying all the power requirements to the operation by the end of the year. This modern &#34;green energy&#34; plant will significantly yield energy cost savings and reduce the carbon emissions of the operations. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Silver and gold grades from Santa Elena ore averaged 80 g&#47;t and 1.15 g&#47;t, respectively, compared to 88 g&#47;t and 1.43 g&#47;t in the previous year as lower grade ore was extracted from the Main Santa Elena vein. Silver recoveries decreased from 93% in 2020 to 90% in 2021 while gold recoveries decreased from 96% to 94% in the current year. The decrease in recoveries is a </font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">result of the lower ore grades from Santa Elena and the first quarter of production at Ermita&#241;o. The Company will continue to optimize batch processing and metallurgical recoveries of Ermita&#241;o's ore during 2022 and plans to upgrade the processing plant with the Dual Circuit Project.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Dual Circuit Project includes the addition of one leaching tank, one CCD tank and a new high-capacity tailing press filter to better handle fine grinding of Ermita&#241;o and Santa Elena ores. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year, cash cost per AgEq silver equivalent ounce averaged $15.40 compared to $12.32 per ounce in 2020, representing an increase of 25% while AISC averaged $19.20 per silver equivalent ounce compared to $15.14 per ounce in the previous year, an increase of 27%. The increase was primarily attributed to higher ore development and mining contractor costs incurred during the year to prepare additional ore faces in the Santa Elena mine. Additionally, costs for specialized consulting services were also incurred during the year to establish a more effective Management Operating System (&#34;MOS&#34;) at the mine. The increase in AISC is primarily attributed to increased waste mine development costs. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Santa Elena mine is subject to a gold streaming agreement with Sandstorm Gold Ltd. (&#8220;Sandstorm&#8221;), which requires the mine to sell 20% of its gold production from the leach pad and a designated area of its underground operations over the life of mine to Sandstorm. The selling price to Sandstorm is currently the lesser of $450 per ounce (subject to a 1% annual inflation increase every April) and the prevailing market price. During the year ended December 31, 2021, the Company delivered 5,327 ounces of gold (2020 - 5,697 ounces) to Sandstorm at an average price of $467 per ounce (2020 - $463 per ounce).</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Orogen Royalties Inc., formerly Evrim Resource Corp., retains a 2% net smelter return (&#34;NSR&#34;) royalty from the sale of mineral products extracted from the Ermita&#241;o mining concessions. In addition, there is an underlying NSR royalty where Osisko Gold Royalties Ltd. retains a 2% NSR from the sale of mineral products extracted from the Ermita&#241;o mining concessions.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year, a total of 18,119 metres of underground development (2020 - 7,851 metres) and 63,977 metres of diamond drilling (2020 - 39,451 metres) were completed, including 6,301 metres of underground development at the Ermita&#241;o project near Santa Elena. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">2021Q4 vs. 2021Q3</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After five years since its initial discovery, the Company successfully began underground ore production from the Ermita&#241;o mine near Santa Elena in the fourth quarter of 2021. This important new mine is expected to significantly increase production and reduce costs at Santa Elena as it ramps up throughout 2022.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the fourth quarter, Santa Elena produced a new quarterly record of 1,955,550 silver equivalent ounces consisting of 426,870 ounces of silver and 19,810 ounces of gold representing a decrease of 16% in silver and an increase of 164% in gold production, when compared to the prior quarter. This represents a significant 84% increase from the prior quarter and the highest quarterly production since the Company acquired the mine in 2015. Production was significantly higher than prior quarter due to the introduction of Ermita&#241;o&#8217;s higher grade ore into the processing plant in November, approximately two months ahead of schedule.  During the year ended December&#160;31, 2021, the Company had accrued $1.0 million (2020 - $nil) in NSR from the production of Ermita&#241;o in November and December of 2021 to be paid in the first quarter of 2022.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The mill processed a total of 224,459 tonnes during the quarter, consisting of 120,717 tonnes of ore from Santa Elena (including the existing heap leach pad) and 103,742 tonnes of ore from Ermita&#241;o compared to total production of 234,862 tonnes in the prior quarter.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Silver and gold grades from Santa Elena averaged 88 g&#47;t and 1.37 g&#47;t, respectively and increase of 19% and 32%, respectively compared to the previous quarter, while silver and gold grades from Ermita&#241;o averaged 54 g&#47;t and 4.83 g&#47;t, respectively. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Silver and gold recoveries in the fourth quarter averaged 82% and 92%, respectively compared to 91% and 96% respectively in the prior quarter. The Company continues to optimize the batch processing and metallurgical recoveries of Ermita&#241;o and Santa Elena ore. The Company is in the process of modifying the Santa Elena processing plant with the commissioning of a new filter-press, an additional leaching tank and a fourth CCD thickener expected to be completed by the fourth quarter of 2022 in order to facilitate finer grinding, improve metallurgical recoveries and reduce operating costs.   </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash cost per AgEq ounce in the fourth quarter was $11.56 per ounce compared to $17.09 per ounce in the previous quarter. The decrease in cash cost was primarily attributed to a 84% increase in production due to the increase in silver and </font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">gold grades compared to the previous quarter. AISC per AgEq ounce for the quarter was $14.02 per ounce compared to $21.10 per ounce in the prior quarter, primarily driven by the decrease in cash costs per ounce  combined with the increase in AgEq production during the quarter.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the fourth quarter, Santa Elena completed a total of 4,430 metres of underground development, compared to 4,195&#160;metres in the previous quarter. A total of three drill rigs, consisting of two surface rigs and one underground rig, were active at the end of the quarter, completing 13,847 metres compared to 19,609 metres in the prior quarter. </font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_34"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">La Encantada Silver Mine, Coahuila, M&#233;xico</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The La Encantada Silver Mine is an underground mine located in the northern M&#233;xico State of Coahuila, 708 kilometres northeast of Torreon. La Encantada has 4,076 hectares of mineral concessions and surface land ownership of 1,343 hectares. La Encantada also has a 4,000 tpd cyanidation plant, a camp with 120 houses as well as administrative offices, laboratory, general store, hospital, airstrip and all the necessary infrastructure required for such an operation. The mine is accessible via a two-hour flight from the Durango International Airport to the mine&#8217;s private airstrip, or via an improved road from the closest city, Muzquiz, Coahuila State, which is 225 kilometres away. The Company owns 100% of the La Encantada Silver Mine.</font></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.255%"><tr><td style="width:1.0%"></td><td style="width:28.135%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.445%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.445%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.445%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.295%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.549%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.445%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.549%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.295%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.549%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.445%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.549%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.154%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">LA ENCANTADA</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q4</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q3</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q2</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-Q1</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2021-YTD</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2020-YTD</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Change <br>Q4 vs Q3</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Change <br>'21 vs '20</font></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Ore processed&#47;tonnes milled</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">268,239</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">263,645</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">242,839</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">229,421</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">1,004,144</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">860,613</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">17&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Average silver grade (g&#47;t)</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">117</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">134</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">138</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">131</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">130</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">162</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(13&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(20&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Silver recovery (%)</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">75&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">80&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">78&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">77&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">77&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">78&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(6&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(1&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Production</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Silver ounces produced</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">757,586</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">905,074</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">840,541</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">738,354</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,241,555</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,505,953</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(16&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(8&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Gold ounces produced </font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">146</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">114</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">102</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">98</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">460</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">241</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">28&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">91&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Silver equivalent ounces produced</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">768,796</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">913,481</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">847,502</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">745,019</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,274,798</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,526,776</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(16&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(7&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Cost</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Cash cost per AgEq Ounce</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$14.51</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$12.25</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$13.66</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$13.77</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$13.49</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$10.32</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">18&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">31&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">All-In sustaining costs per AgEq Ounce</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$19.41</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$15.28</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$15.97</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$16.30</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$16.66</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$12.47</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">27&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">34&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total production cost per tonne</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$39.70</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$41.08</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$45.71</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$42.99</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$42.25</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$40.37</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(3&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Underground development (m)</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">790</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">722</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">827</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">965</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,304</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">3,674</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">9&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(10&#160;</font></td><td style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%)</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Diamond drilling (m)</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,406</font></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">5,196</font></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">4,905</font></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2,866</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">15,373</font></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">18,611</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(54%)</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(17%)</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%">2021 vs. 2020</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2021, La Encantada produced 3,241,555 ounces of silver and 460 ounces of gold for a total of 3,274,798 silver equivalent ounces, a decrease of 7% compared to 3,526,776 silver equivalent ounces in 2020. The decrease was primarily due to a 20% decrease in silver head grade and a 1% decrease in silver recovery, partially offset by a 17% increase in tonnes milled. This reduction was driven by lower ore grades mined from the northern draw-points of the La Prieta, Milagros and La Fe ore bodies. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Silver recoveries averaged 77% during the year, compared to 78% in 2020. Silver grades during the year averaged 130 g&#47;t, a decrease of 20% compared to 162 g&#47;t in 2020. In the fourth quarter, the Company began to establish new draw-points within the 660 area ore body in order to increase silver grades in the upcoming quarters. </font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year, cash cost per AgEq ounce averaged $13.49 compared to $10.32 per ounce in 2020, and AISC averaged $16.66 per ounce in 2021 compared to $12.47 per ounce in 2020. The increase was primarily attributed to lower production, a stronger Mexican Peso against the U.S. Dollar compared to the previous year along with an increase in energy costs as diesel generators had to be rented due to delay in the liquid gas deliveries at the beginning of the year. Furthermore, the Company has invested in a mill modernization project that was advanced during the year&#59; this included a new refinery scrubber and the installation of two thickener mechanisms.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year, the Company entered into a surface access agreement with the Tenochtitlan Ejido to gain access to the land owned by the Ejido's, covering part of the Company's 4,076 hectares of mineral concessions at La Encantada. This new agreement allows the Company, for the first time since owning the mine, to initiate surface exploration programs on this large land package.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A total of 3,304 metres of underground development and 15,373 metres of diamond drilling were completed in 2021 compared to 3,674 metres of underground development and 18,611 metres of diamond drilling in the prior year.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">2021Q4 vs. 2021Q3</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the quarter, La Encantada produced 757,586 silver ounces compared to 905,074 in previous quarter, representing a 16% decrease in production compared to the previous quarter primarily due to a 13% decrease in silver grade. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The mill processed a total of 268,239 tonnes with an average silver grade and recovery during the quarter of 117 g&#47;t and 75%, respectively, compared to 263,645 tonnes, 134 g&#47;t and 80%, respectively, in the previous quarter. The decrease in grade and recoveries were the result of low-grade material being sourced from previously mined areas. During the quarter, the Company began to establish new draw-points within the 660 area ore body in an effort to increase silver grades in the upcoming quarters.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash cost per AgEq ounce for the quarter was $14.51 compared to $12.25 in the previous quarter. The increase in cash cost per AgEq ounce was primarily due to the 16% decrease in silver equivalent ounces produced. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">AISC per AgEq ounce for the quarter was $19.41 per ounce, an increase of 27% compared to $15.28 per ounce in the previous quarter primarily due to the increase in cash cost per AgEq ounce combined with an increase in the workers participation cost.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A total of two underground drill rigs were active on the property at the end of the quarter. A total of 790 metres of underground development were completed in the fourth quarter compared to 722 metres in the prior quarter. One underground and one surface drill completed 2,406 metres of drilling compared to 5,196&#160;metres in the previous quarter. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the fourth quarter, the Company completed 77 metres of an underground ramp in order to access the Ojuelas orebody which is known to contain higher silver grades. The Company is planning to prepare the area for initial ore extraction in the second half of 2022.    </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_37"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Jerritt Canyon Gold Mine, Nevada, United States</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Jerritt Canyon Gold Mine is an underground mine located in Northern Nevada, United States. Jerritt Canyon was discovered in 1972 and has been in production since 1981 having produced over 9.5 million ounces of gold over its 40-year production history. The mine was purchased by the Company on April 30, 2021 and currently operates as an underground mine and has one of three permitted gold processing plants in Nevada that uses roasting in its treatment of ore. This processing plant has a capacity of 4,000 tonnes per day (&#8220;tpd&#8221;). The property consists of a large, under explored land package consisting of 30,821 hectares (119 square miles). Jerritt Canyon is 100% owned by the Company.</font></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.130%"><tr><td style="width:1.0%"></td><td style="width:47.661%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.271%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.271%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.033%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.573%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.961%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.573%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.657%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Jerritt Canyon</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021-Q4</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021-Q3</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021-Q2</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021-YTD</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Change <br>Q4 vs Q3</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ore processed&#47;tonnes milled</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">256,374</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">230,415</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">146,611</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">633,400</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Average gold grade (g&#47;t)</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.41</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.19</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.03</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.84</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(18&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold recovery (%)</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">84&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">84&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">84&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">84&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Production</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1.5pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold ounces produced</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">23,660</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">26,145</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18,762</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">68,567</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(10&#160;</font></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Silver equivalent ounces produced</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,821,331</font></td><td colspan="3" style="border-top:1.5pt solid #dbdbdb;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,922,270</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,270,398</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,013,999</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #dbdbdb;padding:0 1pt"></td><td colspan="3" style="border-top:1.5pt solid #dbdbdb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Cost</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1.5pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash cost per AuEq Ounce </font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$1,674</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$1,734</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$1,407</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$1,624</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">All-In sustaining costs per AuEq Ounce </font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$2,077</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$2,285</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$1,679</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$2,048</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(9&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total production cost per tonne</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$151.23</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$192.17</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$177.30</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$172.20</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(21&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Underground development (m)</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,211</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,673</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,031</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,915</font></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(28&#160;</font></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diamond drilling (m)</font></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22,089</font></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22,175</font></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,406</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">48,670</font></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0&#160;</font></td><td style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since being acquired on April 30, 2021, the Jerritt Canyon mine has produced 68,567 ounces of gold or 5,013,999 silver equivalent ounces. The mill processed a total of 633,400 tonnes with an average gold grade of 3.84 g&#47;t and a recovery of 84%.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Permitting, preparation and construction activities for the TSF2 12-ft lift project was completed during the year, which included installation of a new liner. The $10.4 million lift which was under budget which will provide over two years of additional deposition storage for tailings material at the site. A life-of-mine tailing deposition optimization study was started during the year and will be completed in early 2022.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year, cash cost per AuEq ounce averaged $1,624 per ounce and AISC averaged $2,048 per ounce. The main cost drivers in 2021 were the semi-annual maintenance overhaul of the dual roasters which was completed on October 4</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and included a planned 14-day major maintenance shutdown, combined with the TSF2 12-ft lift project. As a result, the AISC is expected to normalize in 2022. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the acquisition announcement in January 2021, First Majestic has been developing a long-term mine and exploration plan for the future of the operation. The Company has identified numerous projects that have been implemented or will be implemented over the next 12 to 24 months to improve environmental compliance and production, and reduce costs at the mine and processing plant, including&#58;  </font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.42pt">Rebuild a Leadership Team and add technical expertise to the operation (Completed)</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.42pt">Complete the remodeling of all resources inclusive of all available drilling data and mapping (Completed)</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.42pt">Execute a roaster expansion capacity study for future growth (Completed)</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.42pt">Optimize the water treatment plant for mine dewatering prioritization (Completed)</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.42pt">Complete the lift upgrade and develop a long-term TSF2 plan (Completed)</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.42pt">Establish a Special Environmental Trust to manage the Reclamation and Closure of four waste rock stockpiles  (Completed)</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.42pt">Complete a site-wide Environmental Audit (Completed)</font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.42pt">Connect the two underground Smith and SSX producing mines with an underground development drift which will be used for future ore haulage and exploration activities (Completed December 2021)</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.42pt">Obtain permits for potential pushbacks of past-producing open pits for future mill feed (Ongoing)</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.36pt">Test over 25 high-priority exploration targets, both near-mine and greenfield (Ongoing)</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.36pt">Evaluate and complete ore purchase opportunities with third parties to fill roaster excess capacity (Ongoing)</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.36pt">Optimize the underground mining plan and execution of mining with the mine contractor (Ongoing)</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.36pt">Evaluate and competitively bid all major procurement contracts for services and consumables (Ongoing)</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.36pt">Develop a mercury remediation plan for improved capture of off-gas from the roasters and refinery (Ongoing)</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">It should be noted that many of the anticipated benefits from these modifications are not yet reflected in the forecasted operating results and are expected to take several quarters to materialize.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%">2021Q4 vs. 2021Q3</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the fourth quarter, Jerritt Canyon produced 23,660 ounces of gold, representing a 10% decrease compared to the prior quarter. The decrease was primarily due to harsh winter weather in December which significantly reduced production for a period of two weeks, causing a reduction in throughput. In order to mitigate future harsh winter conditions, Jerritt Canyon&#58; </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">implemented a new blending strategy to improve material handling of frozen and wet ore&#59; </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">installed heat trace and insulation on critical lines and valves&#59; </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">connected the two mines which will help with accessibility and ore movement in extreme winter events&#59; and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">are optimizing the dryer operation to better handle major swings in moisture content to improve reliability and performance.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The mill processed a total of 256,374 tonnes with an average gold grade and recovery of 3.41 g&#47;t and 84%, respectively, compared to 230,415 tonnes with an average grade and recovery of 4.19 g&#47;t and 84%, respectively in the prior quarter. Increased ore development rates and processing of lower ore grade from surface material continued during the quarter which resulted in higher average tonnage with lower average ore grades processed in the plant.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The SSX and Smith mines contributed approximately 33% and 50%, respectively, of the total production during the quarter. In addition, numerous lower grade surface stockpiles contributed approximately 17% of total production during the quarter. During the quarter, the tailings lift at TSF2 and the underground connection drift between the SSX and Smith mines were both completed on-time and under budget. The new connection is expected to reduce transportation bottlenecks and improve movement efficiencies of personnel and equipment. In addition, the connection drift is expected to support future exploration activities.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash cost per AuEq ounce for the quarter was $1,674 compared to $1,734 in the prior quarter primarily due to a 14-day planned major maintenance of the dual roasters at the end of the previous quarter. AISC per AuEq ounce for the quarter was $2,077 per ounce, compared to $2,285 in the prior quarter primarily due lower exploration and sustaining costs as well as the completion of the TSF2 tailings lift project in the current quarter. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">A total of nine drill rigs, consisting of four surface rigs and five underground rigs, were active at the end of the quarter. A total of 22,089 diamond drilling metres and 1,211  metres of underground development were drilled during the quarter. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In early November, the Company executed an agreement with the NDEP relating to funds required to establish a trust agreement to cover post-closure water treatment cost at Jerritt Canyon. The estimated costs are $17.6 million and would be required to be funded by October 31, 2022. The Company is investigating alternative closure methods, including passive remediation and alternative water treatment methods, that may reduce this funding requirement.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_40"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">La Parrilla Silver Mine, Durango, M&#233;xico</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The La Parrilla Silver Mine, located approximately 65 kilometres southeast of the city of Durango in Durango State, M&#233;xico, is a complex of underground operations consisting of the Rosarios, La Blanca and San Marcos mines which are inter-connected through underground workings, and the Vacas and Quebradillas mines which are connected via above-ground gravel roads. The total mining concessions consist of 69,478&#160;hectares. The Company owns 60 hectares, and leases an additional 107&#160;hectares of surface rights, for a total of 167 hectares of surface rights. La Parrilla includes a 2,000 tpd sequential processing plant consisting of a 1,000 tpd cyanidation circuit and a 1,000 tpd flotation circuit, an ISO 9001 certified central laboratory, metallurgical pilot plant, buildings, offices and associated infrastructure. The Company owns 100% of the La Parrilla Silver Mine.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operations at the La Parrilla mine have been placed on care and maintenance since September 2019. The Company completed discussions with the La Parrilla Ejido to continue the long-term land use agreement at La Parrilla during the fourth quarter.</font></div><div><font><br></font></div><div id="i0608ab168e8346a9b15bda773286889f_46"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Del Toro Silver Mine, Zacatecas, M&#233;xico</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Del Toro Silver Mine is located 60 kilometres to the southeast of the Company&#8217;s La Parrilla mine and consists of 3,815&#160;hectares of mining concessions and 219 hectares of surface rights. The Del Toro operation represents the consolidation of three historical silver mines, the Perseverancia, San Juan and Dolores mines, which are approximately one and three kilometres apart, respectively. Del Toro includes a 2,000 tpd flotation circuit and a 2,000 tpd cyanidation circuit. First Majestic owns 100% of the Del Toro Silver Mine.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operations at the Del Toro mine has been placed on care and maintenance since January 2020.</font></div><div style="text-align:justify"><font><br></font></div><div id="i0608ab168e8346a9b15bda773286889f_52"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">San Martin Silver Mine, Jalisco, M&#233;xico</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The San Martin Silver Mine is an underground mine located near the town of San Martin de Bola&#241;os in the Bola&#241;os river valley, in the northern portion of the State of Jalisco, M&#233;xico. San Martin has 33 contiguous mining concessions in the San Martin de Bola&#241;os mining district covering mineral rights for 12,795 hectares, plus an application of a new mining concession covering 24,723 hectares to be granted. In addition, the mine owns 160 hectares of surface land where the processing plant, camp, office facilities, maintenance shops, and tailings dams are located, and an additional 640 hectares of surface rights. The 1,300 tpd mill and processing plant consists of crushing, grinding and conventional cyanidation by agitation in tanks and a Merrill-Crowe dor&#233; production system. The mine can be accessed via small plane, 150 kilometres from Durango, or 250&#160;kilometres by paved road north of Guadalajara, Jalisco. The San Martin Silver Mine is 100% owned by the Company.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In July 2019, the Company temporarily suspended all mining and processing activities at the San Martin operation due to marginal economics and growing insecurity in the area. The Company continues to work with government authorities to secure the area and continued to maintain the mine and plant facilities, including advancing a buttressing project on the TSF2 tailings impoundment. The re-opening date is contingent on economics and security conditions in the region and cannot be determined at this time.</font></div><div style="text-align:justify"><font><br></font></div><div id="i0608ab168e8346a9b15bda773286889f_58"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">La Guitarra Silver Mine, M&#233;xico State, M&#233;xico </font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The La Guitarra Silver Mine is located in the Temascaltepec Mining District in the State of M&#233;xico, M&#233;xico, approximately 130 kilometres southwest from M&#233;xico City. The La Guitarra mine covers 39,714 hectares of mining claims and has a 500 tpd flotation processing plant, buildings and related infrastructure. The Company owns 100% of the La Guitarra Silver Mine. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The La Guitarra milling and mining operations were placed under care and maintenance effective August 3, 2018. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:0.05pt;text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_61"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Springpole Silver Stream, Ontario, Canada</font></div><div><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In July 2020, the Company completed an agreement with First Mining Gold Corp. (&#8220;First Mining&#8221;) to purchase 50% of the life of mine payable silver produced from the Springpole Gold Project (&#34;Springpole Silver Stream&#34;), a development stage mining project located in Ontario, Canada. First Majestic agreed to pay First Mining consideration of $22.5 million in cash and shares, in three milestone payments, for the right to purchase silver at a price of 33% of the silver spot price per ounce, to a maximum of $7.50 per ounce (subject to annual inflation escalation of 2%, commencing at the start of the third anniversary of production). Commencing with its production of silver, First Mining must deliver 50% of the payable silver which it receives from the offtaker within five business days of the end of each quarter. </font></div><div style="margin-bottom:3pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transaction consideration paid and payable by First Majestic is summarized as follows&#58;</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">The first payment of $10.0 million, consisting of $2.5&#160;million in cash and $7.5 million in First Majestic shares (805,698 common shares), was paid to First Mining on July 2, 2020&#59;</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">The second payment, consisting of $3.75 million in cash and $3.75 million in First Majestic shares (287,300 common shares), was paid on January 21, 2021 upon the completion and public announcement by First Mining of the results of a Pre-Feasibility Study for Springpole&#59; and</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">The third payment, consisting of $2.5 million in cash and $2.5 million in First Majestic shares (based on 20 days volume weighted average price), will be paid upon receipt by First Mining of a Federal or Provincial Environmental Assessment approval for Springpole, which has not yet been received.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the agreement, First Mining also granted First Majestic 30 million common share purchase warrants, each of which will entitle the Company to purchase one common share of First Mining at CAD$0.40 over a period of five years. The fair value of the warrants was measured at $5.7 million using the Black-Scholes option pricing model.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">First Mining shall have the right to repurchase 50% of the silver stream for $22.5 million at any time prior to the commencement of production at Springpole leaving the Company with a reduced silver stream of 25% of life of mine payable silver production. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Springpole is one of Canada&#8217;s largest, undeveloped gold projects with permitting underway. In January 2021, First Mining announced positive results of its Pre-Feasibility Study (&#8220;PFS&#8221;) which supports a 30,000 tonnes-per-day open pit mining operation over an 11 year mine life. First Mining announced resources of 24.3 million ounces of silver in the Indicated category and 1.4 million ounces of silver in the Inferred category, plus 4.6 million ounces of gold in the Indicated category and 0.3 million ounces of gold in the Inferred category.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Springpole Project also includes large land holdings of 41,913 hectares which are fully encompassed under the silver streaming agreement.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at December&#160;31, 2021, the Company has paid $17.5 million in consideration to First Mining as part of the agreement, of which $5.7 million was allocated to other financial assets and $11.8 million was allocated to the Springpole Silver Stream recognized within exploration and evaluation assets.  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">First Mining is a related party with one independent board member who is also a director and&#47;or officer of First Majestic.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_64"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:46.370%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:51.430%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:100%">OVERVIEW OF FINANCIAL PERFORMANCE</font></td></tr></table></div><div id="i0608ab168e8346a9b15bda773286889f_67"></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">For the quarters ended December&#160;31, 2021 and 2020 (in thousands of dollars, except for per share amounts)&#58;</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:50.685%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.632%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.632%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.655%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.664%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fourth Quarter</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fourth Quarter</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Variance %</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Revenues</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$204,876</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$117,075</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">75</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Mine operating costs</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost of sales</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">121,236&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">58,008&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">109&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2)</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depletion, depreciation and amortization</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">43,278&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,399&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">181&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">164,514&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">73,407&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">124&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Mine operating earnings </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">40,362</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">43,668</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(8</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:8pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">General and administrative expenses</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,988&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,205&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share-based payments</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,859&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,227&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mine holding costs</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,485&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,017&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(65&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4)</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Acquisition costs</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Foreign exchange loss</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(262)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,424)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">89&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating earnings</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">28,269</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">29,643</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">5</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Unrealized gain on foreign currency derivatives</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,880</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(100&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investment and other income (loss) </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">736&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,333)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">132&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Finance costs</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9,077)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,717)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(144&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Earnings before income taxes</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">19,928</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">27,473</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(27</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current income tax expense </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23,743&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,115&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">NM</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred income tax expense (recovery) </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">156&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(11,187)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">NM</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income tax expense (recovery)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23,899&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,072)</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">NM</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net (loss) earnings for the period</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($3,971)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$34,545</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">NM</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9)</font></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Loss) earnings  per share (basic)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($0.02)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$0.16</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">NM</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9)</font></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Loss) earnings per share (diluted)</font></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($0.02)</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$0.15</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">NM</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9)</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">NM - Not meaningful</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Revenues</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the quarter increased $87.8 million compared to the same quarter of the previous year primarily attributed to&#58;</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">a 76% increase in payable silver equivalent ounces sold compared to the same quarter of the previous year which contributed to an increase in revenues of $91.6 million primarily due to the the addition of the Jerritt Canyon Gold Mine and the sale of 1.4 million silver ounces of inventory previously withheld in the prior quarter&#59;  </font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">        Partially offset by&#58;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">a 3% decrease in realized silver price per ounce sold, which averaged $24.18 during the quarter compared to $24.88 in the fourth quarter of 2020, resulting in a $3.5 million decrease in revenues.&#160;&#160;&#160;&#160;</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Cost of sales</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the quarter increased $63.2 million compared to the same quarter of the previous year primarily due to&#58;</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">the addition of the Jerritt Canyon mine which incurred $40.7 million in cost of sales during the fourth quarter&#59; and</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">a $11.5 million increase in change in inventory expense primarily due to sale of 1.4 million silver ounces of inventory withheld in the prior quarter, which was sold in the fourth quarter of 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Depletion, depreciation and amortization</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the quarter increased $27.9 million compared to the same quarter of the previous year, primarily as a result of&#58;</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">the addition of the Jerritt Canyon Gold Mine which incurred $18.4 million during the fourth quarter&#59;</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">the increase of depletable assets from the Mexican operations which incurred $4.2 million&#59; and</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">the sale of the 1.4 million in silver ounces withheld from the prior quarter which incurred $4.9 million during the quarter.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Mine holding costs</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> decreased by $4.5 million compared to the same quarter of 2020, primarily due to a decrease in labour costs at Del Toro, San Martin and La Parrilla following restructuring that took place in 2020.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Fair value adjustment on foreign currency derivatives </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of $3.9 million in the fourth quarter of the prior year related to mark-to-market adjustments on the Company's foreign currency derivatives, which were fully settled as at December 31, 2020. The Company utilized these foreign currency options and swaps to hedge cash flows relating to mining operations, exploration and evaluation activities and corporate expenses in Mexican Pesos.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Investment and other income </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">for the quarter</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">increased by $3.1 million compared to the fourth quarter of the prior year, primarily due to an unrealized gain of $0.8 million on the companies marketable securities, compared to an unrealized loss of 2.4 million during the same quarter of the previous year. <br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Finance costs </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">for the quarter</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">increased by $5.4 million compared to the fourth quarter of the prior year, primarily due to an accounting loss of $4.6 million on the settlement of the Company's 2018 senior convertible notes during the quarter.                  </font></div><div style="text-align:justify;text-indent:-18pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.42pt">During the quarter, the Company recorded an </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">income tax expense </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of $23.9 million compared to a recovery of $7.1&#160;million in the fourth quarter of 2020. The increase in income tax expense was primarily due to increase in the non-deductible expenses, the changes in valuation allowance, the foreign exchange impact on the Company's Mexican Peso denominated future income tax liability balances and the benefit associated with the impact of divestitures and restructuring recognized in 2020. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.42pt">As a result of the foregoing, </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">net loss </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">for the quarter was $4.0 million (EPS of ($0.02)) compared to net earnings of  $34.5&#160;million (EPS of $0.16) in the same quarter of the prior year.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_70"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">For the years to date ended December&#160;31, 2021, 2020 and 2019 </font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10.5pt;font-weight:700;line-height:120%">(in thousands of dollars, except for per share amounts)&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:44.138%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.655%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.655%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.804%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.655%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.517%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Annual</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Annual</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Annual</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Variance %</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2019</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">'21 vs '20</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Revenues</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$584,117</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$363,876</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$363,944</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">61</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Mine operating costs</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost of sales</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">366,085&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">194,305&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">232,146&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">88&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost of sales - standby costs</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,112&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(100&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depletion, depreciation and amortization</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">116,613&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,405&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">65,584&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">114&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">482,698&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">258,822&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">297,730&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">86&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Mine operating earnings </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">101,419</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">105,054</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">66,214</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(3</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">General and administrative</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,063&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,855&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">26,800&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share-based payments</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,290&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,255&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,325&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">49&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Impairment of non-current assets</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">58,739&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Acquisition costs</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,973&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mine holding costs</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,056&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,583&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,579&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(44&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Loss on divestiture of exploration projects</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,685&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(100&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Foreign exchange (gain) loss  </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,165)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,319&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,243)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(118&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating earnings (loss)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">49,202</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">40,357</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(31,986)</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">22</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fair value adjustment on foreign currency derivatives</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(982)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(100&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investment and other (loss) income</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,948)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,127&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,109&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(157&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Finance costs</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(21,004)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(14,773)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(15,147)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(42&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(11)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Earnings (loss) before income taxes</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">25,250</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">29,729</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(39,024)</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">NM</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current income tax expense</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">49,283&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,966&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,423&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">NM</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred income tax (recovery) </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(19,110)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,324)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(14,973)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">NM</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income tax expense </font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">30,173&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,642&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,450&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">NM</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12)</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net (loss) earnings for the year</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($4,923)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$23,087</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($40,474)</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">NM</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13)</font></td></tr><tr style="height:6pt"><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Loss) earnings per share (basic and diluted)</font></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($0.02)</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$0.11</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($0.20)</font></td><td style="border-bottom:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">NM</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13)</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">NM - Not meaningful</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Revenues</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the year ended December&#160;31, 2021 increased $220.2 million or 61% compared to the previous year, primarily attributed to&#58;</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$126.1 million increase due to a 32% increase in payable silver equivalent ounces sold compared to the prior year mainly attributed to the addition of Jerritt Canyon, achieving production at Ermita&#241;o during the fourth quarter of 2021 and the increase in production from the Mexican operations due to the reduced effect of the temporary COVID-19 suspension and units operating with limited workforce levels in the previous year&#59; and</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$94.4 million increase due to a 19% increase in realized silver price per ounce sold, which averaged $25.16 compared to $21.15 in the prior year.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Cost of sales</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the year increased $171.8 million or 88% compared to 2020 as a result of the following factors&#58;</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">the addition of the Jerritt Canyon Gold Mine on April 30, 2021, which contributed $117.3 million to cost of sales since its acquisition by First Majestic&#59; </font></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">a stronger Mexican Peso against the U.S. Dollar, which averaged 7% higher compared to the same period of 2020&#59; and</font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">an increase in throughput from the Mexican operations compared to 2020 primarily attributed to an increase in operational days due to lower impact from the COVID-19 suspension.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Standby costs</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in 2020 were primarily related to direct costs incurred at the San Dimas ($3.5 million), Santa Elena ($2.0 million) and La Encantada ($1.7 million) mines during the temporary COVID-19 suspensions, as well as $2.0&#160;million incurred during a 13-day union work stoppage at San Dimas during the second quarter of 2020. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Depletion, depreciation and amortization</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the year increased $62.2 million or 114% compared to the previous year primarily as a result of the addition of the Jerritt Canyon mine, which contributed $43.5 million during the year, and a $17.6 million increase from Mexican operations due to an increase in throughput, higher mining interest and property plant and equipment balances.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Share based payments</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the year increased $4.0 primarily attributed to an increase in the fair value of the options granted, restricted and performance share units granted during the year as well as the introduction of the deferred shares units compensation for the independent directors.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Acquisition costs</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of $2.0 million relates to due diligence costs and closing fees incurred in connection with the acquisition of the Jerritt Canyon Canada Ltd. which closed on April 30, 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Mine holding costs</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for the year decreased $9.5 million compared to the previous year primarily due to a decrease in labour costs at Del Toro, San Martin and La Parrilla following restructuring that took place in early 2020.</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Loss on divestiture of exploration projects </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of $3.7 million</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in 2020 related to $10.2 million loss on the sale of the Plomosas project to GR Silver Mining Ltd. in March 2020, partially offset by $6.5 million gain on the arrangement to option the La Joya project to Silver Dollar Resources Inc. in September 2020.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.42pt">Fair value adjustment on foreign currency derivatives</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of $1.0 million loss during 2020 related to mark-to-market adjustments on the Company's foreign currency derivatives, which have been fully settled as at December 31, 2021. The Company utilized these foreign currency options and swaps to hedge cash flows relating to mining operations, exploration and evaluation activities and corporate expenses in Mexican Pesos. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.36pt">Investment and other income</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the year decreased $8.1 million compared to the previous year primarily due to a $2.5 million loss on the write-down of property and equipment in relation to the sale of certain AG mill equipment to Condor Gold PLC and a $2.1 million unrealized loss on investments in marketable securities. <br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.36pt">Finance costs</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the year increased by $6.2 million compared to the previous year primarily due to an accounting loss of $4.6 million on the settlement of the Company's 2018 senior convertible notes.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.36pt">During the year ended December&#160;31, 2021, the Company recorded an </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">income tax expense </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of $30.2 million, compared to $6.6 million in 2020. The increase in income tax expense was primarily due to&#58;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">the increase in non-deductible expenses of $15.3 million at operating mines&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">additional non-deductible expenses consisting of $14.1 million related to expenditures incurred at care and maintenance mines in Mexico, as well as head office losses arising from the cost of settlement of 2018 senior convertible notes and other expenses&#59; </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">the one-time benefit associated with the impact of divestitures and restructuring recognized in 2020 in the amount of $16.7 million&#59;</font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">   Partially offset by&#58;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt"> the foreign exchange impact on the Company's Mexican Peso denominated future income tax liability balances of $17.0 million. </font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.36pt">As a result of the foregoing, </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">net loss</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for the year ended December&#160;31, 2021 was $4.9 million (EPS of ($0.02)), compared to net income of $23.1 million (EPS of $0.11) in the prior year. </font></div><div><font><br></font></div><div><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">32</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_73"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:42.501%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:55.299%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">SUMMARY OF QUARTERLY RESULTS</font></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:4pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">The following table presents selected financial information for each of the most recent eight quarters&#58;</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.809%"><tr><td style="width:1.0%"></td><td style="width:35.646%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.580%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.580%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.580%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.580%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.580%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.580%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.580%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.580%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.410%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Selected Financial Information</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Q4</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Q3</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Q2</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Q1</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Q4</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Q3</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Q2</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Q1</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue</font></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$204,876&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$124,646&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$154,073&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$100,522&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$117,075&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$125,881&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$34,855&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$86,065&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cost of sales</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$121,236&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$92,006&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$95,782&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$57,061&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$58,008&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$60,275&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$26,187&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$49,835&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cost of sales - standby costs</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$9,166&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$946&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depletion, depreciation and amortization</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$43,278&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$29,122&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$28,868&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$15,345&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$15,399&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$17,573&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$7,264&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$14,169&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mine operating earnings (loss) </font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$40,362&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$3,518&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$29,423&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$28,116&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$43,668&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$48,033&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">($7,762)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$21,115&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net (loss) earnings after tax</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">($3,971)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">($18,406)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$15,599&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$1,855&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$34,545&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$30,946&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">($9,968)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">($32,436)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Loss) earnings per share - basic</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">($0.02)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">($0.07)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$0.06&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$0.01&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$0.16&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$0.14&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">($0.05)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">($0.15)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Loss) earnings per share - diluted</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">($0.02)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">($0.07)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$0.06&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$0.01&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$0.15&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$0.14&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">($0.05)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">($0.15)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the fourth quarter of 2021, mine operating earnings were $40.4 million compared to earnings of $3.5&#160;million in the previous quarter. Net loss for the quarter was $4.0 million compared to a loss of  $18.4 million in the prior quarter, as the Company sold 1.4 million ounces of silver withheld in inventory in the prior quarter. </font></div><div><font><br></font></div><div id="i0608ab168e8346a9b15bda773286889f_76"></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:73.751%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.049%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">LIQUIDITY, CAPITAL RESOURCES AND CONTRACTUAL OBLIGATIONS</font></td></tr></table></div><div><font><br></font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Liquidity</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at December&#160;31, 2021, the Company had cash and cash equivalents of $237.9 million, comprised primarily of cash held with reputable financial institutions and is invested in cash accounts and in highly liquid short-term investments with maturities of three months or less. With the exception of $6.4 million held in-trust for tax audits in Mexico, the Company's cash and cash equivalents are not exposed to liquidity risk and there are no restrictions on the ability of the Company to use these funds to meet its obligations. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Working capital as at December&#160;31, 2021 was $224.4 million compared to $254.4&#160;million at December&#160;31, 2020. Total available liquidity at December&#160;31, 2021 was $274.4 million, including $50.0&#160;million of undrawn revolving credit facility.  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the Company's cash flow activity during the year&#58;</font></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:75.536%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:10.209%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.211%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Cash flow</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash generated by operating activities</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$68,723&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$79,713&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash used in investing activities</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(180,753)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(127,115)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash generated by financing activities</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">111,817&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">116,574&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;(Decrease) increase in cash and cash equivalents</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($213)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$69,172</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Effect of exchange rate on cash and cash equivalents held in foreign currencies    </font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(439)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">397&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents, beginning of the year</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">238,578&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">169,009&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Cash and cash equivalents, end of year</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$237,926</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$238,578</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s cash flows from operating, investing and financing activities during the year ended December&#160;31, 2021 are summarized as follows&#58;</font></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Cash used in operating activities</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of $68.7 million, primarily due to&#58;</font></div><div style="margin-bottom:6pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$176.8 million in cash flows from operating activities before movements in working capital and taxes&#59; </font></div><div style="margin-bottom:3pt;padding-left:54pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">net of&#58;</font></div><div style="margin-bottom:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$76.5 million in income taxes paid during the period&#59; and</font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.02pt">$31.5 million in net change in non-cash working capital items during the period, including $9.0 million increase in inventories and $48.0 million increase in restricted cash (PEM frozen bank account), partially offset by an increase of $16,580.0 million in trade and other payables and $9.8 million decrease in VAT receivables.</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Cash used in investing activities</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of $180.8 million, primarily related to&#58;</font></div><div style="margin-bottom:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$132.4 million spent on mine development and exploration activities&#59; </font></div><div style="margin-bottom:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$56.6 million spent on purchase of property, plant and equipment&#59;</font></div><div style="margin-bottom:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$12.6 million reclassification of restricted cash for the acquisition of Jerritt Canyon (escrow funds)&#59;</font></div><div style="margin-bottom:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$7.8 million spent on deposits on non-current assets&#59;</font></div><div style="margin-bottom:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$3.5 million spent on the purchase of marketable securities&#59; </font></div><div style="margin-bottom:3pt;padding-left:54pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">net of&#58; </font></div><div style="margin-bottom:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$30.0 million of restricted cash acquired through the acquisition of Jerritt Canyon&#59; and</font></div><div style="margin-bottom:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$2.6 million of net proceeds from the disposal of marketable securities.<br></font></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.02pt">Cash provided by financing activities</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of $111.8 million, primarily consists of the following&#58;</font></div><div style="margin-bottom:3pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$222.8 million of net proceeds from the issuance of the 2021 senior convertible debentures&#59;</font></div><div style="margin-bottom:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$66.7 million of net proceeds from the issuance of shares through the ATM&#59;</font></div><div style="margin-bottom:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$30.0 million of net proceeds from the drawdown on the Scotiabank revolving credit facility&#59;</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$21.8 million of net proceeds from the exercise of stock options&#59; </font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">net of&#58;</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$171.8 million net repayment of the 2018 senior convertible debentures&#59;</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$40.0 million repayment of debt facility&#59;</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$9.3 million on repayment of lease obligations&#59;</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$4.3 million payment of financing costs&#59; and</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">$3.9 million payment on dividends paid.</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year ended December 31, 2021 the Company received $48.0 million (966 million MXN) related to value added tax filings. In connection with the PEM tax ruling, the tax authority has frozen a PEM bank account with funds of $48.0 million as a guarantee against certain disputed tax assessments which are currently held within the Company's restricted cash accounts. This balance consists of VAT refunds that the Company has received which were previously withheld by the tax authority. The Company does not agree with SAT's position and is challenging the freezing of the bank account through the relevant legal channels. Additionally, as part of the acquisition of Jerritt Canyon, the Company was required to hold certain funds in escrow to settle the payment for Triggered Tax provisions along with any adjustments to working capital. As at December 31, 2021, $12.6 million remained in escrow.</font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Reconciliation on Use of Proceeds from ATM Programs</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Distributions (&#34;ATM&#34;) Programs</font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year ended December&#160;31, 2021, the Company sold 4,225,000 common shares under the ATM programs at an average price of $16.24 for gross proceeds of $68.6&#160;million, or net proceeds of $66.7&#160;million after costs. The primary business objectives that the Company expects to use the net proceeds is was for general working capital purposes, expansion of existing operations, and for general corporate purposes. This includes completing corporate acquisitions, financing future growth opportunities and to repay existing or future indebtedness. The use of proceeds from the amount raised in the current year is reconciled as follows&#58;</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gross Proceeds&#58;</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$68,630</font></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Use of Proceeds&#58;</font></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mine development</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">35,191&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mine exploration</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,822&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">General working capital</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,662&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Offering expenses</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,955&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$68,630</font></td></tr></table></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Capital Resources</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s objective when managing capital is to maintain financial flexibility to continue as a going concern while optimizing growth and maximizing returns of investments from shareholders. </font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company monitors its capital structure and based on changes in operations and economic conditions, may adjust the structure by repurchasing shares, issuing new shares, issuing new debt or retiring existing debt. The Company prepares an annual budget and quarterly forecasts to facilitate the management of its capital requirements. The annual budget is approved by the Company&#8217;s Board of Directors.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is not subject to any externally imposed capital requirements with the exception of complying with banking covenants defined in its debt facilities. As at December&#160;31, 2021 and December 31, 2020, the Company was fully in compliance with these covenants.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Contractual Obligations and Commitments </font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at December&#160;31, 2021, the Company&#8217;s contractual obligations and commitments are summarized as follows&#58;</font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.702%"><tr><td style="width:1.0%"></td><td style="width:39.497%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.243%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.795%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.094%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.392%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.395%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Contractual<br>Cash Flows</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Less than <br>1 year</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2 to 3<br>years</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4 to 5<br>years</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">After 5 years</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade and other payables</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$120,666&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$120,666&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Debt facilities</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">234,666&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,216&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,725&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">231,725&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">44,561&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,252&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,312&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,752&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,245&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,797&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,797&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Purchase obligations and commitments</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,176&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,176&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$424,866</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$152,310</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$23,037</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$242,477</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$7,042</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2021, the Company had working capital of $224.4 million (2020 &#8211; $254.4 million) and total available liquidity of $274.4 million (2020 &#8211; $319.4 million), including $50.0&#160;million of undrawn revolving credit facility. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company believes it has sufficient cash on hand, combined with cash flows from operations, to meet operating requirements as they arise for at least the next 12 months.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_79"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:50.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:47.561%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">MANAGEMENT OF RISKS AND UNCERTAINTIES</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company thoroughly examines the various financial instruments and risks to which it is exposed and assesses the impact and likelihood of those risks. These risks may include credit risk, liquidity risk, currency risk, commodity price risk, and interest rate risk. Where material, these risks are reviewed and monitored by the Board of Directors.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Credit Risk</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Credit risk is the risk of financial loss if a customer or counterparty fails to meet its contractual obligations. The Company&#8217;s credit risk relates primarily to chartered banks, trade receivables in the ordinary course of business, value added taxes receivable and other receivables.<br><br>As at December 31, 2021, VAT receivable was $47.1 million (December 31, 2020 - $56.9 million), of which $22.2 million (December 31, 2020 $16.5 million) relates to Minera La Encantada S.A. de C.V. (&#34;MLE&#34;) and $22.0 million (December 31, 2020 - $37.9 million) relates to PEM. The SAT commenced processing VAT refund requests by PEM in June 2021 and the Company expects the amounts to be refunded within the next twelve months. <br><br>The Company sells and receives payment upon delivery of its silver dor&#233; and by-products primarily through three international customers. All of the Company's customers have good ratings and payments of receivables are scheduled, routine and fully received within 60 days of submission&#59; therefore, the balance of trade receivables owed to the Company<br>in the ordinary course of business is not significant.<br><br>The carrying amount of financial assets recorded in the consolidated financial statements represents the Company&#8217;s maximum exposure to credit risk. With the exception to the above, the Company believes it is not exposed to significant credit risk.<br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity Risk</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they arise. The Company manages liquidity risk by monitoring actual and projected cash flows and matching the maturity profile of financial assets and liabilities. Cash flow forecasting is performed regularly to ensure that there is sufficient capital in order to meet short-term business requirements, after taking into account cash flows from operations and our holdings of cash and cash equivalents.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Currency Risk</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is exposed to foreign exchange risk primarily relating to financial instruments that are denominated in Canadian dollars or Mexican pesos, which would impact the Company&#8217;s net earnings or loss. To manage foreign exchange risk, the Company may occasionally enter into short-term foreign currency derivatives, such as forwards and options, to hedge its cash flows. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The sensitivity of the Company&#8217;s net earnings or loss and comprehensive income or loss due to changes in the exchange rates of the Canadian Dollar and the Mexican Peso against the U.S. Dollar is included in the table below&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:13.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.870%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.395%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.870%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.167%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.870%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.721%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.870%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.870%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.874%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="45" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2021</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Cash and cash equivalents</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Restricted cash</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Value added taxes receivable</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Other financial assets</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Trade and other payables</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Trade and other receivable</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net assets (liabilities) exposure</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Effect of +&#47;- 10% change in currency</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Canadian dollar</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$52,978&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$12,574&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$7,644&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">($3,547)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$90&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$69,739&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$6,974&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mexican peso</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">36,575&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">48,010&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">42,979&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(47,023)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">80,541&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,054&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$89,553</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$60,584</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$42,979</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 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0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$90</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid 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style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Commodity Price Risk</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is exposed to commodity price risk on silver and gold, which have a direct and immediate impact on the value of its related financial instruments and net earnings. The Company&#8217;s revenues are directly dependent on commodity prices that have shown volatility and are beyond the Company&#8217;s control. The Company does not use derivative instruments to hedge its commodity price risk to silver or gold.</font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the Company&#8217;s exposure to commodity price risk and their impact on net earnings&#58;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.692%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.808%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.541%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.808%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.541%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.810%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2021</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="15" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Effect of +&#47;- 10% change in metal prices</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Silver</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Metals in dor&#233; inventory</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$2,217&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$571&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$2,788&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$2,217</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$571</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$2,788</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:top"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Political and Country Risk</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">First Majestic currently conducts foreign operations in M&#233;xico and the United States, and as such the Company&#8217;s operations are exposed to various levels of political and economic risks by factors outside of the Company&#8217;s control. These potential factors include, but are not limited to&#58; royalty and tax increases or claims by governmental bodies, expropriation or nationalization, foreign exchange controls, high rates of inflation, extreme fluctuations in foreign currency exchange rates, import and export tariffs and regulations, lawlessness, cancellation or renegotiation of contracts and environmental and permitting regulations. The Company currently has no political risk insurance coverage against these risks. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is unable to determine the impact of these risks on its future financial position or results of operations. Changes, if any, in mining or investment policies or shifts in political attitude in foreign countries may substantively affect the Company&#8217;s exploration, development and production activities.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Uncertainty in the Calculation of Mineral Reserves, Resources and Silver Recovery </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There is a degree of uncertainty attributable to the calculation of Mineral Reserves and Mineral Resources (as defined in NI 43-101). Until Mineral Reserves or Mineral Resources are actually mined, extracted and processed, the quantity of minerals and their grades must be considered estimates only. In addition, the quantity of Mineral Reserves and Mineral Resources may vary depending on, among other things, applicable metal prices. Any material change in the quantity of Mineral Reserves, Mineral Resources, grade or mining widths may affect the economic viability of some or all of the Company&#8217;s mineral properties and may have a material adverse effect on the Company's operational results and financial condition. Mineral Reserves on the Company&#8217;s properties have been calculated on the basis of economic factors at the time of calculation&#59; variations in such factors may have an impact on the amount of the Company&#8217;s Mineral Reserves. In addition, there can be no assurance that silver recoveries or other metal recoveries in small scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production, or that the existing known and experienced recoveries will continue.</font></div><div><font><br></font></div><div style="margin-bottom:6pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Public Health Crises </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Global financial conditions and the global economy in general have experienced, at various times in the past and potentially in the future, extreme volatility in response to economic shocks or other events, such as the ongoing situation concerning COVID&#8208;19. Many industries, including the mining industry, are impacted by volatile market conditions in response to the widespread outbreak of epidemics, pandemics, or other health crises. Such public health crises and the responses of governments and private actors can result in disruptions and volatility in economies, financial markets, and global supply chains as well as declining trade and market sentiment and reduced mobility of people, all of which could impact commodity prices, interest rates, credit ratings, credit risk and inflation. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's business could be materially adversely affected by the effects of the COVID&#8208;19 pandemic. As of the date of this MD&#38;A, the global spread of COVID&#8208;19 continues to result in, among other things, restrictions in many jurisdictions on travel and gatherings of individuals, quarantines, temporary business closures and a general reduction in consumer activity. Due to the potential for new variants of COVID-19, future disruptions to business internationally and related financial impact on the Company and the economy in general cannot be estimated with any degree of certainty at this time. In addition, the long-term impact of the pandemic on global economies and financial markets remains uncertain and could result in a protracted economic downturn that could have an adverse effect on the demand for precious metals and the Company's future prospects. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In particular, the continued spread of COVID&#8208;19 globally and emergence of new variants could materially and adversely impact the Company's business, including without limitation, employee health, workforce availability and productivity, limitations on travel, supply chain disruptions, increased insurance premiums, increased costs and reduced efficiencies, the availability of industry experts and personnel, restrictions on the Company's exploration and drilling programs and&#47;or the </font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">timing to process drill and other metallurgical testing and the slowdown or temporary suspension of operations at some or all of the Company's properties, resulting in reduced production volumes. Although the Company has the capacity to continue certain administrative functions remotely, many other functions, including mining operations, cannot be conducted remotely.  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2021, the Company continued to implement preventative control measures to protect the safety and health of our employees, contractors, and communities in which we operate, including social distancing, remote working, cancellation of any non-essential visits to the mines, comprehensive sanitation measures for the workplace and company transportation, and pre-screening for virus symptoms. The Company&#8217;s Polymerase Chain Reaction (PCR) laboratory in Durango, Mexico, supported these initiatives.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company continues to monitor the various government health measures in the jurisdictions where we operate and there are no COVID-19-related restrictions on mine operations at this time.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There is no guarantee that the Company will not experience significant disruptions to or additional closures of some or all of its active mining operations due to COVID-19 restrictions in the future. Any such disruptions or closures could have a material adverse effect on the Company&#8217;s production, revenue, net income and business. In addition, parties with whom the Company does business or on whom the Company is reliant, including suppliers and refineries may also be adversely impacted by the COVID-19 crisis which may in turn cause further disruption to the Company&#8217;s business, including delays or halts in availability or delivery of consumables and delays or halts in refining of ore from the Company&#8217;s mines. Any long-term closures or suspensions may also result in the loss of personnel or the workforce in general as employees seek employment elsewhere.  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The impact of COVID&#8208;19 and government responses thereto may also continue to have a material impact on financial markets and could constrain the Company's ability to obtain equity or debt financing in the future, which may have a material and adverse effect on its business, financial condition, and results of operations.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%">Environmental and Health and Safety Risks</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s activities are subject to extensive laws and regulations governing environmental protection and employee health and safety. Environmental laws and regulations are complex and have tended to become more stringent over time. The Company is required to obtain governmental permits and in some instances air, water quality, and mine reclamation rules and permits. The Company has complied with environmental taxes applied to the use of certain fossil fuels according to the Kyoto Protocol. Although the Company makes provisions for reclamation costs, it cannot be assured that these provisions will be adequate to discharge its future obligations for these costs. Failure to comply with applicable environmental and health and safety laws may result in injunctions, damages, suspension or revocation of permits and imposition of penalties. While the health and safety of our people and responsible environmental stewardship are our top priorities, there can be no assurance that First Majestic has been or will be at all times in complete compliance with such laws, regulations and permits, or that the costs of complying with current and future environmental and health and safety laws and permits will not materially and adversely affect the Company&#8217;s business, results of operations or financial condition. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 26, 2021, the NDEP issued 10 Notices of Alleged Violation (collectively the &#8220;NOAV&#8221;) that alleged the Company doing business as Jerritt Canyon Gold, LLC had violated various air permit conditions and regulations applicable to operations at the Jerritt Canyon in Elko County, Nevada.  The NOAV are related to compliance with emission monitoring, testing, recordkeeping requirements, and emission and throughput limits. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company filed a Notice of Appeal on September 3, 2021, challenging the NOAV before the Nevada State Environmental Commission (&#8220;NSEC&#8221;). The Company raised various defenses to the NOAV, including that the Company is not liable for the violations because it was never the owner&#47;operator of Jerritt Canyon during the period the alleged violations began (on April 30, 2021, the Company acquired Jerritt Canyon Canada Ltd, which, through subsidiaries, owns and operates Jerritt Canyon).  There is currently no hearing scheduled or any scheduling order in the matter, and the parties have yet to engage in discovery. At this time the estimated amount cannot be reliably determined.  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 8, 2022, NDEP issued an additional four Notices of Alleged Violations to Jerritt Canyon Gold, LLC for alleged exceedances and violations of an Air Quality Operating permit and Mercury Operating Permit to Construct. The new NOAVs relate to alleged exceedances of a mercury emission limitations, exceedances of operating parameters, installation of equipment, and recordkeeping requirements. The Company is evaluating the claims contained in the NOAVs and JCG has until March 18, 2022 to respond to the NOAV by filing a challenge with the NSEC.&#34;</font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Claims and Legal Proceedings Risks</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to various claims and legal proceedings covering a wide range of matters that arise in the ordinary course of business activities. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation&#58; availability of time on court calendars in Canada and elsewhere&#59; the recognition of Canadian judgments under Mexican law&#59; the possibility of settlement discussions&#59; the risk of appeal of judgment&#59; and the insufficiency of the defendant&#8217;s assets to satisfy the judgment amount. Each of these matters is subject to various uncertainties and it is possible that some of these matters may be resolved unfavourably to the Company. First Majestic carries liability insurance coverage and establishes provisions for matters that are probable and can be reasonably estimated. In addition, the Company may be involved in disputes with other parties in the future which may result in a significant impact on our financial condition, cash flow and results of operations.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although the Company has taken steps to verify ownership and legal title to mineral properties in which it has an interest, according to the usual industry standards for the stage of mining, development and exploration of such properties, these procedures do not guarantee the Company&#8217;s title. Such properties may be subject to prior agreements or transfers, and title may be affected by undetected defects. However, management is not aware of any such agreements, transfers or defects. </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Primero Tax Rulings</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When Primero, the previous owner of San Dimas acquired the San Dimas Mine in August 2010, it assumed the obligations under a Silver Purchase Agreement (&#8220;Old Stream Agreement&#8221;) that required its subsidiary PEM to sell to WPMI all the silver produced from the San Dimas mine, up to 6 million ounces and 50% of silver produced thereafter, at the lower of&#58; (i) the spot market price and (ii) $4.014 per ounce plus an annual increase of 1%. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to reflect the commercial terms and the effects of the Old Stream Agreement, for Mexican income tax purposes, PEM recognized the revenue on these silver sales based on its actual realized revenue (&#8220;PEM Realized Price&#8221;) instead of at spot market prices.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To obtain assurance that the SAT would accept the PEM Realized Price as the price to use to calculate Mexican income taxes, Primero applied for and received on October 4, 2012, an Advance Pricing Agreement (&#8220;APA&#8221;) from the SAT for taxation years 2010 to 2014. The APA confirmed that the PEM Realized Price could be used as Primero&#8217;s basis for calculating taxes owed by PEM for the silver sold under the Old Stream Agreement. The purpose of the APA was to have SAT provide tax certainty and as a result Primero and PEM made significant investments in Mexico based on that certainty. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2016, PEM received a legal claim from the SAT seeking to nullify the APA. The legal claim did not identify any alternative basis for paying taxes. </font></div><div style="padding-right:6.75pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2019, the SAT issued reassessments for the 2010 to 2012 tax years in the total amount of $239.0 million (4,919 million MXN) inclusive of interest, inflation, and penalties. In 2021, the SAT also issued a reassessment against PEM for the 2013 tax year in the total amount of $132.3 million (2,723 million MXN) (collectively, the &#34;Reassessments&#34;). The Company believes that the Reassessments were issued in violation of the terms of the APA. The key items in the Reassessments include determining revenue on the sale based on the silver spot market price, denial of the deductibility of interest expense and service fees, SAT technical error related to double counting of taxes, and interest and penalties. </font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company continues to defend the APA in the Mexican legal proceedings, and initiated proceedings under relevant tax treaties between the competent tax authorities of Mexico, Canada, Luxembourg and Barbados, all of which were subsequently dismissed on a unilateral basis by the SAT (&#34;Dismissals&#34;) in May 2020. The Company believes that the Dismissals breach international obligations regarding double taxation treaties, and also that the APA remains valid and legally binding. The Company will continue disputing the Reassessments, exhausting its domestic and international remedies. </font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While the Company continues to vigorously defend the validity of the APA and its transfer pricing position, it is also engaging in various proceedings against the SAT seeking to resolve matters and bring tax certainty through a negotiated solution. Despite these extensive efforts and ongoing legal challenges to the Reassessments and the Dismissals, in April 2020 and February 2021, SAT issued notifications to PEM to attempt to secure amounts it claims are owed pursuant to its reassessments issued. These notifications impose certain restrictions on PEM including its ability to dispose of its concessions and real properties, and to restrict access to funds within its bank account, the latter as disclosed in Note 18(b)3 of the audited financial statements.</font></div><div style="padding-right:6.75pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has challenged SAT&#8217;s Reassessments and Dismissals through all domestic means available to it, including annulment suits before the Mexican Federal Tax Court on Administrative Matters (&#34;Federal Court&#34;), which remain unresolved, and a complaint before Mexico&#8217;s Federal Taxpayer Defense Attorney's Office (known as &#8220;PRODECON&#8221;). The Company believes that the actions of the SAT are neither fair nor equitable, are discriminatory against the Company as a foreign investor, amount to a denial of justice under international law, and furthermore violate various provisions of the Federal Constitution of the United Mexican States, Mexican domestic law, and Mexican court precedents. </font></div><div style="padding-right:6.75pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 13, 2020, the Company provided to the Government of Mexico notice of its intention to initiate an international arbitration proceeding (&#8220;Notice of Intent&#8221;) pursuant to the North American Free Trade Agreement (&#8220;NAFTA&#8221;). The Notice of Intent commenced a 90-day period for the Government of Mexico to enter into good faith and amicable negotiations with the Company to resolve the dispute. On August 11, 2020, the 90-day period expired without any resolution of the dispute.</font></div><div style="padding-right:2.25pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In September 2020, the Company was served with a decision of the Federal Court seeking to nullify the APA granted to PEM. The Federal Court&#8217;s decision directs SAT to re-examine the evidence and basis for the issuance of the APA with retroactive effect, for the following key reasons&#58; </font></div><div style="padding-right:2.25pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">        (i) SAT&#8217;s errors in analyzing PEM&#8217;s request for the APA and the evidence provided in support of the request&#59; and </font></div><div style="padding-right:2.25pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">        (ii) SAT&#8217;s failure to request from PEM certain additional information before issuing the APA. </font></div><div style="padding-right:2.25pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s legal advisors having reviewed the written reasons have advised that the Federal Court&#8217;s decision is flawed both due to SAT's procedural irregularities and failure to address the relevant evidence and legal authorities. In addition, they consider that the laws applied to PEM in the decision are unconstitutional. As a result, the Company filed an appeal of the decision to the Mexican Circuit Courts on November 30, 2020. Since two writs of certiorari were filed before the Mexican Supreme Court of Justice, on April 15, 2021, the Plenary of the Supreme Court i) admitted one of those writs, ii) requested the Circuit Court to send the amparo file and iii) assigned such writ to the Second Chamber of the Supreme Court for issuing the corresponding decision. The other writ of certiorari has not been admitted by the Plenary of the Supreme Court. Therefore, the Company is currently waiting for the Supreme Court to issue a resolution towards such writs of certiorari.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company intends to continue to challenge the actions of the SAT in Mexican courts. However, due to the ongoing COVID-19 crisis, the Mexican courts continues to be available only on a restricted basis for further hearings on these matters.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 2, 2021, the Company announced that it submitted a Request for Arbitration to the International Centre for Settlement of Investment Disputes (&#34;ICSID&#34;), on its own behalf and on behalf of PEM, based on Chapter 11 of NAFTA. On March 31, 2021, the Notice of Registration of the Request for Arbitration was issued by the ICSID Secretariat. Once the NAFTA Arbitration Panel (the &#8220;Tribunal&#8221;) was fully constituted by the appointment of all three panel members on August 20, 2021, the NAFTA Arbitration Proceedings (the &#8220;NAFTA Proceedings&#8221;) were deemed to have commenced. The first session of the NAFTA Proceedings was held by videoconference on September 24, 2021 to decide upon the procedural rules which will govern the NAFTA Proceedings. The Tribunal issued Procedural Order No. 1 on October 21, 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt;padding-right:2.25pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the SAT were to be successful in retroactively nullifying the APA, the SAT may seek to audit and reassess PEM in respect of its sales of silver pursuant to the Old Stream Agreement for 2010 through 2014. Such an outcome would likely have a material adverse effect on the Company&#8217;s results of operations, financial condition and cash flows. Should the Company ultimately be required to pay tax on its silver revenues based on spot market prices without any mitigating adjustments, the incremental income tax for the years 2010-2019 would be approximately $228.5&#160;million (4,703 million MXN), before taking into consideration interest or penalties.<br><br>Based on the Company&#8217;s consultation with third party advisors, the Company believes PEM filed its tax returns in compliance with applicable Mexican law and, therefore, at this time no liability has been recognized in the financial statements. <br><br>To the extent it is ultimately determined that the appropriate price of silver sales under the Old Stream Agreement is significantly different from the PEM Realized Price and while PEM would have rights of appeal in connection with any reassessments, it is likely to have a materially adverse effect on the Company&#8217;s business, financial position and results of operations.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">La Encantada Tax Re-assessments</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2019, as part of the ongoing annual audits of the tax returns of Minera La Encantada S.A. de C.V., the SAT issued tax assessments for fiscal 2012 and 2013 in the amount of $7.6 million (155.4 million MXN) and $6.2 million (126.6 million MXN), respectively.&#160; The key items relate to forward silver purchase agreement and denial of the deductibility of mine development costs and service fees.&#160; The Company continues to defend the validity of the forward silver purchase agreement and will vigorously dispute the assessments that have been issued.&#160; The Company, based on advice from legal and financial advisors believes MLE&#8217;s tax filings were appropriate and its tax filing position is correct, therefore no liability has been recognized in the financial statements.&#160;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">First Silver litigation</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2013, the Company received a positive judgment on the First Silver litigation from the Supreme Court of British Columbia (the &#8220;Court&#8221;), which awarded the sum of $93.8 million in favour of First Majestic against Hector Davila Santos (the &#8220;Defendant&#8221;). The Company received a sum of $14.1 million in June 2013 as partial payment of the judgment, leaving an unpaid amount of approximately $64.3 million (CAD$81.5 million). As part of the ruling, the Court granted orders restricting any transfer or encumbrance of the Bola&#241;os Mine by the Defendant and limiting mining at the Bola&#241;os Mine. The orders also require that the Defendant to preserve net cash flow from the Bola&#241;os Mine in a holding account and periodically provide to the Company certain information regarding the Bola&#241;os Mine. However, there can be no guarantee that the remainder of the judgment amount will be collected and it is likely that it will be necessary to take additional action in Mexico and&#47;or elsewhere to recover the balance. Therefore, as at December 31, 2021, the Company has not accrued any of the remaining $64.3 million (CAD$81.5 million) unrecovered judgment in favour of the Company.&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="text-align:justify"><font><br></font></div><div id="i0608ab168e8346a9b15bda773286889f_82"></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:42.501%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:55.299%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">OTHER FINANCIAL INFORMATION</font></td></tr></table></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Share Repurchase Program</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has an ongoing share repurchase program to repurchase up to 5% of the Company&#8217;s issued and outstanding shares. The normal course issuer bids will be carried through the facilities of the Toronto Stock Exchange and alternative Canadian marketplaces. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year ended December 31, 2020, the Company repurchased and cancelled 275,000 common shares for a total consideration of $1.7 million, through a normal course issuer bid in the open market as approved by the Toronto Stock Exchange. No shares were repurchased during the year ended December&#160;31, 2021. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Off-Balance Sheet Arrangements</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2021, the Company had no material off-balance sheet arrangements such as contingent interest in assets transferred to an entity, derivative instruments obligations or any obligations that generate financing, liquidity, market or credit risk to the Company, other than contingent liabilities and vendor liability and interest, as disclosed in this MD&#38;A and the consolidated financial statements and the related notes. </font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Related Party Disclosures</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Amounts paid to related parties were incurred in the normal course of business and measured at the exchange amount, which is the amount agreed upon by the transacting parties and on terms and conditions similar to non-related parties. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In July 2020, the Company completed the agreement with First Mining Gold Corp., to purchase 50% of the payable silver produced from the Springpole Gold Project for total consideration of $22.5 million in cash and shares, over three payments, for the silver stream which covers the life of the Springpole project. First Mining is a related party with one independent board member who is a director and&#47;or officer of First Majestic.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With the exception of the agreement with First Mining Gold Corp., there were no transactions with related parties outside of the ordinary course of business during the year ended December&#160;31, 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Outstanding Share Data</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">As at March&#160;9, 2022, the Company has 260,181,673 common shares issued and outstanding.</font></div><div><font><br></font></div><div><font><br></font></div><div id="i0608ab168e8346a9b15bda773286889f_85"></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:24.644%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:73.156%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">SUBSEQUENT EVENTS</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following significant events occurred subsequent to December&#160;31, 2021&#58;</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Declaration of Quarterly Dividend</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 9, 2022, the Company's board of directors approved its quarterly common share dividend of $0.0079&#160;per share, payable on and after April 4, 2022, to common shareholders of record at the close of business on March 21, 2022. These dividends were declared subsequent to the quarter end and have not been recognized as distributions to owners during the year ended December 31, 2021.</font></div><div><font><br></font></div><div id="i0608ab168e8346a9b15bda773286889f_88"></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:38.930%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">ACCOUNTING POLICIES, JUDGMENTS AND ESTIMATES</font></td></tr></table></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Critical Accounting Judgments and Estimates</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with IFRS as issued by IASB requires management to make judgments, estimates and assumptions about future events that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management&#8217;s best knowledge of the amount, events or actions, actual results may differ from these estimates. </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:3pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Determination of a Business</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Determination of whether a set of assets acquired and liabilities assumed constitute a business may require the Company to make certain judgments, taking into account all facts and circumstances. A business consists of inputs, including non-current assets and processes, including operational processes, that when applied to those inputs have the ability to create outputs that provide a return to the Company and its shareholders. In 2021, the Company concluded that Jerritt Canyon  met the definition of a business and, accordingly, the acquisition was accounted for as a business combination.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Consideration for the acquisition of Jerritt Canyon</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Acquisitions of businesses are accounted for using the acquisition method. The consideration of each business combination is measured, at the date of the exchange, as the aggregate of the fair value of assets given, liabilities incurred or assumed and equity instruments issued by the Company to the former owners of the acquiree in exchange for control of the acquiree.  Management made judgments and estimates in calculating the value of the shares and warrants transferred, including but not limited to share price, volatility, rate of quarterly dividends and the discount rate. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Determining what is part of the business combination in the acquisition of Jerritt Canyon</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company needs to assess if other arrangement(s) or transaction(s) shall be recognized as part of applying the acquisition method. To determine if the arrangement(s) or transaction(s), is(are) part of the business combination, the Company considers the following factors&#58; </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">       (i)   The reasons for the arrangement(s) or transaction(s)&#59;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">       (ii)  Who initiated the arrangement(s) or transaction(s)&#59; and</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">       (iii) The timing of the arrangement(s) or transaction(s).</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management applied judgment based on the above criteria to determine if private placement shares included as part of the acquisition of Jerritt Canyon  were a part of the business combination.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:3pt"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Fair Value Estimates</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In business combinations, it generally requires time to obtain the information necessary to identify and measure the following as of the acquisition date&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     (i)   The identifiable assets acquired and liabilities assumed&#59;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     (ii)  The consideration transferred in exchange for an interest in the acquiree&#59;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     (iii) The resulting goodwill.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 in its consolidated financial statements provisional amounts for the items for which the accounting is incomplete. These provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognized 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.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of assets acquired and liabilities assumed requires that management make judgments and estimates taking into account information available at the time of the acquisition about future events including, but not restricted to, estimates of mineral reserves and resources, exploration potential, future metal prices, future operating costs and capital expenditures and discount rates. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the allowable 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. The Company may 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.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of assets acquired and liabilities assumed are subject to change for up to one year from the Acquisition Date. If new information arises which would impact management's assessment of the fair value at the Acquisition Date, any adjustments to the allocation of the purchase consideration will be recognized retrospectively and comparative information will be revised. Consequently, the final allocation of the purchase price may result in different adjustments than those shown in these audited consolidated financial statements.</font></div><div><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Determination and classification of current and non-current restricted cash</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:3pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company determines if the funds on hand and held at banks meets the definition of cash or cash equivalents. When there is a restriction on those funds, the Company assesses the nature of the restriction and if it is applicable, excludes the related amounts from the cash and cash equivalents balance. The Company then assesses the classification of the restricted cash between current and non-current based on the following factors&#58;</font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:4pt;margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:13.02pt">an asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the period&#59; and</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">it expects to realize the asset within twelve months after the reporting period.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evaluation was performed based on the available information at the end of the reporting period&#59; if there are changes in the circumstances the Company will reassess the classification. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">New and amended IFRS standards that are effective for the current year</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the current year, the Company has applied the below amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board (&#34;IASB&#34;) that were effective for annual periods that begin on or after January 1, 2021. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Interest Rate Benchmark Reform - Phase 2(Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments in Interest Rate Benchmark Reform &#8212; Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) introduce a practical expedient for modifications required by the reform, clarify that hedge accounting is not discontinued solely because of the IBOR reform, and introduce disclosures that allow users to understand the nature and extent of risks arising from the IBOR reform to which the entity is exposed to and how the entity manages those risks as well as the entity&#8217;s progress in transitioning from IBORs to alternative benchmark rates, and how the entity is managing this transition.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Future Changes in Accounting Policies Not Yet Effective as at December 31, 2021</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Property, Plant and Equipment &#8212; Proceeds before Intended Use (Amendments to IAS 16)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the cost of producing those items, in profit or loss.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2022, with early application permitted. The amendments are applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the Company first applies the amendments. The Company will recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings at the beginning of that earliest period presented. This amendment will impact the Company&#8217;s accounting for proceeds from mineral sales prior to reaching commercial production levels intended by management.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2023, with early application permitted. This amendment is not expected to have a material impact on the Company&#8217;s financial statements.<br><br></font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgments&#8212;Disclosure of Accounting Policies</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><br><br>The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term &#8216;significant accounting policies&#8217; with &#8216;material accounting policy information&#8217;. Accounting policy information is material if, when considered together with other information included in an entity&#8217;s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The Board has also developed guidance and examples to explain and demonstrate the application of the &#8216;four-step materiality process&#8217; described in IFRS Practice Statement 2.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments to IAS 1 are effective for annual periods beginning on or after 1 January 2023, with earlier application permitted and are applied prospectively. The amendments to IFRS Practice Statement 2 do not contain an effective date or transition requirements.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors&#8212;Definition of Accounting Estimates</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><br>The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are &#8220;monetary amounts in financial statements that are subject to measurement uncertainty&#8221;.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The definition of a change in accounting estimates was deleted. However, the Board retained the concept of changes in accounting estimates in the Standard with the following clarifications&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; A change in accounting estimate that results from new information or new developments is not the correction of<br>                   an error</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; The effects of a change in an input or a measurement technique used to develop an accounting estimate are <br>                   changes in accounting estimates if they do not result from the correction of prior period errors</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments are effective for annual periods beginning on or after January 1, 2023 to changes in accounting policies and changes in accounting estimates that occur on or after the beginning of that period, with earlier application permitted.<br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12)</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In May 2021, the International Accounting Standards Board issued targeted amendments to IAS 12, Income Taxes. The amendments are effective for annual periods beginning on or after January 1, 2023, although earlier application is permitted. With a view to reducing diversity in reporting, the amendments will clarify that companies are required to recognize deferred taxes on transactions where both assets and liabilities are recognized, such as with leases and decommissioning liabilities. This amendment is not expected to have a material impact on the Company's financial statements.</font></div><div><font><br></font></div><div id="i0608ab168e8346a9b15bda773286889f_91"></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:25.090%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:72.710%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NON-GAAP MEASURES</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has included certain non-GAAP measures including &#8220;Cash costs per silver equivalents ounce&#8221;, &#34;All-in sustaining cost per silver equivalent ounce&#34;, &#8220;Production cost per tonne&#8221;, &#8220;Average realized silver equivalent price&#8221;, &#8220;Adjusted earnings per share&#8221;, &#8220;Free cash flow&#8221; and &#34;Working capital&#8221; to supplement its consolidated financial statements, which are presented in accordance with IFRS. The terms IFRS and generally accepted accounting principles (&#8220;GAAP&#8221;) are used interchangeably throughout this MD&#38;A.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective January 1, 2021, the Company transitioned its cost reporting from Cost per Silver Ounce to Cost per Silver Equivalent (&#34;AqEq&#34;) Ounce basis. Management believes the change to using silver equivalent ounce will provide management and investors with an improved ability to evaluate operating performance of the Company, as it eliminates volatility in Cash Cost and AISC per ounce due to market volatility in silver and gold prices as well as timing of by-product credit sales. Prior period comparatives of Cash Cost and AISC per ounce have been updated to be consistent with the new AgEq ounce metric.</font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Cash Cost per AgEq Ounce, All-In Sustaining Cost per AgEq Ounce and Production Cost per Tonne </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash costs per AgEq ounce and total production cost per tonne are non-GAAP performance measures used by the Company to manage and evaluate operating performance at each of the Company&#8217;s operating mining units, in conjunction with the related GAAP amounts. These metrics are widely reported in the mining industry as benchmarks for performance but do not have a standardized meaning and are disclosed in addition to IFRS measures. Management and investors use these metrics for comparing the costs against peers in the industry and for assessing the performance of each mine within the portfolio.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management calculates the cash costs per ounce and production costs per tonne by&#58;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">starting with the production costs (GAAP) from the income statement&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">adding back duties and royalties, smelting and refining costs as well as transportation and selling costs, which form a part of the cost of sales on the financial statements and provide a better representation of total costs incurred&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">cash costs are divided by the payable silver equivalent ounces produced&#59; and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">production costs are divided by the total tonnes milled. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">AISC is a non-GAAP performance measure and was calculated based on guidance provided by the World Gold Council (&#8220;WGC&#8221;). WGC is not a regulatory industry organization and does not have the authority to develop accounting standards for disclosure requirements. Other mining companies may calculate AISC differently as a result of differences in underlying accounting principles and policies applied, as well as differences in definitions of sustaining versus expansionary capital expenditures. AISC is a more comprehensive measure than cash cost per ounce and is useful for investors and management to assess the Company&#8217;s operating performance by providing greater visibility, comparability and representation of the total costs associated with producing silver from its current operations, in conjunction with related GAAP amounts. AISC helps investors to assess costs against peers in the industry and help management assess the performance of each mine within the portfolio in a standardized manner. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company defines sustaining capital expenditures as, &#8220;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">costs incurred to sustain and maintain existing assets at current productive capacity and constant planned levels of productive output without resulting in an increase in the life of assets, future earnings, or improvements in recovery or grade. Sustaining capital includes costs required to improve&#47;enhance assets to minimum standards for reliability, environmental or safety requirements. Sustaining capital expenditures excludes all expenditures at the Company&#8217;s new projects and certain expenditures at current operations which are deemed expansionary in nature.&#8221;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Expansionary capital expenditure is defined as, </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">&#34;costs incurred to extend existing assets beyond their current productive capacity and beyond their planned levels of productive output, resulting in an increase in the life of the assets, increasing their future earnings potential, or improving their recoveries or grades which would serve to increase the value of the assets over their useful lives&#34;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Development and exploration work which moves inferred resources to measured or indicated resources and adds to the Net Present Value of the assets is considered expansionary in nature. Expansionary capital also includes costs required to improve&#47;enhance assets beyond their minimum standard for reliability, environmental or safety requirements.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Consolidated AISC includes total production costs (GAAP measure) incurred at the Company&#8217;s mining operations, which forms the basis of the Company&#8217;s total cash costs. Additionally, the Company includes sustaining capital expenditures, corporate general and administrative expense, share-based payments, operating lease payments and reclamation cost accretion. AISC by mine does not include certain corporate and non-cash items such as general and administrative expense and share-based payments. The Company believes this measure represents the total sustainable costs of producing silver from current operations, and provides additional information of the Company&#8217;s operational performance and ability to generate cash flows. As the measure seeks to reflect the full cost of silver production from current operations, new project and expansionary capital at current operations are not included. Certain other cash expenditures, including tax payments, dividends and financing costs are also not included. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div id="i0608ab168e8346a9b15bda773286889f_94"></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables provide detailed reconciliations of these measures to cost of sales, as reported in notes to our consolidated financial statements.</font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">46</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.144%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.252%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(expressed in thousands of U.S. Dollars,   <br>except ounce and per ounce amounts)</font></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Three Months Ended December 31, 2021</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">San Dimas</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Santa Elena</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">La Encantada</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Jerritt Canyon</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Consolidated</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Mining cost</font></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$11,232&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$10,052&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$3,514&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$20,480&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$45,277&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Milling cost </font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">7,162&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">7,174&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">4,290&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">13,296&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">31,921&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Indirect cost </font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">11,852&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3,824&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,845&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">4,996&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 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style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$21,050</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$10,649</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$38,771</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$100,716</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Add&#58; transportation and other selling cost</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">449&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">160&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">103&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">14&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">780&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Add&#58; smelting and refining cost</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">755&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">165&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">239&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">20&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,179&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Add&#58; environmental duty and royalties cost</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">591&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,203&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">116&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">793&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,703&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total cash cost (B)</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$32,041</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$22,578</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$11,107</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$39,598</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$105,378</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Workers&#8217; participation</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">4,010&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">54&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,538&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">5,602&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">General and administrative expenses</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">6,591&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Share-based payments</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,859&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Accretion of decommissioning liabilities</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">175&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">76&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">128&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">319&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">951&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Sustaining capital expenditures</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">8,989&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3,514&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,272&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">8,887&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">23,387&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Operating lease payments</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">95&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,167&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">816&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">347&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,996&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">All-In Sustaining Costs (C)</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$45,310</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$27,389</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$14,861</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$49,151</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$147,764</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Payable silver equivalent ounces produced (D)</font></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">4,013,338</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">1,953,539</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">765,430</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">1,823,950</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">8,556,257</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Payable gold equivalent ounces produced (E)</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">23,660</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Tonnes milled (F)</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">206,738</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" 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0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Cash cost per AgEq ounce (B&#47;D)</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 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style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">AISC per AuEq ounce (C&#47;E)</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$2,077</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Production cost per tonne (A&#47;F)</font></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$146.30</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$93.78</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$39.70</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$151.23</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$105.37</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:8pt;text-align:center"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:3pt;text-align:center"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">47</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-top:3pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:49.495%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.252%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(expressed in thousands of U.S. Dollars, <br>except ounce and per ounce amounts)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Three Months Ended December 31, 2020</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">San Dimas</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Santa Elena</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">La Encantada</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Consolidated</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Mining cost </font></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$12,669&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$4,461&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$3,106&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$20,236&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Milling cost </font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">6,028&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">6,308&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">4,573&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">16,909&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Indirect cost </font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">9,497&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3,757&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3,183&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">16,437&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total production cost (A)</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$28,194</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$14,526</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$10,862</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$53,582</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Add&#58; transportation and other selling cost</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">433&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">134&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">160&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">784&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Add&#58; smelting and refining cost</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">471&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">107&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">241&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">819&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Add&#58; environmental duty and royalties cost</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">425&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">97&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">141&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">665&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total cash cost (B)</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$29,523</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$14,864</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$11,404</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$55,850</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Workers&#8217; participation</font></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3,103&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">55&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">87&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3,245&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">General and administrative expenses</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">6,727&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Share-based payments</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,227&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Accretion of decommissioning liabilities</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">149&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">78&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">125&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">623&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Sustaining capital expenditures</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">9,999&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3,636&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,298&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">17,507&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Operating lease payments</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">58&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">963&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">646&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,024&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">All-In Sustaining Costs (C)</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$42,832</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$19,596</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$13,560</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$88,203</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Payable silver equivalent ounces produced (D)</font></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">3,475,323</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">900,729</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 0 2px 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style="background-color:#ffffff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Tonnes milled (E)</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">208,648</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">168,276</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">248,408</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">625,332</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td 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0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Production cost per tonne (A&#47;E)</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$135.13</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000;padding:2px 0 2px 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colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td 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colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="margin-top:3pt;text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.995%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.251%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.401%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(expressed in thousands of U.S. Dollars, <br>except ounce and per ounce amounts)</font></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Year Ended December 31, 2021</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">San Dimas</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Santa Elena</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">La Encantada</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Jerritt Canyon</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Consolidated</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Mining cost</font></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$47,270&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$32,024&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$13,206&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$58,689&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$151,188&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Milling cost </font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">28,258&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">28,254&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">17,978&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">35,551&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">110,040&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Indirect cost </font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">41,311&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">14,576&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">11,256&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">14,830&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">81,973&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total production cost (A)</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$116,840</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$74,853</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$42,440</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$109,069</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$343,202</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Add&#58; transportation and other selling cost</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,433&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">618&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">427&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">47&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,738&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Add&#58; smelting and refining cost</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,819&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">523&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">718&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">47&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3,107&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Add&#58; environmental duty and royalties cost</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,683&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,559&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">406&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,188&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">5,836&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total cash cost (B)</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$121,775</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$77,553</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$43,991</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$111,351</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$354,883</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Workers&#8217; participation</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">13,374&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">269&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,296&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">15,939&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">General and administrative expenses</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">25,393&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Share-based payments</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">12,290&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Accretion of decommissioning liabilities</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">716&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">313&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">521&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">642&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3,228&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Sustaining capital expenditures</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">35,542&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">15,636&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">4,616&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">27,565&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">85,664&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Operating lease payments</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">312&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,943&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,894&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">862&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">8,708&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">All-In Sustaining Costs (C)</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$171,719</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$96,714</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$54,318</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$140,420</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$506,105</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Payable silver equivalent ounces produced (D)</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">13,518,292</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">5,036,842</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">3,260,834</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">5,013,388</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td 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style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Tonnes milled (F)</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">822,791</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">879,059</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">1,004,144</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">633,400</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" 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colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Cash cost per AgEq ounce (B&#47;D)</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$9.01</font><font 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style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$1,624</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">AISC per AuEq ounce (C&#47;E)</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$2,048</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">N&#47;A</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Production cost per tonne (A&#47;E)</font></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$142.00</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font 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style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:13.5pt;text-align:justify"><font><br></font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-top:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.851%"><tr><td style="width:1.0%"></td><td style="width:49.421%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.269%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.269%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.269%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.272%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(expressed in thousands of U.S. Dollars, except ounce and per  ounce amounts)</font></td><td colspan="12" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Twelve Months Ended December 31, 2020</font></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">San Dimas</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Santa Elena</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">La Encantada</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Consolidated</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Mining cost</font></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$40,662&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$15,952&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$9,597&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$66,211&#160;</font></td><td style="background-color:#cfdbff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Milling cost </font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">19,318&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">23,187&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">15,335&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">57,840&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Indirect cost </font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">31,232&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">11,088&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">9,813&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">52,133&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total production cost (A)</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$91,212</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$50,227</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$34,746</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$176,185</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Add&#58; transportation and other selling cost</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,224&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">397&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">425&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,288&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Add&#58; smelting and refining cost</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,604&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">434&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">749&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,800&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Add&#58; environmental duty and royalties cost</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,278&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">395&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">337&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,010&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total cash cost (B)</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$95,318</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$51,453</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$36,257</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$183,283</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Workers&#8217; participation</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">13,663&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">206&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">377&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">14,245&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">General and administrative expenses</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">22,977&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Share-based payments</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">8,255&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Accretion of decommissioning liabilities</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">565&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">295&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">477&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,362&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Sustaining capital expenditures</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">28,361&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">10,033&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">4,112&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">49,003&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Operating lease payments</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">291&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,252&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,573&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">5,349&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">All-In Sustaining Costs (C)</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$138,198</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$63,239</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$43,796</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$285,474</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Payable silver equivalent ounces produced (D)</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">12,664,191</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">4,177,527</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">3,512,126</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">20,353,844</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Tonnes milled (E)</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">713,064</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">640,276</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">860,613</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2,213,954</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Cash cost per AgEq ounce (B&#47;D)</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$7.53</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$12.32</font><font 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style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$9.00</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">AISC per AgEq ounce (C&#47;D)</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$10.91</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$15.14</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$12.47</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$14.03</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Production cost per tonne (A&#47;E)</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$127.92</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$78.44</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$40.37</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$79.59</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><div id="i0608ab168e8346a9b15bda773286889f_100"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Average Realized Silver Price per Ounce </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues are presented as the net sum of invoiced revenues related to delivered shipments of silver or gold dor&#233; bars, including associated metal by-products of gold, lead and zinc after having deducted refining and smelting charges, and after elimination of intercompany shipments of silver, silver being minted into coins, ingots and bullion products. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The average realized silver price is a non-GAAP performance measure that allows management and investors to assess the Company's ability to sell ounces produced, in conjunction with related GAAP amounts. Management calculates this measure by taking total revenue reported under GAAP and adding back smelting and refining charges to arrive at the gross reportable revenue for the period. Gross revenues are divided into payable silver equivalent ounces sold to calculate the average realized price per ounce of silver equivalents sold. The streaming and royalty agreements in place between the Company and Sandstorm as well as Wheaton, impacts the total revenues reported on the financial statements given the reduced prices provided to these vendors in line with the terms of the agreements. Therefore, management adjusts revenue to exclude smelting and refining charges as well as revenues earned through agreements with these vendors. This provides management with a better picture regarding its ability to convert ounces produced to ounces sold and provides the investor with a clear picture of the price that the Company can currently sell the inventory for, excluding pre-arranged agreements. </font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.851%"><tr><td style="width:1.0%"></td><td style="width:41.821%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.908%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.545%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.908%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.545%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.163%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.545%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.465%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Three Months Ended December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Year Ended December 31,</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Revenues as reported</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$204,876</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$117,076</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$584,117</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$363,876</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Add back&#58; smelting and refining charges</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">1,179&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">819&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">3,108&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">2,800&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Gross revenues</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">206,055</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">117,895</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">587,225</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">366,676</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Less&#58; Sandstorm gold revenues</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(461)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(579)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(2,489)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(2,636)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Less&#58; Wheaton gold revenues</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(9,385)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(7,057)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(29,612)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(23,541)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Gross revenues, excluding Sandstorm, Wheaton (A)</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$196,208</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$110,259</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$555,124</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$340,499</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#cfdbff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:3pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Payable silver equivalent ounces sold</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">9,378,637&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">5,319,935&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">25,954,222&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">19,614,393&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Less&#58; Payable silver equivalent ounces sold to<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Sandstorm</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(74,554)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(81,319)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(382,659)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(499,931)</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Less&#58; Payable silver equivalent ounces sold to<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Wheaton</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(1,189,362)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(807,046)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(3,511,128)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">(3,016,658)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Payable silver equivalent ounces sold, excluding <br>Sandstorm and Wheaton (B)</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">8,114,720</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">4,431,570</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">22,060,436</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">16,097,804</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#ffffff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Average realized silver price per ounce (A&#47;B)</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$24.18</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$24.88</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$25.16</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">$21.15</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:3pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">Average market price per ounce of silver per COMEX</font></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$23.35&#160;</font></td><td style="background-color:#ffffff;border-bottom:3pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$24.44&#160;</font></td><td style="background-color:#ffffff;border-bottom:3pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$25.15&#160;</font></td><td style="background-color:#ffffff;border-bottom:3pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9.5pt;font-weight:400;line-height:100%">$21.72&#160;</font></td><td style="background-color:#ffffff;border-bottom:3pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:49.644%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.655%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.655%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.655%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.659%"></td><td style="width:0.1%"></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Free Cash Flow</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Free cash flow is a non-GAAP liquidity measure which is determined based on operating cash flows less sustaining capital expenditures. Management uses free cash flow as a critical measure in the evaluation of liquidity in conjunction with related GAAP amounts. It also uses the measure when considering available cash, including for decision-making purposes related to dividends and discretionary investments. Further, it helps management, the Board of Directors and investors evaluate a Company's ability to generate liquidity from operating activities. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:49.644%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.655%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.655%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.655%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.659%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended <br>December 31,</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating cash flows </font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$89,812</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$43,210</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$68,723</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$79,713</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less&#58; Sustaining capital expenditures</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23,387&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,507&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">85,664&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">49,003&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Free cash flow</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$66,425</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$25,703</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($16,941)</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 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style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Adjusted Earnings per Share (&#8220;Adjusted EPS&#8221;)</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company uses the financial measure &#8220;Adjusted EPS&#8221; which is a non-GAAP measure, to supplement earnings per share (GAAP) information in its consolidated financial statements . The Company believes that, in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company&#8217;s performance. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management uses adjusted earnings per share as a critical measure operating performance in conjunction with the related GAAP amounts. The only items considered in the adjusted earnings-per-share calculation are those that management believes (1) may affect trends in underlying performance from year to year and (2) are not considered normal recurring cash operating expense. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjusted earnings per share is used for forecasting, operational and strategic decision making, evaluating current Company and management performance, and calculating financial covenants. Management believes that excluding certain non-cash and non-recurring items from the calculation increases comparability of the metric from period to period, which makes it useful for management, the audit committee and investors, to evaluate the underlying core operations. The presentation of Adjusted EPS is not meant to be a substitute for EPS presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measure.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To calculate adjusted earnings per share, management adjusts from net earnings (GAAP), the per-share impact, net of the tax effects of adjustments, of the following&#58;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">share based payments&#59;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">realized and unrealized gains and losses from investment in derivatives and marketable securities&#59; and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.02pt">other infrequent or unusual losses and gains. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides a detailed reconciliation of net earnings (losses) as reported in the Company&#8217;s consolidated financial statements to adjusted net earnings and Adjusted EPS&#58;</font></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.916%"><tr><td style="width:1.0%"></td><td style="width:48.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.906%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.906%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.906%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.909%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended December 31,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended <br>December 31,</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net (loss) earnings as reported</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($3,971)</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$34,545</font><font 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colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Deferred income tax (recovery) expense</font></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">156&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font 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1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,081&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font 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style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">982&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Loss on early settlement of senior convertible notes</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 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style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,162&#160;</font></td><td style="background-color:#cfdbff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;(Gain) loss on divestiture of exploration projects</font></td><td colspan="2" 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style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Working Capital and Available Liquidity</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Working capital is determined based on current assets and current liabilities as reported in the Company&#8217;s consolidated financial statements. 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Available liquidity includes the Company's working capital and undrawn revolving credit facility. </font></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.263%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.846%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.847%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2020</font></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current Assets</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$397,207&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$356,046&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less&#58; Current Liabilities</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(172,822)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(101,626)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Working Capital</font></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$224,385</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$254,420</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Available Undrawn Revolving Credit Facility</font></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">50,000&#160;</font></td><td style="background-color:#ffffff;border-top:2pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">65,000&#160;</font></td><td style="background-color:#ffffff;border-top:2pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Available Liquidity</font></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$274,385</font><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="3" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$319,420</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#cfdbff;border-bottom:2pt solid #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt;text-align:center"><font><br></font></div><div id="i0608ab168e8346a9b15bda773286889f_103"></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:87.441%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.359%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">MANAGEMENT&#8217;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</font></td></tr></table></div><div><font><br></font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Disclosure Controls and Procedures</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s management, with the participation of its President and Chief Executive Officer (&#8220;CEO&#8221;) and Chief Financial Officer (&#8220;CFO&#8221;), has evaluated the effectiveness of the Company&#8217;s disclosure controls and procedures. Based upon the results of that evaluation, the Company&#8217;s CEO and CFO have concluded that, as of December&#160;31, 2021, the Company&#8217;s disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by the Company in reports it files is recorded, processed, summarized and reported, within the appropriate time periods and is accumulated and communicated to management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.</font></div><div><font><br></font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Internal Control over Financial Reporting</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s management, with the participation of its CEO and interim CFO, is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in the rules of the United States Securities and Exchange Commission and the Canadian Securities Administrators. The Company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by the IASB. The Company&#8217;s internal control over financial reporting includes policies and procedures that&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:27pt;text-align:justify;text-indent:-11.25pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.27pt">maintain records that accurately and fairly reflect, in reasonable detail, the transactions and dispositions of assets of the Company&#59;</font></div><div style="padding-left:27pt;text-align:justify;text-indent:-11.25pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; &#160;&#160;&#160;&#160;provide reasonable assurance that transactions are recorded as necessary for preparation of financial statements in accordance with IFRS as issued by IASB&#59;</font></div><div style="padding-left:27pt;text-align:justify;text-indent:-11.25pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.27pt">provide reasonable assurance that the Company&#8217;s receipts and expenditures are made only in accordance with authorizations of management and the Company&#8217;s Directors&#59; and</font></div><div style="padding-left:27pt;text-align:justify;text-indent:-11.25pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226; &#160;&#160;&#160;&#160;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company&#8217;s assets that could have a material effect on the Company&#8217;s consolidated financial statements.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s internal control over financial reporting may not prevent or detect all misstatements because of inherent limitations. Additionally, projections of any evaluation of effectiveness for future periods are subject to the risk that controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with the Company&#8217;s policies and procedures.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management excluded from its assessment the internal controls, policies and procedures of Jerritt Canyon, which the Company acquired control on April 30, 2021. Jerritt Canyon&#8217;s total assets, net assets, total revenues and net profit&#47;loss on a combined basis constitute approximately 34%, 35%, 21% and 653%, respectively, of these Consolidated Annual Financial statement amounts as of December&#160;31, 2021. This limitation of scope is in accordance with section 3.3(1)(b) of NI 52-109, which allows for an issuer to limit the design of DC&#38;P or ICFR to exclude a business that the issuer acquired not more than 365 days before the end of the financial period to which the CEO&#8217;s and CFO&#8217;s certification of annual filings relates. With the </font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">exception of the internal controls of Jerritt Canyon, there have been no significant changes in our internal controls during the quarter ended December&#160;31, 2021 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's management evaluated the effectiveness of our internal controls over financial reporting based upon the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on management's evaluation, our CEO and interim CFO concluded that our internal controls over financial reporting were effective as of December 31, 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's independent registered public accounting firm, Deloitte LLP, have audited these Consolidated Annual Financial Statements and have issued an attestation report dated March&#160;9, 2022 on the Company's internal control over financial reporting based on the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of Treadway Commission.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year ended December 31, 2021, the Company implemented social distancing protocols to have majority of its corporate office and site administrative staff to work remotely from home. This change has required certain processes and controls that were previously done or documented manually to be completed and retained in electronic form. Despite the changes required by the current environment, there have been no significant changes in our internal controls during the year ended December&#160;31, 2021 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Limitations of Controls and Procedures</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s management, including the President and Chief Executive Officer and Chief Financial Officer, believes that any disclosure controls and procedures or internal control over financial reporting, no matter how well conceived and operated, may not prevent or detect all misstatements because of inherent limitations. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any control system also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost effective control system, misstatements due to error or fraud may occur and not be detected.</font></div><div style="text-align:justify"><font><br></font></div><div id="i0608ab168e8346a9b15bda773286889f_106"></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:29.703%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:68.097%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">CAUTIONARY STATEMENTS</font></td></tr></table></div><div><font><br></font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Cautionary Note regarding Forward-Looking Statements</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain information contained herein this MD&#38;A constitutes forward-looking statements under applicable securities laws (collectively, &#8220;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">forward-looking statements</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;). These statements relate to future events or the Company&#8217;s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to&#58; commercial mining operations&#59; anticipated mineral recoveries&#59; projected quantities of future mineral production&#59; statements with respect to the Company&#8217;s business strategy&#59; future planning processes&#59; anticipated development, expansion, exploration activities and production rates&#59; the estimated cost and timing of plant improvements at the Company&#8217;s operating mines and development of the Company&#8217;s development projects&#59; the timing of completion of exploration programs and drilling programs&#59; the repayment of the Debentures&#59; statements with respect to the Company&#8217;s future financial position including operating efficiencies, cash flow, capital budgets, costs and expenditures&#59; the preparation of technical reports and completion of preliminary economic assessments&#59; the repurchase of the Company&#8217;s shares&#59; viability of the Company&#8217;s projects&#59; potential metal recovery rates&#59; the conversion of the Company&#8217;s securities. All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as &#8220;seek&#8221;, &#8220;anticipate&#8221;, &#8220;plan&#8221;, &#8220;continue&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, &#8220;may&#8221;, &#8220;will&#8221;, &#8220;project&#8221;, &#8220;predict&#8221;, &#8220;forecast&#8221;, &#8220;potential&#8221;, &#8220;targeting&#8221;, &#8220;intend&#8221;, &#8220;could&#8221;, &#8220;might&#8221;, &#8220;should&#8221;, &#8220;believe&#8221; and similar expressions) are not statements of historical fact and may be &#8220;forward-looking statements&#8221;.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward-looking statements are based on the opinions and estimates of management at the dates the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, without limitation&#58; the inherent risks involved in the mining, exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project delays or cost overruns or unanticipated excessive operating costs and expenses, uncertainties related to the necessity of financing, the availability of and costs of financing needed in the future, and other factors described in the Company&#8217;s Annual Information Form under the heading &#8220;Risk Factors&#8221;.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company believes that the expectations reflected in any such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein this MD&#38;A should not be unduly relied upon. These statements speak only as of the date of this MD&#38;A. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. Actual results may differ materially from those expressed or implied by such forward-looking statements.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Cautionary Note regarding Reserves and Resources</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">National Instrument 43-101 (&#8220;NI 43-101&#8221;), issued by the Canadian Securities Administrators, lays out the standards of disclosure for mineral projects. This includes a requirement that a certified Qualified Person (&#8220;QP&#8221;) (as defined under the NI 43-101) supervises the preparation of the mineral reserves and mineral resources. Ramon Mendoza, P. Eng., Vice President of Technical Services is a certified QP for the Company and has reviewed this MD&#38;A for QP technical disclosures. All NI&#160;43-101 technical reports can be found on the Company&#8217;s website at </font><font style="color:#00497f;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">www.firstmajestic.com</font><font style="color:#00497f;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">or on SEDAR at </font><font style="color:#00497f;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">www.sedar.com</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Cautionary Note to United States Investors Concerning Estimates of Mineral Reserves and Resources</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This Management&#8217;s Discussion and Analysis has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements of United States securities laws. The terms &#8220;mineral reserve&#8221;, &#8220;proven mineral reserve&#8221; and &#8220;probable mineral reserve&#8221; are Canadian mining terms as defined in accordance with Canadian NI 43-101 Standards of Disclosure for Mineral Projects and the Canadian Institute of Mining, Metallurgy and Petroleum (the &#8220;CIM&#8221;) - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These definitions differ from the definitions in the disclosure requirements promulgated by the Securities and Exchange Commission (the &#8220;Commission&#8221;) and contained in Industry Guide 7 (&#8220;Industry Guide 7&#8221;). Under Industry Guide 7 standards, a &#8220;final&#8221; or &#8220;bankable&#8221; feasibility study is required to report mineral reserves, the three-year historical average price is used in any mineral reserve or cash flow analysis to designate mineral reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the terms &#8220;mineral resource&#8221;, &#8220;measured mineral resource&#8221;, &#8220;indicated mineral resource&#8221; and &#8220;inferred mineral resource&#8221; are defined in and required to be disclosed by NI 43-101. However, these terms are not defined terms under Industry Guide 7 and are not permitted to be used in reports and registration statements of United States companies filed with the Commission. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves. &#8220;Inferred mineral resources&#8221; have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of &#8220;contained ounces&#8221; in a mineral resource is permitted disclosure under Canadian regulations. In contrast, the Commission only permits U.S. companies to report mineralization that does not constitute &#8220;mineral reserves&#8221; by Commission standards as in place tonnage and grade without reference to unit measures.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accordingly, information contained in this Management&#8217;s Discussion and Analysis may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations of the Commission thereunder.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Additional Information</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additional information on the Company, including the Company&#8217;s Annual Information Form and the Company&#8217;s audited consolidated financial statements for the year ended&#160;December 31, 2021, is available on SEDAR at </font><font style="color:#00497f;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">www.sedar.com</font><font style="color:#00497f;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and on the Company&#8217;s website at </font><font style="color:#00497f;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">www.firstmajestic.com</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</font></div><div><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.223%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.582%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.895%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First Majestic Silver Corp. 2021 Annual Report</font></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:100%">56</font></div></td></tr></table></div><div><font style="color:#808080;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                   &#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;                                           </font></div></div></div></body></html>
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<TYPE>EX-99.3
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<title>Document</title></head><body><div id="i8f477fb7d5a941ef91df2fddbceafa9f_4"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit  99.3</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Form 52-109F1</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Certification of Annual Filings</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Full Certificate</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">I, </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Keith Neumeyer, Chief Executive Officer of First Majestic Silver Corp.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, certify the following&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:28.42pt">Review&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> I have reviewed the AIF, if any, annual financial statements and annual MD&#38;A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the &#8220;annual filings&#8221;) of </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">First Majestic Silver Corp.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (the &#8220;issuer&#8221;) for the financial year ended </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December&#160;31, 2021</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:28.42pt">No misrepresentations&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:28.42pt">Fair presentation&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:28.42pt">Responsibility&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&#38;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers&#8217; Annual and Interim filings, for the issuer.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:28.42pt">Design&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the financial year end</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:25.15pt">designed DC&#38;P, or caused it to be designed under our supervision, to provide reasonable assurance that</font></div><div style="padding-left:72pt;text-align:justify"><font><br></font></div><div style="padding-left:108pt;text-align:justify;text-indent:-44.35pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(i)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:36pt">material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared&#59; and</font></div><div style="padding-left:108pt;text-align:justify"><font><br></font></div><div style="padding-left:108pt;text-align:justify;text-indent:-46.64pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ii)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:36pt">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation&#59; and</font></div><div style="padding-left:108pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:24.69pt">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.1</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:23.36pt">Control framework&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">COSO&#8217;s 2013 Internal Control &#8211; Integrated Framework</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.2</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:23.36pt">ICFR &#8211; material weakness relating to design&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The issuer has disclosed in its annual MD&#38;A for each material weakness relating to design existing at the financial year end</font></div><div style="padding-left:72pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:7.15pt">a description of the material weakness&#59;</font></div><div style="padding-left:72pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.69pt">the impact of the material weakness on the issuer&#8217;s financial reporting and its ICFR&#59; and</font></div><div style="padding-left:72pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(c)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:7.72pt">the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.3&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Limitation on scope of design&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> he issuer has disclosed in its annual MD&#38;A </font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)   </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the fact that the issuer&#8217;s other certifying officer(s) and I have limited the scope of our design of DC&#38;P and ICFR to exclude controls, policies and procedures of </font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (i)   N&#47;A</font></div><div><font><br></font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">                 (ii)  N&#47;A</font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">                (iii)  a business that the issuer acquired not more than 365 days before the issuer&#8217;s financial year end&#59; and </font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)  </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">summary financial information about the proportionately consolidated entity, special purpose entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer&#8217;s financial statements. </font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Evaluation&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The issuer's other certifying officer(s) and I have</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)  </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&#38;P at the financial year end and the issuer has disclosed in its annual MD&#38;A our conclusions about the effectiveness of DC&#38;P at the financial year end based on that evaluation&#59; and</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)  </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&#38;A</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:174%"> (i)  our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation&#59; and</font></div><div style="padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:174%">(ii)  for each material weakness relating to operation existing at the financial year end</font></div><div style="padding-left:72pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:174%">             (A)  a description of the material weakness&#59;</font></div><div style="padding-left:72pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:174%">             (B)  the impact of the material weakness on the issuer's financial reporting and its ICFR&#59; and</font></div><div style="padding-left:72pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">             (C)  the issuer's current plans, if any, or any actions already undertaken, for remediating the<br>                    material weakness.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:30.94pt">Reporting changes in ICFR&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The issuer has disclosed in its annual MD&#38;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">October 1, 2021</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and ended on </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December&#160;31, 2021</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:30.94pt">Reporting to the issuer's auditors and board of directors or audit committee&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.317%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:30.085%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.298%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date&#58; </font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March 9, 2022</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">&#8220;Keith Neumeyer&#8221;</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Keith Neumeyer</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Executive Officer</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div></body></html>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>ag-2021q4cfoxex994.htm
<DESCRIPTION>EX-99.4
<TEXT>
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<title>Document</title></head><body><div id="i6fe65d0f8bcb4e73a279f8df1e754d8b_4"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exhibit  99.4</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Form 52-109F1</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Certification of Annual Filings</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Full Certificate</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">I, Andrew W. Poon, Interim Chief Financial Officer of First Majestic Silver Corp.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, certify the following&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:28.42pt">Review&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> I have reviewed the AIF, if any, annual financial statements and annual MD&#38;A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the &#8220;annual filings&#8221;) of </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">First Majestic Silver Corp.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (the &#8220;issuer&#8221;) for the financial year ended </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December&#160;31, 2021</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:28.42pt">No misrepresentations&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:28.42pt">Fair presentation&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:28.42pt">Responsibility&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&#38;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers&#8217; Annual and Interim filings, for the issuer.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:28.42pt">Design&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the financial year end</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:25.15pt">designed DC&#38;P, or caused it to be designed under our supervision, to provide reasonable assurance that</font></div><div style="padding-left:72pt;text-align:justify"><font><br></font></div><div style="padding-left:108pt;text-align:justify;text-indent:-44.35pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(i)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:36pt">material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared&#59; and</font></div><div style="padding-left:108pt;text-align:justify"><font><br></font></div><div style="padding-left:108pt;text-align:justify;text-indent:-46.64pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ii)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:36pt">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation&#59; and</font></div><div style="padding-left:108pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:24.69pt">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.1</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:23.36pt">Control framework&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">COSO&#8217;s 2013 Internal Control &#8211; Integrated Framework</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.2</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:23.36pt">ICFR &#8211; material weakness relating to design&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The issuer has disclosed in its annual MD&#38;A for each material weakness relating to design existing at the financial year end</font></div><div style="padding-left:72pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:7.15pt">a description of the material weakness&#59;</font></div><div style="padding-left:72pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.69pt">the impact of the material weakness on the issuer&#8217;s financial reporting and its ICFR&#59; and</font></div><div style="padding-left:72pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(c)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:7.72pt">the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.3&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Limitation on scope of design&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> he issuer has disclosed in its annual MD&#38;A </font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)   </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the fact that the issuer&#8217;s other certifying officer(s) and I have limited the scope of our design of DC&#38;P and ICFR to exclude controls, policies and procedures of </font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (i)   N&#47;A</font></div><div><font><br></font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">                 (ii)  N&#47;A</font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">                (iii)  a business that the issuer acquired not more than 365 days before the issuer&#8217;s financial year end&#59; and </font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)  </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">summary financial information about the proportionately consolidated entity, special purpose entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer&#8217;s financial statements. </font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Evaluation&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The issuer's other certifying officer(s) and I have</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)  </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&#38;P at the financial year end and the issuer has disclosed in its annual MD&#38;A our conclusions about the effectiveness of DC&#38;P at the financial year end based on that evaluation&#59; and</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)  </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&#38;A</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:174%"> (i)  our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation&#59; and</font></div><div style="padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:174%">(ii)  for each material weakness relating to operation existing at the financial year end</font></div><div style="padding-left:72pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:174%">             (A)  a description of the material weakness&#59;</font></div><div style="padding-left:72pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:174%">             (B)  the impact of the material weakness on the issuer's financial reporting and its ICFR&#59; and</font></div><div style="padding-left:72pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">             (C)  the issuer's current plans, if any, or any actions already undertaken, for remediating the<br>                    material weakness.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:30.94pt">Reporting changes in ICFR&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The issuer has disclosed in its annual MD&#38;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">October 1, 2021</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and ended on </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December&#160;31, 2021 </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:30.94pt">Reporting to the issuer's auditors and board of directors or audit committee&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.317%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:30.085%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.298%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date&#58; </font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March 9, 2022</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">&#8220;Andrew W. Poon&#8221;</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Andrew W. Poon</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interim Chief Financial Officer</font></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div></body></html>
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<title>Document</title></head><body><div id="i98b25a09567d447dade8e70284d60c15_1"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><img alt="fmlogoa41a.jpg" src="fmlogoa41a.jpg" style="height:194px;margin-bottom:5pt;vertical-align:text-bottom;width:285px"></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:18pt;font-weight:700;line-height:120%">NEWS RELEASE</font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">New York - AG</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">March 10, 2022</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Toronto &#8211; FR</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Frankfurt &#8211; FMV</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:14pt;font-weight:700;line-height:112%;text-decoration:underline">First Majestic Announces Financial Results for Q4 2021, FY2021 &#38; Quarterly Dividend Payment&#59; Appoints New CFO </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%;text-decoration:underline"> </font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:115%">FIRST MAJESTIC SILVER CORP.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%"> (AG&#58; NYSE&#59; FR&#58; TSX) (the &#34;Company&#34; or &#8220;First Majestic&#8221;) is pleased to announce the consolidated financial results for the Company&#8217;s fourth quarter and year ended December 31, 2021.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The full version of the financial statements and the management discussion and analysis can be viewed on the Company's website at </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%;text-decoration:underline">www.firstmajestic.com</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">, on SEDAR at </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%;text-decoration:underline">www.sedar.com</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">and EDGAR at</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%"> </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%;text-decoration:underline">www.sec.gov</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">. All amounts are in U.S. dollars unless stated otherwise.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Q4 2021 HIGHLIGHTS</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Quarterly revenues reached a new Company record of $204.9 million, representing a 64% increase compared to Q3 2021.</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Recorded free cash flow of $66.4 million primarily due to the sale of 1.4 million ounces of silver held in inventory, higher gold production at Santa Elena due to the introduction of Ermita&#241;o ore to the Santa Elena processing plant in November and record quarterly production at San Dimas.</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Increased mine operating earnings to $40.4 million, compared to $3.5 million in Q3 2021.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Increased operating cash flows before working capital and taxes to $71.8 million, compared to $22.6 million in Q3 2021.</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Net earnings of ($4.0) million, or EPS of ($0.02).</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Adjusted net earnings of $4.1 million, or $0.02 per share, after excluding non-cash or unusual items.</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Cash costs of $12.32 per payable silver equivalent ounce, representing a 13% decrease compared to Q3 2021.</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">All-in sustaining costs (&#8220;AISC&#8221;) of $17.26 per payable silver equivalent once, representing a 13% decrease compared to Q3 2021.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Realized an average silver price of $24.18 per payable silver equivalent ounce, representing a 5% increase compared to Q3 2021. </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font></div><div style="margin-bottom:3pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Ended the quarter with cash and cash equivalents of $237.9 million.</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-top:3pt;text-align:justify"><font><br></font></div><div style="margin-top:3pt;text-align:justify"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1</font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">2021 Highlights </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Generated record annual revenues of $584.1 million, representing a 61% increase from 2020, primarily due to the acquisition of the Jerritt Canyon Gold Mine on April 30, 2021 and a 19% increase in the realized average silver price.</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Mine operating earnings of $101.4 million representing a 3% decrease from the previous year due to higher costs at Jerritt Canyon, ramp-up costs at Santa Elena&#8217;s Ermita&#241;o mine as well as a stronger Mexican Peso against the US Dollar. </font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Operating cash flows before working capital and taxes of $176.8 million. </font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Net earnings of ($4.9) million, or basic earnings per share (&#8220;EPS&#8221;) of ($0.02).</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Adjusted net earnings of $6.0 million, or $0.02 per share, after excluding non-cash or unusual items.</font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">Cash costs of $13.23 per payable silver equivalent ounce representing a 47% increase compared to 2020 primarily due to higher costs at Jerritt Canyon and Santa Elena. </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.03pt">All-in sustaining costs (&#8220;AISC&#8221;) of $18.85 per payable silver equivalent ounce representing a 34% increase compared to the previous year due to higher cash costs, combined with an increase in sustaining costs related to the $10.4 million investment in the tailings storage lift project at Jerritt Canyon which was successfully completed in the fourth quarter of 2021. </font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:12.53pt">Realized an average silver price of $25.16 per payable silver equivalent ounce, representing a 19% increase compared to 2020. </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font></div><div style="margin-top:3pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:115%">CEO COMMENTS</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">&#8220;Strong production in the fourth quarter along with the sale of 1.4 million silver ounces from inventory generated record quarterly revenues, significant free cash flow and AISC reductions across most sites,&#8221; stated Keith Neumeyer, President and CEO of First Majestic. &#8220;One of the most significant drivers to this quarters profitability was the start of initial production from the new Ermita</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">&#241;</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">o mine at Santa Elena which reduced Santa Elena&#8217;s overall AISC by 34% to $14.02 per silver equivalent ounce compared to the prior quarter. Furthermore, we anticipate this trend in cost reductions to continue as higher grades and throughputs are achieved at Ermita</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">&#241;</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">o throughout 2022 and 2023. In addition, as a result of the record revenues, our fourth quarter dividend was increased 61% when compared to the prior quarter.&#8221;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%">    </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2</font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">2021 ANNUAL AND FOURTH QUARTER HIGHLIGHTS</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.660%"><tr><td style="width:1.0%"></td><td style="width:43.061%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.432%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.091%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.091%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.738%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Key Performance Metrics</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">2021-Q4</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">2021-Q3</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Change</font></div><div style="text-align:center"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Q4 vs Q3</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">2021</font></div></td><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">2020</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Change</font></div><div style="text-align:center"><font style="color:#333399;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">'21 vs '20</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Operational</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Ore Processed &#47; Tonnes Milled</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">955,810</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">943,126</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">1%</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">3,339,394</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">2,213,954</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">51%</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Silver Ounces Produced</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">3,358,809</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">3,302,086</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">2%</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">12,842,945</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">11,598,380</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">11%</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Silver Equivalent Ounces Produced</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">8,561,023</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">7,319,441</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">17%</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">26,855,783</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">20,379,010</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">32%</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Cash Costs per Silver Equivalent Ounce </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:400;line-height:115%;position:relative;top:-3.48pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">$12.32</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$14.09</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(13%)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$13.23</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$9.00</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">47%</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">All-in Sustaining Cost per Silver Equivalent Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:400;line-height:115%;position:relative;top:-3.48pt;vertical-align:baseline"> (1)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">$17.26</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$19.93</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(13%)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$18.85</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$14.03</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">34%</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Total Production Cost per Tonne </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:400;line-height:115%;position:relative;top:-3.48pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">$105.37</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$106.52</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(1%)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$102.77</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$79.59</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">29%</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Average Realized Silver Price per Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:400;line-height:115%;position:relative;top:-3.48pt;vertical-align:baseline"> (1)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">$24.18</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$23.10</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">5%</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">25.16</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$21.15</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">19%</font></div></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Financial (in $millions)</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Revenues</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">$204.9</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$124.6</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">64%</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$584.1</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$363.9</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">61%</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Mine Operating Earnings</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">$40.4</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$3.5</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">NM</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$101.4</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$105.1</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(3%)</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Net (Loss) Earnings</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">($4.0)</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">($18.4)</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(78%)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">($4.9)</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$23.1</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(121%)</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Operating Cash Flows before Working Capital and Taxes</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">$71.8</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$22.6</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">NM</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$176.8</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$107.3</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">65%</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Cash and Cash Equivalents</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">$237.9</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$192.8</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">23%</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$237.9</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$238.6</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">0%</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Working Capital </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:400;line-height:115%;position:relative;top:-3.48pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">$224.4</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$262.5</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(15%)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$224.4</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$254.4</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(12%)</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Free Cash Flow </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:400;line-height:115%;position:relative;top:-3.48pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">$66.4</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">($24.7)</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">NM</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">($16.9)</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$30.7</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(155%)</font></div></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Shareholders</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#cfdbff;padding:0 1pt"></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Earnings (Loss) per Share (&#34;EPS&#34;) - Basic</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">($0.02)</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">($0.07)</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(71%)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">($0.02)</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$0.11</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(119%)</font></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Adjusted EPS</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:400;line-height:115%;position:relative;top:-3.48pt;vertical-align:baseline"> (1)</font></div></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">$0.02</font></div></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">($0.07)</font></div></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">NM</font></div></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$0.02</font></div></td><td colspan="6" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">$0.18</font></div></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(86%)</font></div></td></tr></table></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:115%">NM &#8211; Not meaningful</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:115%"><br>(1) The Company reports non-GAAP measures which include cash costs per ounce produced, all-in sustaining cost per ounce, total production cost per tonne, average realized silver price per ounce sold, working capital, adjusted EPS and free cash flow. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:115%">For a complete description of how the Company calculates such measures please see pages 45 to 53 in the Company's management discussion and analysis for the fiscal year ended December 31, 2021, filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">2021 FINANCIAL RESULTS</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company generated record revenues totaling $584.1 million in 2021 due primarily to the addition of the Jerritt Canyon Gold Mine during the second quarter, a 32% increase in payable silver equivalent ounces and a 19% increase in the average realized silver price per ounce which averaged $25.16 per ounce compared to $21.15 per ounce in 2020. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Annual mine operating earnings totaled $101.4 million compared to $105.1 million in 2020. The decrease in mine operating earnings was primarily driven by higher costs at Jerritt Canyon to prepare the mine for higher throughputs and improve plant performance along with increased costs at Santa Elena to prepare the Ermita&#241;o mine for production ramp-up in the fourth quarter of 2021 which was partially offset by an increase in revenue.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:115%">   </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Cash flows before movements in working capital and taxes during the year was $176.8 million compared to $107.3 million in the prior year, a 65% increase. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Adjusted EPS (non-GAAP), normalized for non-cash or unusual items such as impairment of non-current assets, share-based payments and deferred income taxes for the year ended December 31, 2021 was $6.0 million, or $0.02 per share compared to $37.4 million, or $0.18 per share in 2020. </font></div><div style="text-align:justify"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3</font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company ended 2021 with a strong treasury consisting of $237.9 million in cash and cash equivalents and a working capital position of $224.4 million.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:115%">FULL YEAR 2021 OPERATIONAL RESULTS</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.473%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.791%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Annual Production Summary</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">San Dimas</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Santa Elena</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">La Encantada</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Jerritt Canyon</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Consolidated</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Ore Processed &#47; Tonnes Milled</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">822,791</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">879,060</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">1,004,144</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">633,400</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">3,339,394</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Silver Ounces Produced</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">7,646,898</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">1,954,492</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">3,241,555</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">&#8212;</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">12,842,945</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Gold Ounces Produced</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">81,237</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">42,088</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">460</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">68,567</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">192,353</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Silver Equivalent Ounces Produced</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">13,525,049</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">5,041,937</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">3,274,798</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">5,013,999</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">26,855,783</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Cash Costs per Silver Equivalent Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:-3.48pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$9.01</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$15.40</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$13.49</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$22.21</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">$13.23</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">All-in Sustaining Cost per Silver Equivalent Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:-3.48pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$12.70</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$19.20</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$16.66</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$28.01</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">$18.84</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Cash cost per Gold Equivalent Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:-3.48pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">N&#47;A</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">N&#47;A</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">N&#47;A</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$1,624</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">N&#47;A</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">All-in sustaining costs per Gold Equivalent Ounce AuEq Ounce</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:-3.48pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">N&#47;A</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">N&#47;A</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">N&#47;A</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$2,048</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">N&#47;A</font></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Total Production Cost per Tonne</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:-3.48pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$142.00</font></div></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$85.15</font></div></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$42.25</font></div></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$172.20</font></div></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">$102.77</font></div></td></tr></table></div><div style="text-align:justify"><font style="color:#333333;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:112%">*</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:112%">Cash Cost per Ounce and All-in Sustaining Cost per Ounce are calculated on a per payable silver equivalent ounce basis.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:112%">  </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:112%">For a complete description of how the Company calculates such measures please see pages 45 to 53 in the Company's management discussion and analysis for the fiscal year ended December 31, 2021, filed on SEDAR at www.sedar.com</font><font style="color:#0000ff;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:112%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:112%"> and EDGAR at www.sec.gov.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Total silver production reached 12.8 million ounces slightly missing the lower end of the Company&#8217;s revised guidance range of 13.0 to 13.8 million silver ounces. Total gold production reached 192,353 ounces and was within the higher end of the Company&#8217;s guidance range of producing between 181,000 to 194,000 ounces. This strong performance was primarily due to the processing of Ermita&#241;o ore at the Santa Elena plant and strong silver and gold grades at San Dimas in the fourth quarter.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Cash cost per silver equivalent ounce in the year was $13.23 compared to $9.00 in 2020. The increase in cash cost per ounce was primarily due to the addition of Jerritt Canyon which had been producing at a higher cash cost since the acquisition. Additionally, there were higher costs at Santa Elena as the Ermita&#241;o mine moved from capital investment into production in November, ahead of schedule.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">AISC per silver equivalent ounce in 2021 was $18.84, compared to $14.03 in the previous year. The increase in AISC per was primarily attributed to higher cash costs, combined with an increase in sustaining capital costs related to the $10.4 million investment in the tailings storage lift project at Jerritt Canyon which was completed in the fourth quarter of 2021. The increase in AISC was partially offset by increased production at San Dimas, Santa Elena and Jerritt Canyon during the year.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company&#8217;s total capital expenditures in 2021 was $219.8 million consisting of $70.2 million for underground development, $69.1 million in exploration (includes $23.1 million in investments at Ermita&#241;o and $7.5 million related to the Springpole Silver Stream agreement), $56.8 million in property, plant and equipment, and $23.7 million in innovation projects. Total investments in 2021, on a mine-by-mine basis, primarily consisted of $56.4 million at San Dimas, $67.5 million at Santa Elena (including $37.3 million for the Ermita&#241;o project), $46.5 million at Jerritt Canyon, $11.4 million at La Encantada and $36.0 million for other strategic projects</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:115%">.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Q4 2021 FINANCIAL RESULTS</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Revenues generated in the fourth quarter of 2021 reached a new Company record of $204.9 million, representing a 64% increase compared to the third quarter of 2021, primarily due to the processing of Ermita&#241;o ore through the Santa Elena plant and the sale of 1.4 million silver ounces of inventory previously withheld from the prior quarter. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The average realized silver price averaged $24.18 per ounce during the quarter, a 5% increase compared to $23.10 in the third quarter of 2021. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Mine operating earnings were $40.4 million, compared to $3.5 million in the third quarter of 2021. The increase was primarily attributed to the sale of the silver inventory withheld in the third quarter of 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4</font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Operating cash flows before movements in working capital and income taxes were $71.8 million during the quarter compared to $22.6 million in the third quarter of 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company recorded net earnings of ($4.0) million (EPS of ($0.02)) compared to ($18.4) million (EPS of ($0.07)) in the third quarter of 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Adjusted net earnings for the fourth quarter was $4.1 million (Adjusted EPS of $0.02) compared to ($18.1) million (Adjusted EPS of ($0.07)) in the third quarter of 2021, after excluding non-cash or non-recurring items. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Q4 2021 OPERATIONAL RESULTS</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.037%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Fourth Quarter Production Summary</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">San Dimas</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Santa Elena</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">La Encantada</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Jerritt Canyon</font></div></td><td colspan="3" style="background-color:#cfdbff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Consolidated</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Ore Processed &#47; Tonnes Milled</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">206,738</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">224,459</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">268,239</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">256,374</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">955,810</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Silver Ounces Produced</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">2,174,353</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">426,870</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">757,586</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">&#8212;</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">3,358,809</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Gold Ounces Produced</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">23,795</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">19,810</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">146</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">23,660</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">67,411</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Silver Equivalent Ounces Produced</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">4,015,346</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">1,955,550</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">768,796</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">1,821,331</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">8,561,023</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Cash Costs per Silver Equivalent Ounce</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$7.98</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$11.56</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$14.51</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$21.71</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">$12.32</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">All-in Sustaining Cost per Silver Equivalent Ounce</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$11.29</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$14.02</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$19.41</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$26.95</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">$17.26</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Cash cost per Gold Equivalent Ounce</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">N&#47;A</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">N&#47;A</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">N&#47;A</font></div></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$1,674</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">N&#47;A</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">All-In sustaining costs per Gold Equivalent Ounce Ounce</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">N&#47;A</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">N&#47;A</font></div></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">N&#47;A</font></div></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$2,077</font></div></td><td colspan="3" style="background-color:#cfdbff;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">N&#47;A</font></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Total Production Cost per Tonne</font></div></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$146.30</font></div></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$93.78</font></div></td><td colspan="3" style="border-bottom:1pt solid #acacac;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$39.70</font></div></td><td colspan="3" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:112%">$151.23</font></div></td><td colspan="3" style="background-color:#cfdbff;border-bottom:1pt solid #acacac;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#001da9;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:112%">$105.37</font></div></td></tr></table></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:115%">For a complete description of how the Company calculates such measures please see pages 45 to 53 in the Company's management discussion and analysis for the fiscal year ended December 31, 2021, filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Total production in the fourth quarter of 2021 reached a record 8.6 million silver equivalent ounces, consisting of 3.4 million ounces of silver and 67,411 ounces of gold. Quarterly silver and gold production increased 2% and 24%, respectively, compared to the prior quarter.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:115%">      </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Cash cost per ounce for the quarter decreased 13% to $12.32 per payable silver equivalent ounce when compared to the previous quarter. The decrease in cash cost per silver equivalent ounce was primarily due to an increase in production from San Dimas and Santa Elena.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">AISC per ounce in the fourth quarter decreased 13% to $17.26 per ounce when compared to the previous quarter. The decrease in AISC was primarily attributed to an increase in production at San Dimas and Santa Elena as well as lower sustaining capital expenditures in the fourth quarter as expenditures related to the tailings storage lift project at Jerritt Canyon have now been completed. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company&#8217;s total capital expenditures in the fourth quarter of 2021 were $56.8 million consisting of $17.6 million for underground development, $14.5 million in exploration (includes $6.1 million in investments at Ermita&#241;o), $23.1 million in property, plant and equipment, and $1.6 million in innovation projects. Total investments in the fourth quarter of 2021, on a mine-by-mine basis, primarily consisted of $12.2 million at San Dimas, $20.2 million at Santa Elena (including $13.0 million for the Ermita&#241;o project), $15.9 million at Jerritt Canyon, $3.0 million at La Encantada, and $5.3 million for other strategic projects.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Q4 2021 DIVIDEND ANNOUNCEMENT</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company is pleased to announce that its Board of Directors has declared a cash dividend payment in the amount of $0.0079 per common share for the fourth quarter of 2021. The fourth quarter cash dividend will be paid to holders of record of First Majestic's common shares as of the close of business on March 21, 2022 and will be distributed on or about April 4, 2022.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5</font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Under the Company's dividend policy, the quarterly dividend per common share is targeted to equal approximately 1% of the Company's net quarterly revenues divided by the Company's then outstanding common shares on the record date.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The amount and distribution dates of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. Dividends paid to shareholders outside Canada (non-resident investors) may be subject to Canadian non-resident withholding taxes.</font></div><div style="margin-top:3pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">APPOINTMENT OF CHIEF FINANCIAL OFFICER</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company is pleased to announce the appointment of David Soares, a seasoned senior mining executive with proven success in leading capital-intensive industrial organizations, as the new Chief Financial Officer effective March 28, 2022.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Mr. Soares recently served as the Chief Financial Officer of Kirkland Lake Gold where he played a key role in leading the development and execution of a strategic plan transforming Kirkland from an Intermediate to a Senior gold producer. Over his career, Mr. Soares has worked with both base and precious metals companies including Xstrata&#47;Glencore, Barrick Gold and Baffinland Iron Ore. Mr. Soares graduated with his Bachelor of Commerce and Finance from the University of Toronto and completed his CPA through the Institute of Chartered Accountants of Ontario. Mr. Soares also holds his MBA through Richard Ivey School of Business at the University of Western Ontario.  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">&#8220;On behalf of First Majestic, I am pleased to welcome David to the executive team,&#8221; stated Keith Neumeyer, President &#38; CEO. &#8220;His knowledge and previous experiences will play an important role in the growth of the Company, both internally and externally. I would like to thank Andrew Poon, Vice-President of Finance for serving as the Interim Chief Financial Officer over the last three months.&#8221;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">ABOUT THE COMPANY</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver&#47;Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver&#47;Gold Mine and the La Encantada Silver Mine.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">First Majestic is proud to offer a portion of its silver production for sale to the public.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Bars, ingots, coins and medallions are available for purchase online at its Bullion Store at some of the lowest possible premiums.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%">FOR FURTHER INFORMATION contact info&#64;firstmajestic.com, visit our website at </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%;text-decoration:underline">www.firstmajestic.com</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:115%"> or call our toll-free number 1.866.529.2807.</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">FIRST MAJESTIC SILVER CORP.</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">&#8220;signed&#8221;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Keith Neumeyer, President &#38; CEO</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Cautionary Note Regarding Forward Looking Statements</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">This press release contains &#8220;forward&#8208;looking information&#8221; and &#34;forward-looking statements&#8221; under applicable Canadian and U.S. securities laws (collectively, &#8220;forward&#8208;looking statements&#8221;). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to&#58; the Company&#8217;s business strategy&#59; commercial mining operations&#59; cash flow&#59; budgets&#59; the timing and amount of estimated future production&#59; ore grades&#59; recovery rates&#59; and costs&#59; Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward&#8208;looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward&#8208;looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with </font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6</font></div></div></div><hr style="page-break-after:always"><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as &#8220;seek&#8221;, &#8220;anticipate&#8221;, &#8220;plan&#8221;, &#8220;continue&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, &#8220;may&#8221;, &#8220;will&#8221;, &#8220;project&#8221;, &#8220;predict&#8221;, &#8220;forecast&#8221;, &#8220;potential&#8221;, &#8220;target&#8221;, &#8220;intend&#8221;, &#8220;could&#8221;, &#8220;might&#8221;, &#8220;should&#8221;, &#8220;believe&#8221; and similar expressions) are not statements of historical fact and may be &#8220;forward&#8208;looking statements&#8221;.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to&#58; the duration and effects of the coronavirus and COVID-19, and any other pandemics or public health crises on our operations and workforce, and the effects on global economies and society, actual results of exploration activities&#59; conclusions of economic evaluations&#59; changes in project parameters as plans continue to be refined&#59; commodity prices&#59; variations in ore reserves, grade or recovery rates&#59; actual performance of plant, equipment or processes relative to specifications and expectations&#59; accidents&#59; fluctuations in costs&#59; labour relations&#59; availability and performance of contractors&#59; relations with local communities&#59; changes in national or local governments&#59; changes in applicable legislation or application thereof&#59; delays in obtaining approvals or financing or in the completion of development or construction activities&#59; exchange rate fluctuations&#59; requirements for additional capital&#59; government regulation&#59; environmental risks&#59; reclamation expenses&#59; outcomes of pending litigation including appeals of judgments&#59; resolutions of claims and arbitration proceedings&#59; negotiations and regulatory proceedings&#59; limitations on insurance coverage as well as those factors discussed in the section entitled &#34;Description of the Business - Risk Factors&#34; in the Company's most recent Annual Information Form, available on www.sedar.com, and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C.  Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">The Company believes that the expectations reflected in these forward&#8208;looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward&#8208;looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:6pt;font-weight:400;line-height:115%"> </font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7</font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
