<SEC-DOCUMENT>0001137171-18-000023.txt : 20180323
<SEC-HEADER>0001137171-18-000023.hdr.sgml : 20180323
<ACCEPTANCE-DATETIME>20180322214142
ACCESSION NUMBER:		0001137171-18-000023
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180323
DATE AS OF CHANGE:		20180322

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELDORADO GOLD CORP /FI
		CENTRAL INDEX KEY:			0000918608
		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:	001-31522
		FILM NUMBER:		18708240

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1188 - BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2B5
		BUSINESS PHONE:		(604) 687-4018

	MAIL ADDRESS:	
		STREET 1:		SUITE 1188 - BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2B5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO CORP LTD                                       /FI
		DATE OF NAME CHANGE:	19960701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO GOLD CORP                                      /FI
		DATE OF NAME CHANGE:	19940203
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>eldorado6k02222018.htm
<DESCRIPTION>ELDORADO GOLD CORPORATION - 6-K
<TEXT>
<html>
<head>
     <title>JA Filed by Filing Services Canada Inc. 403-717-3898</title>
     <meta name="GENERATOR" content="Microsoft FrontPage 4.0">
     <meta name="ProgId" content="FrontPage.Editor.Document">
</head>
<body>

<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">&nbsp;</p>

<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>FORM
6-K</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt" align="center"><br>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Report
of Foreign Private Issuer</b></p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Pursuant
to Rule 13a-16 or 15d-16<br>
of the Securities Exchange Act of 1934</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For the month of
March, 2018</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;
</p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Commission
File Number &nbsp;<b>001-31522</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<table style="font-size:10pt" cellspacing="0" align="center">
  <tr>
    <td width="640">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Eldorado
      Gold Corporation<br>
      </b>(Translation of registrant's name into English)</p>
    </td>
  </tr>
  <tr>
    <td width="640">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b><br>
      1188-550
      Burrard Street</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Bentall
      5</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Vancouver,
      B.C.</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Canada
      &nbsp;V6C 2B5<br>
      </b>(Address of principal executive offices)<br>
      </p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">Form
20-F....[<b> &nbsp;&nbsp;</b>]..... Form 40-F...[.<b>X</b>.]...</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ____</p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman"><b>Note:
</b>Regulation&nbsp;S-T Rule&nbsp;101(b)(1) only permits the submission in paper
of a Form&nbsp;6-K if submitted solely to provide an attached annual report to
security holders.</p>

<p style="margin-top: 5pt; margin-bottom: 5pt; padding-left: 36pt; font-family: Times New Roman">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): ____</p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman"><b>Note:
</b>Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits the submission in paper
of a Form&nbsp;6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's &quot;home country&quot;), or under the rules of the
home country exchange on which the registrant's securities are traded, as long
as the report or other document is not a press release, is not required to be
and has not been distributed to the registrant's security holders, and, if
discussing a material event, has already been the subject of a Form&nbsp;6-K
submission or other Commission filing on EDGAR.</p>

<p style="margin-top: 5pt; margin-bottom: 5pt; padding-left: 36pt; font-family: Times New Roman">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">Yes
&nbsp;[ &nbsp;&nbsp;&nbsp;] &nbsp;No [ <b>X </b>]</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If
&quot;Yes&quot; is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- ________</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<hr>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<br>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Signatures</b></p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<div align="center">
  <center>
  <table style="font-size:10pt" cellspacing="0" width="100%">
    <tr>
      <td valign="top" width="319.2">
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:&nbsp;March
        22, 2018</p>
      </td>
      <td valign="top" width="319.2">
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><b>ELDORADO
        GOLD CORPORATION</b></p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><u>/s/
        Karen Aram<br>
        <br>
        </u></p>
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Karen
        Aram, Corporate Secretary</p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">Exhibits</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.1&nbsp;&nbsp;
<a href="fins.htm"> Audited Financial Statements for the Year Ended December 31, 2017</a></p>

<p style="font: 12pt Times New Roman; margin: 0pt">99.2 &nbsp;&nbsp;<a href="mda.htm">Management Discussion and Analysis for the Year Ended December 31, 2017</a></p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>
<hr>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>fins.htm
<DESCRIPTION>ANNUAL AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017
<TEXT>
<HTML>
<HEAD>
     <TITLE>JA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD></TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in; text-align: right">&nbsp;<IMG SRC="img1.jpg" ALT="" STYLE="width: 231px; height: 94px"></P>

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

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

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

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">Consolidated Financial Statements</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 46.75pt 0 0.25in; text-indent: -0.25in">December 31, 2017 and
2016</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">(Expressed in thousands
of U.S. dollars)</P>

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

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

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


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<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt">&nbsp;</P>

<P STYLE="font: 11.5pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt"><B>Management&rsquo;s Responsibility for Financial
Reporting</B></P>

<P STYLE="font: 10.5pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">The management of Eldorado Gold Corporation
is responsible for the integrity and fair presentation of the financial information contained in this annual report. Where appropriate,
the financial information, including financial statements, reflects amounts based on management&rsquo;s best estimates and judgments.
The financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board. Financial information presented elsewhere in the annual report is consistent with that disclosed in
the financial statements.</P>

<P STYLE="font: 10.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">Management is responsible for establishing
and maintaining adequate internal control over financial reporting. Management has established and maintains a system of internal
accounting control designed to provide reasonable assurance that assets are safeguarded from loss or unauthorized use, financial
information is reliable and accurate and transactions are properly recorded and executed in accordance with management&rsquo;s
authorization. This system includes established policies and procedures, the selection and training of qualified personnel and
an organization providing for appropriate delegation of authority and segregation of responsibilities. Any system of internal control
over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be
effective can provide only reasonable assurance with respect to financial statement preparation and presentation.</P>

<P STYLE="font: 10.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt"><FONT STYLE="font-size: 10.5pt; line-height: 120%">Management
has a process in place to evaluate internal control over financial reporting based on the criteria established by the Committee
of Sponsoring Organizations of the Treadway Commission (2013) in Internal Control &ndash; Integrated Framework. Based on this assessment,
management has concluded that as at December 31, 2017, the Company&rsquo;s internal control over financial reporting was effective.</FONT><FONT STYLE="color: #1F497D">
</FONT><FONT STYLE="font-size: 10.5pt; line-height: 120%">The Company acquired Integra Gold Corporation during 2017, and management
excluded from its assessment of the effectiveness of the Company&rsquo;s internal control over financial reporting as of December
31, 2017, Integra Gold Corporation&rsquo;s internal control over financial reporting associated with total assets of $535,609 included
in the consolidated financial statements of the Company as of and for the year ended December 31, 2017. </FONT></P>

<P STYLE="font: 10.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">The Board of Directors oversees management&rsquo;s
responsibility for financial reporting and internal control systems through an Audit Committee, which is composed entirely of independent
directors. The Audit Committee meets periodically with management, the Company&rsquo;s outside advisors and the independent auditors
to review the scope and results of the annual audit and to review the financial statements and related financial reporting and
internal control matters before the financial statements are approved by the Board of Directors and submitted to the Company&rsquo;s
shareholders.</P>

<P STYLE="font: 10.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">KPMG, an independent registered public
accounting firm, appointed by the shareholders, has audited the Company&rsquo;s financial statements in accordance with Canadian
generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States) and has
expressed their opinion in their report titled &ldquo;Independent Auditors&rsquo; Report of Registered Public Accounting Firm&rdquo;.
The effectiveness of the Company&rsquo;s internal control over financial reporting as at December&nbsp;31, 2017 has also been audited
by KPMG, and their opinion is included in their report titled &ldquo;Report of Independent Registered Public Accounting Firm&rdquo;.</P>

<P STYLE="font: 10.5pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt; text-align: justify"><I>&nbsp;</I></P>

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<P STYLE="font: 10.5pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt; text-align: justify"></P>

<P STYLE="font: 10.5pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt; text-align: justify"><I></I></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td colspan="2" style="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 40px; width: 104px"></td>
    <td style="vertical-align: top; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td colspan="2" style="vertical-align: top; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td colspan="3" style="vertical-align: top">
        <P STYLE="font: bold 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">KPMG LLP</P>
        <P STYLE="font: bold 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">Chartered Professional Accountants</P>
        <P STYLE="font: 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">PO Box 10426 777 Dunsmuir Street</P>
        <P STYLE="font: 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">Vancouver BC V7Y 1K3</P>
        <P STYLE="font: bold 8pt/9.5pt Univers for KPMG,sans-serif; margin: 0">Canada</P></td>
    <td colspan="2" style="vertical-align: top">
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.85pt">Telephone &#9;(604) 691-3000</P>
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">Fax&#9;&#9;(604) 691-3031</P>
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.85pt">Internet&#9;&#9;www.kpmg.ca</P></td></tr>
</table>
<P STYLE="font: 10.5pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt/16pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center"><B>REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">To the Shareholders and Board of
Directors of Eldorado Gold Corporation</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><B><I>Opinion on the Consolidated
Financial Statements</I></B></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">We have audited the accompanying consolidated
financial statements of Eldorado Gold Corporation (the &ldquo;Company&rdquo;), which comprise the consolidated balance sheets as
at December 31, 2017 and December&nbsp;31, 2016, the consolidated income statements, statements of comprehensive income, changes
in equity and cash flows for the years then ended, and the related notes, comprising a summary of significant accounting policies
and other explanatory information (collectively referred to as the &ldquo;consolidated financial statements&rdquo;).</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In our opinion, the consolidated financial
statements present fairly, in all material respects, the consolidated financial position of the Company as at December 31, 2017
and December 31, 2016, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance
with International Financial Reporting Standards as issued by the International Accounting Standards Board.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Report on Internal Control Over Financial
Reporting</I></B></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">We also have audited, in accordance with
the standards of the Public Company Accounting Oversight Board (United States), the Company&rsquo;s internal control over financial
reporting as of December 31, 2017, based on the criteria established in <I>Internal Control&nbsp;&ndash; Integrated Framework
(2013)</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 21, 2018
expressed an unqualified opinion on the effectiveness of the Company&rsquo;s internal control over financial reporting.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Basis for Opinion </I></B></P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><B>A - Management&rsquo;s Responsibility
for the Consolidated Financial Statements</B></P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">Management is responsible for the
preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting
Standards <FONT STYLE="color: #221E1F">as issued by the International Accounting Standards Board</FONT>, and for such internal
control as management determines is necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><B>B - Auditors&rsquo; Responsibility</B></P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">Our responsibility is to
express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with
Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United
States) (&ldquo;PCAOB&rdquo;). Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the consolidated financial statements are free from material misstatement, whether due to error or fraud.</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 5.5pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 67.5pt 0 1.75in"><FONT STYLE="font-size: 10pt">KPMG LLP
is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative (&ldquo;KPMG International&rdquo;), a Swiss entity.</FONT></P>

<P STYLE="font: 5.5pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 67.5pt 0 1.75in"><FONT STYLE="font-size: 10pt">KPMG Canada
provides services to KPMG LLP.</FONT></P>

<P STYLE="font: 5.5pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 67.5pt 0 1.75in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 5.5pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 67.5pt 0 1.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">Those standards also require that
we comply with ethical requirements, including independence. We are required to be independent with respect to the Company in
accordance with the ethical requirements that are relevant to our audit of the <FONT STYLE="letter-spacing: -0.2pt">consolidated
</FONT>financial statements in Canada, the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB. We are a public accounting firm registered with the PCAOB.&nbsp;</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">An audit includes performing procedures
to assess the risks of material misstatements of the consolidated financial statements, whether due to error or fraud, and performing
procedures to respond to those risks. Such procedures included obtaining and examining, on a test basis, audit evidence regarding
the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including
the assessment of the risks of material misstatement of the consolidated<B> </B>financial statements, whether due to fraud or error.
In making those risk assessments, we consider internal control relevant to the Company&rsquo;s preparation and fair presentation
of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances.</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">An audit also includes evaluating
the appropriateness of accounting policies and principles used and the reasonableness of accounting estimates made by management,
as well as evaluating the overall presentation of the consolidated financial statements.</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">We believe that the audit evidence
we have obtained in our audits is sufficient and appropriate to provide a reasonable basis for our audit opinion.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>KPMG LLP (Signed)</B></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">We have served as the Company's auditor since
2009.</P>

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

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">March 21, 2018</P>



<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td colspan="2" style="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 40px; width: 104px"></td>
    <td style="vertical-align: top; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td colspan="2" style="vertical-align: top; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td colspan="3" style="vertical-align: top">
        <P STYLE="font: bold 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">KPMG LLP</P>
        <P STYLE="font: bold 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">Chartered Professional Accountants</P>
        <P STYLE="font: 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">PO Box 10426 777 Dunsmuir Street</P>
        <P STYLE="font: 7.5pt/9.5pt Univers for KPMG,sans-serif; margin: 0">Vancouver BC V7Y 1K3</P>
        <P STYLE="font: bold 8pt/9.5pt Univers for KPMG,sans-serif; margin: 0">Canada</P></td>
    <td colspan="2" style="vertical-align: top">
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.85pt">Telephone &#9;(604) 691-3000</P>
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">Fax&#9;&#9;(604) 691-3031</P>
        <P STYLE="font: 7.5pt/normal Univers for KPMG,sans-serif; margin: 0 0 0 0.75in; text-indent: -31.85pt">Internet&#9;&#9;www.kpmg.ca</P></td></tr>
</table>
<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-align: center"><B>REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">To the Shareholders and the Board
of Directors of Eldorado Gold Corporation</P>

<P STYLE="font: italic 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 5pt"><B>Opinion on Internal Control Over Financial
Reporting </B></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">We have audited Eldorado Gold
Corporation&#8217;s (the &#8220;Company&#8221;) internal control over financial reporting as of December&nbsp;31, 2017, based on
the criteria established in<I> Internal Control &#8211; Integrated Framework (2013)</I> issued by the Committee of Sponsoring Organizations
of the Treadway Commission.</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">In our opinion, the Company maintained,
in all material respects, effective internal control over financial reporting as of December&nbsp;31, 2017, based on the criteria
established in <I>Internal Control &#8211; Integrated Framework (2013)</I> issued by the Committee of Sponsoring Organizations
of the Treadway Commission.</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">The Company acquired Integra Gold
Corporation during 2017, and management excluded from its assessment of the effectiveness of the Company&#8217;s internal control
over financial reporting as of December 31, 2017, Integra Gold Corporation&#8217;s internal control over financial reporting associated
with total assets of $535,609,000 included in the consolidated financial statements of the Company as of and for the year ended
December 31, 2017. Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal
control over financial reporting of Integra Gold Corporation.</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><B><I>Report on the Consolidated
Financial Statements</I></B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">We also have audited, in accordance
with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United
States) (&#8220;PCAOB&#8221;), the consolidated financial statements of the Company which comprise the consolidated balance sheets
as at December 31, 2017 and December 31, 2016, the consolidated income statements, statements of comprehensive income, changes
in equity and cash flows for the years then ended, and the related notes comprising a summary of significant accounting policies
and other explanatory information (collectively referred to as the &quot;consolidated financial statements&quot;), and our report
dated March 21, 2018 expressed an unqualified opinion on those financial statements.</P>

<P STYLE="font: italic 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 5pt"><B>Basis for Opinion </B></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">The Company&#8217;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 report titled &#8220;Management&#8217;s Discussion and
Analysis Of Financial Condition And Results of Operations &#8211; Internal controls over financial reporting&#8221;. Our responsibility
is to express an opinion on the Company&#8217;s internal control over financial reporting based on our audit.</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">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 and in accordance with the
ethical requirements that are relevant to our audit of the financial statements in Canada.</P>

<P STYLE="font: 5.5pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 67.5pt 0 1.75in"><FONT STYLE="font-size: 10pt">KPMG LLP
is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative (&ldquo;KPMG International&rdquo;), a Swiss entity.</FONT></P>

<P STYLE="font: 5.5pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 67.5pt 0 1.75in"><FONT STYLE="font-size: 10pt">KPMG Canada
provides services to KPMG LLP.</FONT></P>



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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">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 of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that
a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe
that our audit provides a reasonable basis for our opinion.</P>

<P STYLE="font: italic 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify"><B>Definition and Limitations
of Internal Control Over Financial Reporting </B></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">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)&nbsp;pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2)&nbsp;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; and (3)&nbsp;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.</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">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.</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>KPMG LLP (Signed)</B></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Chartered Professional Accountants</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Vancouver, Canada</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 24pt; text-align: justify">March 21, 2018</P>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Consolidated
Balance Sheets</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars)</P>



<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 4%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 10%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 10%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 29%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 10%; padding-bottom: 10pt; font: 9pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><B><I>Note</I></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 18%; padding-bottom: 10pt; font: 9pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><B>December 31, 2017</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 18%; padding-bottom: 10pt; font: 9pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><B>December 31, 2016</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%"><B>ASSETS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%"><B>Current assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; padding-left: 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>6</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479,501 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883,171 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; padding-left: 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Term deposits</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,508 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,292 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; padding-left: 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Restricted cash </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; padding-left: 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Marketable securities <B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,010 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,327 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; padding-left: 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Accounts receivable and other</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>7</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,344 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,315 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; padding-left: 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>8</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168,844 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120,830 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737,517 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,092,175 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Restricted cash and other assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>10</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,902 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,297 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Defined benefit pension plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>16</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,919 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,620 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>11</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,227,397 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,645,827 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Goodwill</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>12</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92,591 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,090,326 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,797,919 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%"><B>LIABILITIES &amp; EQUITY</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; padding-left: 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>13</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110,651 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90,705 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; padding-left: 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Current portion of asset retirement obligation</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>15</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,489 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114,140 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90,705 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>14</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593,783 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591,589 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Defined benefit pension plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>16</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,599 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,882 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Asset retirement obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>15</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96,195 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89,778 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Deferred income tax liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>17</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549,127 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443,501 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,366,844 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,226,455 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%"><B>Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Share capital</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>18</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,007,924 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,819,101 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Treasury stock</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,056)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,794)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Contributed surplus</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,616,593 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,606,567 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Accumulated other comprehensive loss</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21,350)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,172)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Deficit</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,948,569)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,928,024)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%"><B>Total equity attributable to shareholders of the Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,643,542 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,482,678 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 9pt; line-height: 115%"><B>Attributable to non-controlling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,940 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88,786 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,723,482 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,571,464 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,090,326 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,797,919 </FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt"><B>Approved on behalf of the Board of Directors</B></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><I>(Signed)</I> <I>John Webster
</I>Director <I>(Signed)</I> <I>George Burns </I>Director</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 12pt 0 6pt"><B>Date of approval: </B><FONT STYLE="font-size: 11pt"><I>March
21, 2018</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Consolidated
Income Statements<FONT STYLE="font-size: 9pt; color: windowtext"> </FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars except per share amounts)</P>



<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 10%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 28%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>For the year ended December 31</B></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><B><I>Note</I></B></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Revenue</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;Metal sales</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391,406 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432,727 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Cost of sales</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;Production costs</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>26</I></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192,740 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194,669 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;Inventory write-down </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>8</I></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72,130 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,887 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265,314 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269,556 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126,092 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163,171 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Exploration expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,261 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,773 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Mine standby costs </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,886 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,140 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Other operating items</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,658 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">General and administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,574 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,851 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Acquisition costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>5a</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,270 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Defined benefit pension plan expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>16</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,451 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,602 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Share based payments</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>19</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,218 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,559 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Write-down of assets</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>11</I></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,697 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,529 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Foreign exchange loss (gain)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,382)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,708 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Operating profit (loss)</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38,541)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,009 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Loss on disposal of assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,121)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Gain (loss) on marketable securities and other investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,425 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,881)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Other income</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,575 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Asset retirement obligation accretion</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>15</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,006)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,795)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Interest and financing costs</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,199)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,757)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Profit from continuing operations before income tax</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,698 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Income tax expense </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>17</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,383 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,205 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Loss from continuing operations </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,591)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,507)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Loss from discontinued operations </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>5b</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,797)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339,369)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Loss for the year</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21,388)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346,876)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Shareholders of the Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,935)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344,151)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Non-controlling interests</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,453)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,725)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Loss for the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21,388)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346,876)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Loss attributable to shareholders of the Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Continuing operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,138)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,683)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Discontinued operations</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,797)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341,468)</FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,935)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344,151)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Weighted average number of shares outstanding (thousands)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>27</I></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Basic</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">753,565</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">716,587</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Diluted</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">753,565</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">716,593</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Loss per share attributable to shareholders </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>of the Company:</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Basic loss per share </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Diluted loss per share</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Loss per share attributable to shareholders </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>of the Company - continuing operations:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Basic loss per share </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Diluted loss per share</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>


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<P STYLE="color: #0C2D83; font: 14pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"></P>

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Consolidated
Statements of Comprehensive Income</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars)</P>



<P STYLE="color: #0C2D83; font: 14pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt"></P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 63%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>For the year ended December 31</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><B><I>Note</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Loss for the year</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21,388)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346,876)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Other comprehensive income (loss):</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Change in fair value of available-for-sale financial assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,878 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,115 </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Income tax on change in fair value of available-for-sale financial assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,595)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,428)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Reversal of unrealized gains on available-for-sale investments on&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;acquistion of Integra, net of taxes</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24,340)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Transfer of realized loss on disposal of availabe-for-sale financial assets</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,901 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Actuarial losses on defined benefit pension plans</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>16</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,121)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,188)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total other comprehensive income (loss) for the year</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14,178)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,400 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total comprehensive loss for the year</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35,566)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333,476)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Attributable to:</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Shareholders of the Company</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24,113)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330,751)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Non-controlling interests</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,453)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,725)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35,566)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333,476)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Consolidated
Statements of Cash Flows</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars)</P>



<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 60%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>For the year ended December 31</B></FONT></TD>
    <TD STYLE="width: 3%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><B><I>Note</I></B></FONT></TD>
    <TD STYLE="width: 14%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD STYLE="width: 14%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;$ </B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Cash flows generated from (used in):</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Operating activities</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Loss for the year from continuing operations</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,591)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,507)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>Items not affecting cash:</I></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Asset retirement obligation accretion</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,006 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,795 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72,130 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,887 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Unrealized foreign exchange loss (gain)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,191 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Deferred income tax expense (recovery)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,849)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,039 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Loss on disposal of assets</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,121 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Write-down of assets</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>11</I></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,697 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,529 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">(Gain) loss on marketable securities and other investments</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27,425)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,881 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Share based payments</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,218 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,559 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Defined benefit pension plan expense</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,451 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,602 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,628 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107,097 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Property reclamation payments</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,097)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,662)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Changes in non-cash working capital</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>20</I></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35,755)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,295 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Net cash provided by operating activities of continuing operations</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,776 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136,730 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Net cash used by operating activities of discontinued operations</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,797)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23,067)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Investing activities</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Net cash paid on acquisition of subsidiary</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 9pt; line-height: 115%"><I>5a</I></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121,664)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Purchase of property, plant and equipment</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345,883)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297,667)</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Proceeds from the sale of property, plant and equipment</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,916 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Proceeds from sale of mining interest, net of transaction costs</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792,511 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Proceeds on pre-commercial production sales and tailings retreatment</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,200 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,708 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Purchase of marketable securities</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,526)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Proceeds from the sale of marketable securities</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,665 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Value added taxes related to mineral property expenditures, net </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,804 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Investment in term deposits</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(910)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Decrease (increase) in restricted cash</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,817)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Net cash provided (used) by investing activities of continuing operations</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416,324)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503,103 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Net cash used by investing activities of discontinued operations</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21,784)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Financing activities</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Issuance of common shares for cash</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Dividend paid to shareholders</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,610)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Purchase of treasury stock</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,301)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Long-term and bank debt proceeds</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,000 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Long-term and bank debt repayments</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70,000)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Net cash used by financing activities of continuing operations</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15,325)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Net increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403,670)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594,982 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Cash and cash equivalents - beginning of year</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883,171 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288,189 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Cash and cash equivalents - end of year</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479,501 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883,171 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Consolidated
Statements of Changes in Equity</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars)</P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>For the year ended December 31,</B></FONT></TD>
    <TD STYLE="width: 7%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><B><I>Note</I></B></FONT></TD>
    <TD STYLE="width: 13%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 4%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Share capital </B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 13.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance beginning of year</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,819,101 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,319,101 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Shares issued upon exercise of share options, for cash</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Transfer of contributed surplus on exercise of options</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Shares issued on acquistion of Integra Gold Corp.</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>5a</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188,061 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Capital reduction</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,500,000)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance end of year</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,007,924 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,819,101 </FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Treasury stock</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance beginning of year</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,794)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,211)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Purchase of treasury stock</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,301)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Shares redeemed upon exercise of restricted share units</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,039 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,417 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance end of year</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,056)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,794)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Contributed surplus</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance beginning of year</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,606,567 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,236 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Share based payments</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,241 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,264 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Shares redeemed upon exercise of restricted share units</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,039)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,417)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Recognition of other non-current liability and related costs</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,416)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Reversal of other current liability and related costs</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,900 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Transfer to share capital on exercise of options</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Capital reduction </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,500,000 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance end of year</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,616,593 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,606,567 </FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Accumulated other comprehensive loss</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance beginning of year</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,172)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20,572)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Other comprehensive loss for the year</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14,178)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,400 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance end of year</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21,350)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,172)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Deficit</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance beginning of year</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,928,024)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,583,873)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Dividends paid</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,610)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Loss attributable to shareholders of the Company</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,935)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344,151)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance end of year</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,948,569)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,928,024)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total equity attributable to shareholders of the Company</B></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,643,542 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,482,678 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Non-controlling interests</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance beginning of year</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88,786 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169,755 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Loss attributable to non-controlling interests</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,453)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,725)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Increase during the period</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,607 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,257 </FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Decrease due to sale of China Business and others</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81,501)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance end of year</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,940 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88,786 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total equity</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,723,482 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,571,464 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>


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<P STYLE="color: #0C2D83; font: 14pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Eldorado Gold Corporation</B></P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">Notes to the
Consolidated financial statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars, unless otherwise stated)</P>



<P STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin: 0 56.7pt 0 17.85pt; text-indent: 0in"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="padding-right: 56.9pt"><B>General Informatio</B><FONT STYLE="font-weight: normal">n </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in">Eldorado Gold Corporation (&ldquo;Eldorado&rdquo;
or the &ldquo;Company&rdquo;) is a primarily gold exploration, development and mining company. The Company has operations and ongoing
exploration and development projects in Turkey, Greece, Brazil, Canada, Romania and Serbia. On July 10, 2017, the Company finalized
its acquisition of Integra Gold Corporation (&ldquo;Integra&rdquo;), a Canadian company with mineral assets in Quebec, Canada (note
5a). The Company disposed of its China operations (&ldquo;China Business&rdquo;) in 2016. Details of the sale are included in note
5b.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">Eldorado is a public company
which is listed on the Toronto Stock Exchange and New York Stock Exchange and is incorporated and domiciled in Canada.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 22.4pt">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="padding-right: 56.9pt"><B>Basis of preparation</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in">These consolidated financial
statements, including comparatives, have been prepared using accounting policies in compliance with International Financial Reporting
Standards (&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;).</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in">Certain prior period balances
have been reclassified to conform to current period presentation.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in">The consolidated financial statements
were authorized for issue by the Board of Directors on March 21, 2018.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.9pt 7pt 4.3pt; text-indent: 0.25in"><B>Upcoming changes in
accounting standards</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-indent: 0in">The following standards have
been published and are mandatory for Eldorado&rsquo;s annual accounting periods no earlier than January 1, 2018:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: windowtext">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">IFRS 2</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext"><I>&lsquo;Share-Based
Payments&rsquo; </I>&ndash;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">In June 2016, the
IASB issued final amendments to this standard. IFRS 2 clarifies the classification and measurement of share-based payment transactions.
These amendments deal with variations in the final settlement arrangements including: (a) accounting for cash-settled share-based
payment transactions that include a performance condition, (b) classification of share-based payment transactions with net settlement
features, and (c) accounting for modifications of share-based payment transactions from cash-settled to equity. IFRS 2 is effective
for annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. The Company plans to apply this
standard at the date it becomes effective.<B> </B>The Company does not expect the impact of these changes to be material.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS 9 <I>&lsquo;Financial Instruments&rsquo; </I>&ndash; This standard
was published in July 2014 and replaces the existing guidance in IAS 39, &lsquo;<I>Financial Instruments: Recognition and Measurement&rsquo;</I>.
IFRS 9 includes revised guidance on the classification and measurement of financial instruments, including a new expected credit
loss model for calculating impairment on financial assets, and the new general hedge accounting requirements. It also carries forward
the guidance on recognition and derecognition of financial instruments from IAS 39. IFRS 9 is effective for annual reporting periods
beginning on or after January 1, 2018, with early adoption permitted. The Company plans to apply this standard at the date it becomes
effective.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.5in; text-indent: 0in">The Company has completed its
assessment of the impact of IFRS 9 and expects the following impacts upon adoption:</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>i)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>the classification of its financial
assets and liabilities to remain consistent under the new standard, with the exception of equity securities. The Company will make
the irrevocable election to continue to measure its long-term investments in equity securities at fair value through other comprehensive
income. As a result and following the new standard, all realized and unrealized gains and losses will be recognized permanently
in other comprehensive income with no reclassification to profit or loss upon impairment and disposition.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>ii)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>the Company does not expect to apply
hedge accounting to hedge components of its non-financial items.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>iii)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>the Company does not expect a material
impact to its financial statements from any of the other changes to this standard, including the new expected credit loss model
for calculating impairment on financial assets.</P>


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<P STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin: 0; text-indent: 0in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Basis of preparation <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS 15 <I>&lsquo;Revenue from Contracts with Customers&rsquo; </I>&ndash;
This standard contains a single model that applies to contracts with customers and two approaches to recognising revenue: at a
point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how much
and when revenue is recognized. New estimates and judgmental thresholds have been introduced, which may affect the amount and/or
timing of revenue recognized. This standard is effective for annual reporting periods beginning on or after January 1, 2018, with
early adoption permitted. The Company plans to apply this standard at the date it becomes effective and will be adopting the modified
retrospective approach.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in">The Company has performed a detailed review and
assessment of its sales contracts, including dor&eacute; and concentrate sale agreements, and has concluded that no adjustments
are required in respect of current revenue recognition practices. The Company will have additional disclosures required by the
new standard, in particular in relation to the impact of provisional pricing adjustments on its concentrate sales.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Univers 55; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS 16 &lsquo;<I>Leases</I>&rsquo; &ndash; This standard was published
in January 2016 and replaces the existing guidance in IAS 17, &lsquo;<I>Leases</I>&rsquo;. IFRS 16 introduces a single accounting
model for lessees and for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee
will be required to recognize a right-of-use asset, representing its right to use the underlying asset, and a lease liability,
representing its obligation to make lease payments. The accounting treatment for lessors will remain largely the same as under
IAS 17. IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019, with early adoption permitted.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-indent: 0in">The Company plans to apply this
standard at the date it becomes effective and expects that, under this standard, the present value of most lease commitments will
be shown as a liability on the balance sheet together with an asset representing the right of use, including those classified as
operating leases under the existing standard. This implies higher amounts of depreciation expense and interest on lease liabilities
that will be recorded in the Company&rsquo;s profit and loss results. Additionally, a corresponding reduction in general and administrative
costs and/or production costs is expected. The extent of the impact of adopting the standard has not yet been determined.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-indent: 0in">The Company is currently working
in the development of its implementation plan and expects to report more detailed information, including estimated quantitative
financial impacts, if material, in its consolidated financial statements as the effective date approaches.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">There are other new standards,
amendments to standards and interpretations that have been published and are not yet effective. The Company believes they will
have no material impact on its consolidated financial statements.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 76.3pt; text-indent: -76.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="padding-right: 56.9pt"><B>Significant accounting policies</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The principal accounting policies
set out below have been applied consistently to all years presented in these consolidated financial statements, and have been applied
consistently by all Eldorado entities.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.1&#9;Basis of
presentation and principles of consolidation</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(i)&#9;Subsidiaries
and business combinations</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Subsidiaries are entities controlled
by Eldorado. Control exists when Eldorado is exposed to, or has rights, to variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights that
currently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial
statements from the date that control commences until the date that control ceases.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The acquisition method of accounting
is used to account for business acquisitions. The cost of an acquisition is measured as the fair value of the assets given, equity
instruments issued and liabilities incurred or assumed at the date of exchange.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Identifiable assets acquired
and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the
acquisition date, irrespective of the extent of any non-controlling interest.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The excess of the cost of acquisition
over the fair value of Eldorado&rsquo;s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition
is less than the fair value of the net assets acquired, the difference, or gain is recognised directly in the income statement.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Transaction costs, other than
those associated with the issue of debt or equity securities, which the Company incurs in connection with a business combination,
are expensed as incurred.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The most significant wholly-owned
and partially-owned subsidiaries of Eldorado, are presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Univers 45 Light, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Subsidiary</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Location</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Ownership interest</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Status</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Operations and development projects owned</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">T&uuml;prag Metal Madencilik Sanayi ve Ticaret AS (&ldquo;T&uuml;prag&rdquo;)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Turkey</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0 0 0 8.1pt; text-indent: 0in">Ki&#351;lada&#287; Mine</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0 0 0 8.1pt; text-indent: 0in">Efem&ccedil;ukuru Mine</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Hellas Gold SA (&ldquo;Hellas&rdquo;)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Greece</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">95%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0 0 0 8.1pt; text-indent: 0in">Stratoni Mine</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0 0 0 8.1pt; text-indent: 0in">Olympias Mine</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0 0 0 8.1pt; text-indent: 0in">Skouries Project</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Integra Gold Corporation</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Canada</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Lamaque Project</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Thracean Gold Mining SA</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Greece</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Perama Hill Project</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Thrace Minerals SA</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Greece</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Sapes Project</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Unamgen Minera&ccedil;&atilde;o e Metalurgia S/A </FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Brazil</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Vila Nova Iron Ore Mine</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Brazauro Resources Corporation (&ldquo;Brazauro&rdquo;)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Brazil</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Tocantinzinho Project</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Deva Gold SA (&ldquo;Deva&rdquo;)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Romania</FONT></TD>
    <TD STYLE="padding-right: 6.5pt; text-align: right; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">80.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-align: center; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Consolidated</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-indent: 0in; line-height: 13pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Certej Project</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(ii)&#9;Discontinued
operations</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">A discontinued operation is
a component of the Group&rsquo;s business that represents a separate major line of business or geographical area of operations
that has been disposed of, has been abandoned or meets the criteria to be classified as held for sale.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Discontinued operations are
presented on the income statement as a separate line.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(iii)&#9;Assets
held for sale</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Assets and businesses classified
as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification
as held for sale and gains or losses on subsequent re-measurements are included in the income statement. No depreciation is charged
on assets and businesses classified as held for sale.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Assets and businesses are classified
as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through
continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(iv)&#9;Investments
in associates (equity accounted for investees)</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Associates are those entities
where Eldorado has the ability to exercise significant influence, but not control, over the financial and operating policies. Significant
influence is presumed to exist when the Company holds between 20 and 50 percent of the voting power of another entity.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="letter-spacing: -0.15pt">Associates are accounted for using the equity method (equity accounted investees) and
are recognized initially at cost. The consolidated financial statements include Eldorado&rsquo;s share of the income and expenses
and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of Eldorado,
from the date that significant influence commences until the date that significant influence ceases. </FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="letter-spacing: -0.15pt">When the Company&rsquo;s share of losses exceeds its interest in an equity accounted
investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further
losses is discontinued except to the extent that the Company has an obligation to make, or has made, payments on behalf of the
investee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="letter-spacing: -0.15pt">At each balance sheet date, each investment in associates is assessed for indicators
of impairment.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(v) Transactions with
non-controlling interests</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">For
purchases from non-controlling interests, the difference between any consideration paid and the relevant share of the carrying
value of net assets of the subsidiary acquired is recorded in equity. Gains or losses on disposals to non-controlling interests
are also recorded in equity.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">Eldorado
treats transactions in the ordinary course of business with non-controlling interests as transactions with third parties.</FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0.65in 6pt 0.25in; text-indent: 0in">(vi)&#9;Transactions
eliminated on consolidation&#9;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Intra-company and intercompany
balances and transactions, and any unrealized income and expenses arising from all such transactions, are eliminated in preparing
the consolidated financial statements.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.2&#9;Foreign currency
translation</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(i) &#9;Functional
and presentation currency</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Items included in the financial
statements of each of Eldorado&rsquo;s entities are measured using the currency of the primary economic environment in which the
entity operates (the functional currency). The consolidated financial statements are presented in U.S. dollars, which is the Company&rsquo;s
functional and presentation currency, as well as the functional currency of all significant subsidiaries.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(ii) &#9;Transactions
and balances</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Foreign currency transactions
are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets
and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange
rate at that date. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation
of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: -17.85pt">&#9;3.3&#9;Property,
plant and equipment</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(i)&#9;Cost and valuation</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Property, plant and equipment are carried at cost less accumulated depreciation and any impairment in value. When an asset
is disposed of, it is derecognized and the difference between its carrying value and net sales proceeds is recognized as a gain
or loss in the income statement.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(ii)&#9;Property,
plant and equipment</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Property, plant and equipment
include expenditures incurred on properties under development, significant payments related to the acquisition of land and mineral
rights and property, plant and equipment which are recorded at cost on initial acquisition. Cost includes the purchase price and
the directly attributable costs of acquisition or construction required to bring an asset to the location and condition necessary
for the asset to be capable of operating in the manner intended by management.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(iii)&#9; Depreciation</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">Mine development costs, property,
plant and equipment and other mining assets whose estimated useful life is the same as the remaining life of the mine are depreciated,
depleted and amortized over a mine&rsquo;s estimated life using the units-of-production method calculated based on proven and probable
reserves.</P>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">Capitalized development costs
related to a multi-pit operation are amortized on a pit-by-pit basis over the pit&rsquo;s estimated life using the units-of-production
method calculated based on proven and probable reserves related to each pit.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-align: justify">Property, plant and equipment
and other assets whose estimated useful lives are less than the remaining life of the mine are depreciated on a straight-line basis
over the estimated useful lives of the assets.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-align: justify">Where components of an asset
have a different useful life and cost that is significant to the total cost of the asset, depreciation is calculated on each separate
component.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-align: justify">Depreciation methods, useful
lives and residual values are reviewed at the end of each year and adjusted if appropriate.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(iv) Subsequent
costs</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Expenditure on major maintenance or repairs includes
the cost of replacement parts of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that
further future economic benefit will flow to the Company, the expenditure is capitalized. Similarly, overhaul costs associated
with major maintenance are capitalized when it is probable that future economic benefit will flow to the Company and any remaining
costs of previous overhauls relating to the same asset are derecognized. All other expenditures are expensed as incurred.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(v) Deferred stripping
costs</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Stripping costs incurred during the production
phase of a mine are considered production costs and included in the cost of inventory produced during the period in which the stripping
costs are incurred, unless the stripping activity can be shown to provide access to additional mineral reserves, in which case
the stripping costs are capitalized. Stripping costs incurred to prepare the ore body for extraction are capitalized as mine development
costs (pre-stripping). Capitalized stripping costs are amortized on a unit-of-production basis over the proven and probable reserves
to which they relate.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(vi) Borrowing costs</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">Borrowing costs are expensed as incurred except
where they are directly attributable to the financing of construction or development of qualifying assets requiring a substantial
period of time to prepare for their intended future use. Interest is capitalized up to the date when substantially all the activities
necessary to prepare the asset for its intended use are complete.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Investment income arising on the temporary investment
of proceeds from borrowings is offset against borrowing costs being capitalized.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(vii)&#9; Mine
standby and restructuring costs</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Mine standby costs and costs related to restructuring
a mining operation are charged directly to expense in the period incurred. Mine standby costs include labour, maintenance and mine
support costs during temporary shutdowns of a mine or development project.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 5pt 17.85pt; text-indent: 0in">3.4&#9;Exploration,
evaluation and development expenditures</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 17.85pt; text-indent: 0in">(i) Exploration</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Exploration expenditures reflect the costs related
to the initial search for mineral deposits with economic potential or obtaining more information about existing mineral deposits.
Exploration expenditures typically include costs associated with the acquisition of mineral licenses, prospecting, sampling, mapping,
diamond drilling and other work involved in searching for ore. All expenditures relating to exploration activities are expensed
as incurred except for the costs associated with the acquisition of mineral licenses which are capitalized.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(ii) Evaluation</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">Evaluation expenditures reflect costs incurred
at projects related to establishing the technical and commercial viability of mineral deposits identified through exploration or
acquired through a business combination or asset acquisition.</P>


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<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify">Evaluation expenditures include
the cost of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">establishing the volume and grade of deposits through drilling of core samples, trenching and
sampling activities in an ore body that is classified as either a mineral resource or a proven and probable reserve;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">determining the optimal methods of extraction and metallurgical and treatment processes; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">c)</FONT></TD><TD><FONT STYLE="font-size: 10pt">studies related to surveying, transportation and infrastructure requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">d)</FONT></TD><TD><FONT STYLE="font-size: 10pt">permitting activities; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">e)</FONT></TD><TD><FONT STYLE="font-size: 10pt">economic evaluations to determine whether development of the mineralized material is commercially
justified, including scoping, prefeasibility and final feasibility studies.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Evaluation expenditures are capitalized if management
determines that there is evidence to support probability of generating positive economic returns in the future. A mineral resource
is considered to have economic potential when it is expected the technical feasibility and commercial viability of extraction of
the mineral resource is demonstrable considering long-term metal prices. Therefore, prior to capitalizing such costs, management
determines that the following conditions have been met:</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Wingdings">&#167;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">There is a probable future benefit that will contribute to future cash inflows;</FONT></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Wingdings">&#167;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Company can obtain the benefit and control access to it; and</FONT></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Wingdings">&#167;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The transaction or event giving rise to the benefit has already occurred.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The evaluation phase is complete once technical
feasibility of the extraction of the mineral deposit has been determined through preparation of a reserve and resource statement,
including a mining plan as well as receipt of required permits and approval of the Board of Directors to proceed with development
of the mine.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(iii) Development</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Development expenditures are those that are incurred
during the phase of preparing a mineral deposit for extraction and processing. These include pre-stripping costs and underground
development costs to gain access to the ore that is suitable for sustaining commercial mining, preparing land, construction of
plant, equipment and buildings and costs of commissioning the mine and mill.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Expenditures incurred on development projects
continue to be capitalized until the mine and mill moves into the production stage. The Company assess each mine construction project
to determine when a mine moves into production stage. The criteria used to assess the start date are determined based on the nature
of each mine construction project, such as the complexity of a plant or its location. Various relevant criteria are considered
to assess when the mine is substantially complete and ready for its intended use and moved into the production stage. Some of the
criteria considered would include, but are not limited to, the following: (1) the level of capital expenditures compared to construction
cost estimates; (2) the completion of a reasonable period of testing of mine plant and equipment; (3) the ability to produce minerals
in saleable form (within specification); and (4) the ability to sustain ongoing production of minerals.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Alternatively, if the factors that impact the
technical feasibility and commercial viability of a project change and no longer support the probability of generating positive
economic returns in the future, expenditures will no longer be capitalized.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.5&#9;Goodwill</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">Goodwill represents the excess of the cost of
an acquisition over the fair value of Eldorado's share of the net assets of the acquired business at the date of acquisition. When
the excess is negative (negative goodwill), it is recognized immediately in income. Goodwill on acquisition of subsidiaries and
businesses is shown separately as goodwill in the financial statements. Goodwill on acquisition of associates is included in investments
in significantly influenced companies and tested for impairment as part of the overall investment.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">Goodwill is carried at cost less accumulated
impairment losses and tested annually for impairment. Impairment losses on goodwill are not reversed. The impairment testing is
performed annually or more frequently if events or changes in circumstances indicate that it may be impaired.</P>


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<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Goodwill is allocated to cash-generating units
for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units
(&ldquo;CGU&rdquo;s) that are expected to benefit from the business combination in which the goodwill arose. If the composition
of one or more cash generating units to which goodwill has been allocated changes due to a re-organization, the goodwill is re-allocated
to the units affected.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify">The gain or loss on disposal
of an entity includes the carrying amount of goodwill relating to the entity sold.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.6&#9;Impairment
of non-financial assets</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Other long-lived assets are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment test is performed
when the impairment indicators demonstrate that the carrying amount may not be recoverable and it is reviewed at least annually.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">An impairment loss is recognized for the amount
by which the asset&rsquo;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset&rsquo;s
fair value less cost to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels
for which there are separately identifiable cash flows or CGUs.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Value in use is determined as the present value
of the future cash flows expected to be derived from an asset or CGU based on the detailed mine and/or production plans. The estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Fair value less cost to sell is the amount obtainable
from the sale of an asset or CGU in an arm&rsquo;s length transaction between knowledgeable, willing parties, less the costs of
disposal. For mining assets, fair value less cost to sell is often estimated using a discounted cash flow approach because a fair
value is not readily available from an active market or binding sale agreement. Estimated future cash flows are calculated using
estimated future prices, mineral reserves and resources, operating and capital costs. All assumptions used are those that an independent
market participant would consider appropriate. Non-financial assets other than goodwill impaired in prior periods are reviewed
for possible reversal of the impairment when events or changes in circumstances indicate that an item is no longer impaired.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.7&#9;Financial assets</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">(i) Classification</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The Company classifies its financial assets in
the following categories: at fair value through profit or loss, loans and receivables, and available-for-sale. The classification
depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial
assets at initial recognition.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"><I>(a)
Financial assets at fair value through profit or loss</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Financial assets at fair value through profit
or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the
purpose of selling in the short-term. Derivatives are also categorised as held for trading unless they are designated as hedges.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"><I>(b)
Loans and receivables</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Loans
and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
They are included in current assets, except for those with maturities of greater than 12 months after the end of the reporting
period, which are classified as non-current assets. Eldorado&rsquo;s loans and receivables comprise cash and cash equivalents,
restricted cash, accounts receivable and other and other assets in the balance sheet.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"></FONT></P>


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<P STYLE="color: #808EC8; font: bold 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"><I>(c)
Available-for-sale financial assets</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Available-for-sale
financial assets are non-derivative financial assets that are either designated in this category or not classified in any of the
other categories. They are included in non-current assets unless the investment matures or management intends to dispose of it
within 12 months of the end of the reporting period. Eldorado&rsquo;s available-for-sale financial assets comprise marketable securities
not held for the purpose of trading.</FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(ii) Recognition and
measurement</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Financial
assets are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through
profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value, and transaction
costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments
have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. </FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Available-for-sale
financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables
are subsequently carried at amortised cost using the effective interest method.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Gains
or losses arising from changes in the fair value of the &lsquo;financial assets at fair value through profit or loss&rsquo; category
are presented in the income statement within &lsquo;Gain or loss on marketable securities&rsquo; in the period in which they arise.
Dividend income from &lsquo;financial assets at fair value through profit or loss&rsquo; is recognised in the income statement
as part of other income when Eldorado&rsquo;s right to receive payments is established.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Gains
or losses arising from changes in the fair value of available-for-sale financial assets are recognized in other comprehensive income
and presented within equity. When marketable securities classified as available-for-sale are sold or impaired, the accumulated
fair value adjustments recognised in other comprehensive income are included in the income statement as &lsquo;Gain or loss on
marketable securities&rsquo;.</FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">(iii)&#9;Impairment
of financial assets</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">The
Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial
assets is impaired. A financial asset or group of financial assets is impaired and impairment losses are incurred only if there
is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset
(a &lsquo;loss event&rsquo;) and that loss event (or events) has an impact on the estimated future cash flows of the financial
asset or group of financial assets that can be reliably estimated.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="font-weight: normal">An impairment loss in respect of a financial asset measured at amortized cost is calculated
as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original
effective interest rate. An impairment loss in respect of an available-for-sale financial asset is calculated by reference to its
fair value. In the case of equity instruments classified as available-for-sale, a significant or prolonged decline in the fair
value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists for available-for-sale
financial assets, the cumulative loss &ndash; measured as the difference between the acquisition cost and the current fair value,
less any impairment loss on that financial asset that was previously recognized in profit or loss &ndash; is removed from equity
and recognized in the income statement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">All
impairment losses are recognized in profit or loss. Any cumulative loss in respect of an available-for-sale financial asset recognized
previously in equity is transferred to profit or loss. An impairment loss is reversed if the reversal can be related objectively
to an event occurring after the impairment loss was recognized. Impairment losses recognized for equity securities are not reversed.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"></FONT></P>


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<P STYLE="color: #808EC8; font: bold 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.8 Derivative financial
instruments and hedging activities</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Derivatives are recognized initially at fair value on the date a derivative contract is entered into. Subsequent to initial
recognition, derivatives are remeasured at their fair value. The method of recognising any resulting gain or loss depends on whether
the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately
in the income statement.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"><I>(a)
Fair value hedge</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with any changes in the fair values of the hedged assets or liabilities that are attributable to the hedged risk.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal"><I>(b)
Cash-flow hedge</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>The effective portions of changes in the fair values of derivatives that are designated and qualify as cash-flow hedges are
recognised in equity. The gain or loss relating to any ineffective portion is recognised immediately in the income statement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Amounts accumulated in the hedge reserve are recycled in the income statement in the periods when the hedged items will affect
profit or loss (for instance when the forecast sale that is hedged takes place). If a forecast transaction that is hedged results
in the recognition of a non-financial asset (for example, inventory) or a liability, the gains and losses previously deferred in
the hedge reserve are transferred from the reserve and included in the initial measurement of the cost of the asset or liability.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in the hedge reserve at that time remains in the reserve and is recognised when the forecast transaction
is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain
or loss that was reported in other comprehensive income is immediately transferred to the income statement.</TD></TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt 0.25in">The Company has not designated any derivative
contracts as hedges and therefore has not applied hedge accounting in these financial statements.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.9&#9; Inventories</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present
location and condition are accounted for as follows:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">i)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Product inventory consists of stockpiled ore, ore on leach pads, crushed ore, in-circuit material
at properties with milling or processing operations, gold concentrate, other metal concentrate, iron ore stockpile awaiting shipment,
dor&eacute; awaiting refinement and unsold bullion. Product inventory costs consist of direct production costs including mining,
crushing and processing; site administration costs; and allocated indirect costs, including depreciation and amortization of property,
plant and equipment. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in">Inventory costs are charged to production costs
on the basis of quantity of metal sold. At operations where the ore extracted contains significant amounts of metals other than
gold, primarily silver, copper, lead and zinc, cost is allocated between the joint products. The Company regularly evaluates and
refines estimates used in determining the costs charged to production costs and costs absorbed into inventory carrying values based
upon actual gold recoveries and operating plans.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in">Net realizable value is the estimated selling
price, less the estimated costs of completion and selling expenses.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in">&nbsp;</P>


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<P STYLE="color: #0038E5; font: bold 10pt/13pt Univers 55; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">ii)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Materials and supplies inventory consists of consumables used in operations, such as fuel, chemicals,
reagents and spare parts, which are valued at the lower of average cost and net realisable value and, where appropriate, less a
provision for obsolescence. Costs include acquisition, freight and other directly attributable costs.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.10 Trade receivables</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Trade receivables are amounts due from customers for bullion, dor&eacute;, gold concentrate, other metal concentrates and iron
ore sold in the ordinary course of business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method, less a provision for impairment where necessary.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.11 Cash and cash
equivalents</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments
with maturities at the date of acquisition of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings
in current liabilities on the balance sheet.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.12 Share capital</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="letter-spacing: 0.15pt">Common shares are classified as equity. Incremental costs directly attributable to the
issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares held
by the Company are classified as treasury stock and recorded as a reduction of shareholders&rsquo; equity.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">3.13 Trade payables</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from
suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating
cycle of the business if longer). If not, they are presented as non-current liabilities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0.65in 6pt 0.25in; text-indent: 0in">3.14 Debt and borrowings</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at
amortised cost, calculated using the effective interest method. Any difference between the proceeds (net of transaction costs)
and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Fees paid on the establishment of loan facilities and other borrowings are recognised as transaction costs of the loan to the
extent that it is probable that some or all of the facility and other borrowings will be drawn down. In this case, the fee is deferred
until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility and borrowings
will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the loan to
which it relates.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">3.15&#9; Current and deferred
income tax</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Income tax expense comprises current and deferred tax. Income tax expense is recognized in the income statement except to the
extent that it relates to items recognized either in other comprehensive income or directly in equity, in which case it is recognized
in other comprehensive income or in equity, respectively.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted
at the reporting date, and any adjustment to tax payable in respect of previous years. Taxes on income in the interim periods are
accrued using the tax rate that would be applicable to expected total annual earnings. The tax rate used is the rate that is substantively
enacted.</TD></TR></TABLE>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 17.85pt; text-indent: -17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">Deferred income tax is recognised, using the liability
method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability
in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit
or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance
sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability
is settled.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in">A deferred tax asset is recognized
to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related
tax benefit will be realized.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">3.16&#9; Employee benefits</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">(i) &#9;Defined benefit
plans</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">Certain employees have entitlements under Company
pension plans which are defined benefit pension plans. For defined benefit plans, the level of benefit provided is based on the
length of service and earnings of the person entitled.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">The cost of the defined benefit plan is determined
using the projected unit credit method. The related pension liability recognized in the consolidated balance sheet is the present
value of the defined benefit obligation at the balance sheet date less the fair value of plan assets.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">The Company obtains actuarial valuations for
defined benefit plans for each balance sheet date. Actuarial assumptions used in the determination of defined benefit pension plan
liabilities are based on best estimates, including rate of salary escalation and expected retirement dates of employees. The discount
rate is based on high quality bond yields, as per International Accounting Standard 19, Employee Future Benefits (&ldquo;IAS 19&rdquo;).
The assumption used to determine the interest income on plan assets is equal to the discount rate, as per IAS 19.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">Actuarial gains and losses are recognized in
full in the period in which they occur in other comprehensive income without recycling to the statement of income in subsequent
periods. Current service cost, the vested element of any past service cost, the interest income on plan assets and the interest
arising on the pension liability are included in the same line items in the statement of income as the related compensation cost.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Past service costs are recognized immediately
to the extent the benefits are vested, and otherwise are amortized on a straight-line basis over the average period until the benefits
become vested.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">(ii) Defined contribution
plans</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">The Company&rsquo;s contributions to defined
contribution plans are charged to the income statement in the period to which the contributions relate.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">(iii) Termination benefits</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12.8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Eldorado recognizes termination benefits when it is demonstrably committed to either terminating the employment of current
employees according to a detailed formal plan without possibility of withdrawal, or providing benefits as a result of an offer
made to encourage voluntary termination. Benefits falling due more than twelve months after the end of the reporting period are
discounted to their present value.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">(iv) &#9;Short-term benefits</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12.8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.
A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if Eldorado has
a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation
can be estimated reliably.</TD></TR></TABLE>

<P STYLE="font: 10pt/12.8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt/12.8pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">3.17 Share-based payment
transactions</P>

<P STYLE="font: 10pt/12.8pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">The Company applies the fair
value method of accounting for all stock option awards and equity settled restricted share units and performance share units. Under
this method the Company recognizes a compensation expense for all stock options awarded to employees, based on the fair value of
the options on the date of grant which is determined by using the Black-Scholes option pricing model. For equity settled restricted
share units, compensation expense is recognized based on the quoted market value of the shares. For equity settled performance
share units, compensation expense is recognized based on the fair value of the shares on the date of grant which is determined
by a valuator.</P>

<P STYLE="font: 10pt/12.8pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in">The fair value of the options,
restricted share units and performance share units are expensed over the vesting period of the awards with a corresponding increase
in equity. No expense is recognized for awards that do not ultimately vest. Deferred share units are liability awards recorded
at the quoted market price at the grant date. The corresponding liability is marked to market at each reporting date.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-weight: normal">&#9;</FONT>3.18&#9;
Provisions</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that
can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. They
are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the
time value of money and the risks specific to the liability.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">(i) &#9;Rehabilitation
and restoration</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Provision is made for mine rehabilitation and restoration when an obligation is incurred. The provision is recognised as a
liability with a corresponding asset recognised in relation to the mine site. At each reporting date the rehabilitation liability
is re-measured in line with changes in discount rates, and timing or amount of the costs to be incurred. The rehabilitation liability
is classified as an &lsquo;Asset retirement obligation&rsquo; on the balance sheet.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>The provision recognised represents management&rsquo;s best estimate of the present value of the future costs required. Significant
estimates and assumptions are made in determining the amount of restoration and rehabilitation provisions. Those estimates and
assumptions deal with uncertainties such as: requirements of the relevant legal and regulatory frameworks, the magnitude of necessary
remediation activities and the timing, extent and costs of required restoration and rehabilitation activity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>These uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision recognised
is periodically reviewed and updated based on the facts and circumstances available at the time. Changes to the estimated future
costs for operating sites are recognised in the balance sheet by adjusting both the restoration and rehabilitation asset and provision.
Such changes give rise to a change in future depreciation and financial charges.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">3.19&#9; Revenue recognition</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Revenue from the sale of bullion, <FONT STYLE="color: windowtext">dor&eacute;,
gold concentrate, other metal concentrates</FONT> and iron ore is recognized when persuasive evidence of an arrangement exists,
the bullion, <FONT STYLE="color: windowtext">dor&eacute;, metal concentrates</FONT> and iron ore has been shipped, title has passed
to the purchaser, the price is fixed or determinable, and collection is reasonably assured. Revenues realized from sales of pre-commercial
production are recorded as a reduction of property plant and equipment.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Our metal concentrates are sold under pricing
arrangements where final metal prices are determined by market prices subsequent to the date of shipment. Provisional revenue
is recorded at date of shipment based on metal prices at that time. Adjustments are made to the provisional revenue in subsequent
periods based on fluctuations in the market prices until date of final metal pricing. Consequently, at each reporting period the
receivable balances relating to sales of concentrates changes with the fluctuations in market prices.</P>


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<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Significant accounting policies <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">3.20&#9; Finance income
and expenses</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Finance income comprises interest income on funds invested (including available-for-sale financial assets), gains on the disposal
of available-for-sale financial assets and changes in the fair value of financial assets at fair value through profit or loss.
Interest income is recognized as it accrues in profit or loss, using the effective interest method.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Finance expenses comprise interest expense on borrowings, unwinding of the discount on provisions, changes in the fair value
of financial assets at fair value through profit or loss and impairment losses recognized on financial assets. All borrowing costs
are recognized in profit or loss using the effective interest method, except for those amounts capitalized as part of the cost
of qualifying property, plant and equipment.</TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in">3.21 Earnings (loss)
per share</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD><FONT STYLE="letter-spacing: -0.1pt">Eldorado presents basic and diluted earnings per share (&ldquo;EPS&rdquo;) data for its
common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the
weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss
attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive
potential common shares, which comprise warrants and share options granted to employees.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: -17.85pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><B>4.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Critical accounting estimates and judgements</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">The preparation of financial
statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the
period in which the estimates are revised and in any future periods affected.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Significant areas requiring the use of management estimates include assumptions and estimates relating to determining defined
proven and probable reserves, value beyond proven and probable reserves, fair values for purposes of purchase price allocations
for business acquisitions, asset impairment analyses, asset retirement obligations, share-based payments and warrants, pension
benefits, valuation of deferred income tax assets, the provision for income tax liabilities, deferred income taxes and assessing
and evaluating contingencies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Actual results could differ from these estimates. Outlined below are some of the areas which require management to make significant
estimates and assumptions in determining carrying values.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Purchase price allocation</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Business combinations require estimates to be made at the date of acquisition in relation to determining asset and liability
fair values and the allocation of the purchase consideration over the fair value of the assets and liabilities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>In respect of mining company acquisitions purchase consideration is typically allocated to the mineral reserves and resources
being acquired. The estimate of reserves and resources is subject to assumptions relating to life of the mine and may change when
new information becomes available. Changes in reserves and resources as a result of factors such as production costs, recovery
rates, grade or reserves or commodity prices could impact depreciation rates, asset carrying values and environmental and restoration
provisions. Changes in assumptions over long-term commodity prices, market demand and supply, and economic and regulatory climates
could also impact the carrying value of assets, including goodwill.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: -17.85pt">&nbsp;</P>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 17.85pt; text-indent: -17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">4.</TD><TD>Critical accounting estimates and judgements <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Estimated recoverable reserves and resources</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>Mineral reserve and resource estimates are based on various assumptions relating to operating matters, including, with respect
to production costs, mining and processing recoveries, cut-off grades, as well as assumptions relating to long-term commodity prices
and, in some cases, exchange rates, inflation rates and capital costs. Cost estimates are based on feasibility study estimates
or operating history. Estimates are prepared by appropriately qualified persons, but will be impacted by forecasted commodity prices,
inflation rates, exchange rates, capital and production costs and recoveries amongst other factors. Estimated recoverable reserves
and resources are used to determine the depreciation of property, plant and equipment at operating mine sites, in accounting for
deferred stripping costs, in performing impairment testing and for forecasting the timing of the payment of decommissioning and
restoration costs. Therefore, changes in the assumptions used could impact the carrying value of assets, depreciation and impairment
charges recorded in the income statement and the carrying value of the decommissioning and restoration provision.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Current and deferred taxes</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"></TD><TD>The Company calculates current and deferred tax provisions for each of the jurisdictions in which it operates. Actual amounts
of income tax expense are not final until tax returns are filed and accepted by the relevant authorities. This occurs subsequent
to the issuance of financial statements. Therefore, profit in subsequent periods will be affected by the amount that estimates
differ from the final tax returns.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Estimates of recoverability
are required in assessing whether deferred tax assets and certain deferred tax liabilities are recognized on the balance sheet.
The Company also evaluates the recoverability of deferred tax assets based on an assessment of the ability to use the underlying
future tax deductions before they expire against future taxable income. Deferred tax liabilities arising from temporary differences
on investments in subsidiaries, joint ventures and associates are recognized unless the reversal of the temporary differences is
not expected to occur in the foreseeable future and can be controlled.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Assumptions about the generation
of future taxable profits and repatriation of retained earnings depend on management&rsquo;s estimates of future production and
sales volumes, commodity prices, reserves, operating costs, decommissioning and restoration costs, capital expenditures, dividends
and other capital management transactions.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Judgement is also required in
the application of income tax legislation. These estimates and judgments are subject to risk and uncertainty and could result in
an adjustment to current and deferred tax provisions and a corresponding credit or debit to profit.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Impairment of non-current assets and goodwill</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Non-current assets are tested for impairment when
events or changes in circumstances suggest that the carrying amount may not be fully recoverable. We conduct an annual test for
impairment of goodwill in the fourth quarter of each fiscal year and at any other time of the year if an indicator of impairment
is identified.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Calculating the estimated fair values of CGUs
for non-current asset impairment tests and CGUs or groups of CGUs for goodwill impairment tests requires management to make estimates
and assumptions with respect to future production levels, operating and capital costs in our life-of-mine (&ldquo;LOM&rdquo;) plans,
long-term metal prices, foreign exchange rates and discount rates. Changes in any of the assumptions or estimates used in determining
the fair values could impact the impairment analysis.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">Management is also required to make judgments with
respect to the level at which goodwill is tested for impairment. Judgments include an assessment of whether CGUs should be grouped
together for goodwill testing purposes at a level not larger than an operating segment or tested at the individual CGU level.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 17.85pt; text-indent: 0in"><B></B></P>


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<P STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin: 0 56.7pt 0 17.85pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><B>5.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Acquisitions and divestitures</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>a)</B></TD><TD STYLE="padding-right: 56.7pt"><B>Acquisition of Integra</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>On May 15, 2017, the Company announced that it had entered into a definitive agreement with Integra, pursuant to which Eldorado
agreed to acquire all of the issued and outstanding common shares of Integra that it did not already own, by way of a plan of arrangement
(the &ldquo;Arrangement&rdquo;). The acquisition was finalized on July 10, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Under the terms of the Arrangement former Integra shareholders were entitled to receive, at their option, for each Integra
share they own either (i) 0.2425 Eldorado shares plus C$0.0001 in cash, (ii) C$1.2125 in cash, in both (i) and (ii) subject to
pro ration, or (iii) 0.18188 of an Eldorado share and C$0.30313 in cash. Eldorado issued 77,180,898 common shares pursuant to the
Arrangement with a fair value of $188,061 and paid $99,823 in cash to the former Integra shareholders. Integra is a resource company
engaged in the exploration of mineral properties. It is focused on its high-grade Lamaque gold project located in Val-d&rsquo;Or,
Quebec.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">As part of the consideration,
the Company included advances to Integra for $27,046 and the fair value of the existing available-for-sale Integra investment that
it previously owned for $41,968. The Company recognized a gain on marketable securities for $28,363 and taxes of $4,023, as a reversal
of the unrealized gain and taxes included in other comprehensive income at the date of acquisition related to this previously owned
investment.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The fair value of the common
shares issued as part of the consideration paid for Integra was based on the closing share price on July 7, 2017 on the Toronto
Stock Exchange. The foreign exchange rate used at time of acquisition was CDN$1 = US$0.776.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>The goodwill of $92,591 resulting from the acquisition arises mainly on the recognition of deferred income tax liabilities
and represents, among other things, the exploration potential within the assets acquired and future variability in the price of
minerals. None of the goodwill is deductible for tax purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Eldorado paid net cash of $121,664
as a result of the Integra transaction. This net decrease of cash was a result of cash consideration, including advances to Integra,
of $126,869 net of an acquired cash balance of $5,205.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>During the year ended December 31, 2016, Integra issued flow-through shares (&ldquo;FTS&rdquo;) for total proceeds of C$46.7
million and the eligible flow-through expenditures were renounced to shareholders as at December 31, 2016. At the time of acquisition,
Integra was obligated to spend the remaining flow through funds of C$16.6 million by December 31, 2017<FONT STYLE="color: windowtext">.
The tax authorities are reviewing the eligibility of some of Integra&rsquo;s past flow-through expenditures. </FONT>As a result,
a provision of $1.9 million has been recorded in accounts payable and accrued liabilities as the exposure related to potential
penalties and shareholder compensation, based on challenged expenditures to date. Integra&rsquo;s FTS have been measured using
the residual method. Under this method, the proceeds from issuance have been allocated between the offering of shares and the sale
of tax benefits based on the difference between the quoted price of non-flow through shares and the amount the investor pays for
the flow through shares. A liability was recognized for this difference as the entity has an obligation to pass the tax deductions
to the investor. As Integra fulfills its obligation, the sale of tax deductions has been recognized in the income statement as
other income and the liability derecognized. Integra&rsquo;s flow-through share premium liability as at December 31, 2017 amounts
to $nil, as compared to $4.7 million at the acquisition date.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: -0.25in"></P>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">5. &#9;Acquisitions and divestitures
(continued)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>A preliminary allocation of the purchase price, which is subject to final adjustments, is as follows:</TD></TR></TABLE>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">77,180,898 common shares of shares of Eldorado at C$3.14/share</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188,061 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Cash consideration including advances</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126,869 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Fair value of existing available-for-sale investment in Integra by Eldorado</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,968 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Total Consideration</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356,898 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 101px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Net assets acquired:</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,205 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Marketable securities</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,857 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Accounts receivable and other</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,920 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Inventories</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,471 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Other assets</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,495 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Property, plant and equipment</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393,647 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Goodwill</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92,591 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Accounts payable and accrued liabilities</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,028)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Flow-through share premium liability</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,722)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Other liabilities</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,635)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Deferred income taxes</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126,903)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356,898 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">For the purpose of these consolidated financial
statements, the purchase consideration has been allocated on a preliminary basis to the fair value of assets acquired and liabilities
assumed based on management&rsquo;s best estimates taking into account all available information at the time of acquisition as
well as applicable information at the time these consolidated financial statements were prepared. The Company is in the process
of preparing a more detailed assessment of Integra&rsquo;s asset retirement obligation and will continue to review information
and perform further analysis with respect to these assets, prior to finalizing the allocation of the purchase price.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Acquisition related costs of
$4,270 have been charged to acquisition costs in the consolidated income statement for the year ended December 31, 2017.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">These consolidated financial statements
include Integra&rsquo;s results from July 10, 2017 to December 31, 2017. The net loss before tax included in the consolidated income
statement since July 10, 2017 contributed by Integra is $5,997. Had Integra been consolidated from January 1, 2017, the consolidated
income statement would include a net loss before tax of $18,173 from Integra.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 17.85pt; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>b)</B></TD><TD STYLE="padding-right: 56.7pt"><B>Sale of China Business</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>On April 26, 2016, the Company announced that it had reached an agreement to sell its 82 percent interest in Jinfeng to a wholly-owned
subsidiary of China National Gold Group for $300 million in cash, subject to certain closing adjustments. The sale was completed
on September 6, 2016. In addition to the sale of Jinfeng, on May 16, 2016 Eldorado announced it had reached an agreement to sell
its respective interest in White Mountain, Tanjianshan and Eastern Dragon to an affiliate of Yintai Resources Co. Ltd. (&ldquo;Yintai&rdquo;)
for $600 million in cash, subject to certain closing adjustments. The sale was completed on November 22, 2016.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>The Company concluded that during the second quarter of 2016, the assets and liabilities of the China Business met the criteria
for classification as held for sale as settlement was expected within twelve months. Accordingly, an initial post-tax loss of $339
million was recognized in the second quarter of 2016 on re-measurement to fair value less costs of disposal of our China Business.
For the year ended December 31, 2016, a net loss on sale of assets held for sale of $351.0 million was recorded in net loss from
discontinued operations as a result of completing both sale transactions.</TD></TR></TABLE>


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    <!-- Field: /Page -->


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">5. &#9;Acquisitions and divestitures
(continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">During the year ended December 31, 2017, the Company
recorded an expense of $2.8 million for working capital adjustments related to the Yintai sale based on the agreement that was
reached with Yintai during the year. This amount was paid to Yintai in the month of June of this year and is included as discontinued
operations in the consolidated income statement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>The China Business net earnings to date of disposition were included in the Company's consolidated results for the year ended
December 31, 2016. These results have been presented as discontinued operations within the consolidated income statements and the
consolidated statements of cash flows. The profit (loss) from discontinued operations for the year ended December 31, 2016 is as
follows:</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 3.4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 15%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 27%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>For the year ended December 31</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;$ </B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Revenue</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217,511 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Production costs</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144,590 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Depreciation and amortization</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,067 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Gross profit</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,854 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Exploration expenses</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,257 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">General and administrative expenses</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,999 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Foreign exchange loss</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Operating profit</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,292 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Interest and financing costs</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Asset retirement obligation accretion</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Other expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,713 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Profit from discontinued operations before income tax</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,054 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Income tax expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,189 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Profit (loss) from discontinued operations</B></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,865 </FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">Loss on sale of assets held for sale</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351,234 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Net loss from discontinued operations</B></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339,369)</FONT></TD></TR>
</TABLE>


<P STYLE="color: #0038E5; font: bold 10pt/13pt Univers 55; margin: 0 0 6pt; text-indent: 0.25in"></P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">(<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->)</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin: 0 56.9pt 0 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><B>6.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Cash and cash equivalents</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Univers 45 Light, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; padding-bottom: 6pt; font: bold 10pt/13pt Univers 55; text-indent: 0in; color: #0038E5">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2017</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">$</FONT></P></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">December
        31, 2016</FONT></P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">$</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt Univers 55; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Cash
    at bank and on hand</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">293,437</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">282,021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt Univers 55; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Short-term
    bank deposits</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">186,064</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">601,150</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt Univers 55; padding-right: 5.4pt; text-indent: 0in; color: #0038E5"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">479,501</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">883,171</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 56.9pt 0 22.3pt; text-indent: 0in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black"><B>7.</B></FONT></TD><TD STYLE="padding-right: 56.9pt"><FONT STYLE="color: Black"><B>Accounts
                                         receivable and other</B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Univers 45 Light, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; padding-bottom: 6pt; font: bold 10pt/13pt Univers 55; text-indent: 0in; color: #0038E5"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 2pt"><FONT STYLE="color: Black">December
        31, 2017</FONT></P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">$</FONT></P></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">December
        31, 2016</FONT></P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">$</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt Univers 55; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Trade
    receivables</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">7,746</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">11,053</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt Univers 55; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Value
    added and other taxes recoverable</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">44,717</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">22,156</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt Univers 55; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Other
    receivables and advances</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">7,134</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">8,208</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt Univers 55; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Prepaid
    expenses and deposits</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">18,747</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">12,898</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: bold 10pt/13pt Univers 55; padding-right: 5.4pt; text-indent: 0in; color: #0038E5"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">78,344</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">54,315</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black"><B>8.</B></FONT></TD><TD STYLE="padding-right: 56.9pt"><FONT STYLE="color: Black"><B>Inventories</B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Univers 45 Light, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; padding-bottom: 6pt; font: bold 10pt/13pt Univers 55; text-indent: 0in; color: #0038E5"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">December
        31, 2017</FONT></P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">$</FONT></P></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">December
        31, 2016</FONT></P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">$</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt Univers 55; padding-bottom: 6pt; text-indent: 0in; color: #0038E5"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt/13pt Univers 55; padding-bottom: 6pt; text-align: right; text-indent: 0in; color: #0038E5"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt/13pt Univers 55; padding-bottom: 6pt; text-align: right; text-indent: 0in; color: #0038E5"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt Univers 55; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Ore
    stockpiles</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">3,297</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">2,715</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt Univers 55; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">In-process
    inventory and finished goods</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">96,651</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">50,195</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt/13pt Univers 55; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0in; color: #0038E5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Materials
    and supplies</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">68,896</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: Black; line-height: 120%">67,920</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: bold 10pt/13pt Univers 55; padding-right: 5.4pt; text-indent: 0in; color: #0038E5"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 120%">168,844</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt/120% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 120%">120,830</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in">The cost of materials and supplies consumed during
the year and included in production costs amounted to $120,422 (2016 &ndash; $103,073).</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 5pt 0 0 17.85pt">Inventory write downs related to zinc inventory
amounting to $444 (2016 &ndash; $nil) were recognized during the year.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 4pt 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD STYLE="padding-right: 56.9pt"><B>Investment in subsidiaries</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 5pt 0 5pt 17.85pt; text-indent: 0in">The following table summarizes
the information relating to each of the Company&rsquo;s subsidiaries that has material non-controlling interests (&ldquo;NCI&rdquo;).
The amounts disclosed for each subsidiary are based on those included in the consolidated financial statements before inter-company
eliminations.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 5pt 0 5pt 17.85pt; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">9.</TD><TD>Investment in subsidiaries <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 5pt 17.85pt; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 70%; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>December 31, 2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 15%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Hellas</B></FONT></TD>
    <TD NOWRAP STYLE="width: 15%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Deva</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>NCI percentage</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>5%</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>19.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Current assets</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72,454 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,958 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Non-current assets</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,143,089 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413,989 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Current liabilities</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;(1,113,471)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234,386)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291,447)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43,623)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Net assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810,625 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140,938 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Carrying amount of NCI</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,732 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,919 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Revenue</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,152 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Net loss</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62,365)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42,632)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Total comprehensive loss</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62,365)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42,632)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Loss allocated to NCI</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,118)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,314)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Dividends paid to NCI</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Cash flows from operating activities</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,253)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51,328)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Cash flows from investing activities</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181,116)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,007)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Cash flows from financing activities</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172,431 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,007 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Net decrease in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,938)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 5pt 17.85pt; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December 31, 2016</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Hellas</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Deva</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NCI percentage</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5%</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>19.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,251 </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,613 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-current assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,978,622 </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412,082 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(950,131)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189,548)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298,488)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43,577)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810,254 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183,570 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Carrying amount of NCI</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,553 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,233 </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revenue</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,631 </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net loss</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67,712)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,553)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total comprehensive loss</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67,712)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,553)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss allocated to NCI</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,386)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,289)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividends paid to NCI</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash flows from operating activities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52,588)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,037)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash flows from investing activities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208,031)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15,952)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash flows from financing activities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288,982 </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,799 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net increase in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,363 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 </B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 5pt 0 6pt 17.85pt; text-indent: 0in">Profit/loss allocated
to NCI in the consolidated income statement includes $21 related to non-material subsidiaries (2016 &ndash; $1,950, including
NCI in discontinued operations).</P>


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<P STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin: 0 57pt 0 17.85pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>10.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Other assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 0.25in; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; padding-right: 5.4pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2017</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">$</P></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2016</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">$</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Restricted
    credit card deposits</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: Black">43</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: Black">38</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Prepaid
    loan costs (note 14(a))</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: Black">1,272</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: Black">1,772</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Restricted
    cash</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: Black">9,743</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Environmental
    guarantee deposits</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: Black">2,831</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Prepaid
    forestry fees</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: Black">3,628</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Long-term
    value added and other taxes recoverable</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">5,385</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">46,487</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">22,902</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">48,297</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 0.25in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt">Restricted cash is held on account with HSBC Canada
to support a Letter of Guarantee issued in Canada and counter-guaranteed by HSBC Athens (note 15b). The Letter of Guarantee was
issued pursuant to the request from the Ministry of Environment and Energy in Greece to support the operation and restoration of
the Kokkinolakkas Tailings Management Facility. The funds are invested at prevailing bank rates and interest is accrued monthly.
Interest is paid directly to the account with the total balance being recorded as restricted cash. The account allows for any excess,
above the notional principal of the Letter of Guarantee, to be remitted back to the Company.</P>


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<P STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin: 0 56.7pt 0 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>11.</B></TD><TD STYLE="padding-right: 56.9pt"><B>Property, plant and equipment</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.9pt 0 0.25in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 36%; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Land and buildings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Plant and equipment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Capital works in progress</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Mineral properties and leases</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Capitalized Evaluation</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Cost</B></FONT></TD>
    <TD STYLE="padding-right: 13.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance at January 1, 2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406,891 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,732,066 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164,392 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,776,549 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,020 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,150,918 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Additions/transfers</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,121 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,050 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,577 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235,756 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,475 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330,979 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Sale of China Business</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(266,878)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(376,571)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(24,712)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(1,132,900)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(1,801,061)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Proceeds on production of tailings retreatment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(3,708)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(3,708)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Other movements</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,084 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,088 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(335)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,457 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,294 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Disposals</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(678)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(2,685)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(4,681)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(8,044)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Balance at December 31, 2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164,540 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,416,948 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141,922 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,877,473 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,495 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,678,378 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance at January 1, 2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164,540 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,416,948 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141,922 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,877,473 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,495 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,678,378 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Additions/transfers</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,322 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115,684 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(42,933)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254,481 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,536 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349,090 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Aquiistion of Integra</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,820 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,646 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385,181 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393,647 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Proceeds on pre-commercial production and tailings retreatment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(38,200)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(38,200)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Other movements</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,251 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(2,325)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(12,336)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,832 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(2,578)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Disposals</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(10)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(2,313)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(29,832)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(1,168)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(33,323)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Balance at December 31, 2017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185,923 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,531,640 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,821 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,485,599 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87,031 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,347,014 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Depreciation and impairment losses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance at January 1, 2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(131,905)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(820,973)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(4,733)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(1,445,548)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(2,403,159)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Depreciation for the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(12,000)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(78,847)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(8,820)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(99,667)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Other movements</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(274)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(1,198)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(1,897)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(3,369)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Sale of China Business</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105,536 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193,106 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173,010 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471,652 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Disposals</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,271 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,992 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Balance at December 31, 2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(38,635)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(706,641)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(4,733)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(1,282,542)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(2,032,551)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance at January 1, 2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(38,635)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(706,641)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(4,733)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(1,282,542)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(2,032,551)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Depreciation for the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(4,245)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(79,044)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(2,948)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(86,237)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Other movements</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(546)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(2,048)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(2,514)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Disposals</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,683 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,685 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Balance at December 31, 2017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(43,426)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(786,050)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(4,733)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(1,285,408)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(2,119,617)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Carrying amounts</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">At January 1, 2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274,986 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911,093 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159,659 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,331,001 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,020 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,747,759 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">At December 31, 2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125,905 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710,307 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137,189 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,594,931 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,495 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,645,827 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Balance at December 31, 2017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142,497 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745,590 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,088 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,200,191 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87,031 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,227,397 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">The amount of capitalized interest
during the year ended December 31, 2017 included in property, plant and equipment was $36,750 ($2016 &ndash; $31,680).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">On December 31, 2017, the Company&rsquo;s
Olympias mine achieved commercial production. As a result, revenues from commercial production from Olympias mine will be reflected
on our consolidated income statement.</P>


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<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">11.</TD><TD>Property, plant and equipment <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in; text-indent: 0in">Write-down of assets of $46.7
million includes $29.8 million of equipment that was sold or written down to its estimated recoverable amounts during the year
ended December 31, 2017 as part of a review of the estimated useful lives and recoverable amounts of certain surplus equipment
and is presented in disposal in the table above. Write-down of assets also includes $16.7 million of costs incurred during the
year on assets that have been previously impaired.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in">In accordance with the Company&rsquo;s
accounting policies each CGU is assessed for indicators of impairment, from both external and internal sources, at the end of each
reporting period, which may suggest that the carrying values of its assets are impaired for accounting purposes.&nbsp; If such
indicators of impairment exist for any or all CGUs, those CGUs are tested for impairment.&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt 0.25in">The Company considered that the carrying amount
of its net assets being higher than market capitalization of the Company at December 31, 2017 was an indicator of impairment. The
Company determined that the indicator related to the Kisladag and Olympias mines and the Skouries development project. In accordance
with the Company&rsquo;s accounting policy, the Company completed analyses of the recoverable amounts of these cash generating
units (&ldquo;CGU&rsquo;s&rdquo;) versus their respective carrying values. Management determined that the recoverable amount exceeded
the carrying value for each CGU where impairment test were performed and accordingly no impairments were required. Determining
the estimated fair values of each CGU required management to make estimates and assumptions with respect to discount rates, future
production levels including recovery rates and concentrate grades, operating and capital costs, long term metal prices and income
taxes. Changes in any of the assumptions or estimates used in determining the fair values could impact the impairment analysis.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The key assumptions used for assessing the recoverable
amount of the Company&rsquo;s CGUs versus their carrying values are as follows:</P>

<P STYLE="font: 10pt/1pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 40pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Gold
    price ($/oz)</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 40pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">$1,300</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Silver
    price ($/oz)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 40pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">$18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Lead
    price ($/lb)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 40pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">$1.09</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Zinc
    price ($/lb)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 40pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">$1.27</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Copper
    price ($/lb)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 40pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">$2.80</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Discount
    rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 40pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">5
    - 8%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 57pt 0 22.4pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 57pt 0 22.4pt; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>12.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Goodwill</B></TD></TR></TABLE>

<P STYLE="color: #0038E5; font: bold 10pt/13pt Univers 55; margin: 0 0 6pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 64%; padding: 0.75pt 0.75pt 0; line-height: 115%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; line-height: 115%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0.75pt 0.75pt 0 13.5pt; text-indent: 20.1pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Cost</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 0 13.5pt; text-indent: 20pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance at January 1,</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,276 </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 0 20.25pt; text-indent: 30pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Acquired during the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92,591 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 0 20.25pt; text-indent: 30pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Disposal due to sale</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50,276)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 0 13.5pt; text-indent: 20pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance at December 31,</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92,591 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 12pt 0 6pt 0.25in">As a result of the preliminary purchase price
allocation for the Integra acquisition, the Company recognized goodwill of $92,591 during the year (note 5a). The Company will
continue to review information and perform further analysis with respect to these assets, prior to finalizing the allocation of
the purchase price.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">There has been no goodwill impairment recorded
for the years ended December 31, 2017 and 2016.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>&nbsp;</I></P>


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<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">12.&#9;Goodwill <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>Impairment tests for goodwill</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Goodwill is tested for impairment annually and
when circumstances indicate that the carrying value may not be recoverable. Impairment is determined for goodwill by assessing
the recoverable amount of each CGU or group of CGUs to which the goodwill relates. Where the recoverable amount of the CGU is less
than its carrying amount including goodwill, an impairment loss is recognised. Impairment losses relating to goodwill cannot be
reversed in future periods. As of December 31, 2017 all goodwill relates to Integra.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The key assumptions used for assessing the recoverable
amount of goodwill in Integra are as follows:</P>

<P STYLE="font: 10pt/1pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20pt">
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-indent: 0in"><FONT STYLE="font-weight: normal">Gold
    price ($/oz)</FONT></P>
    <TD STYLE="padding-right: 5.4pt; padding-left: 20pt">
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: right; text-indent: 0in"><FONT STYLE="font-weight: normal">$1,300</FONT></P>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20pt">
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-indent: 0in"><FONT STYLE="font-weight: normal">Silver
        price ($/oz)</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-indent: 0in"><FONT STYLE="font-weight: normal">Discount
        rate</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 20pt">
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: right; text-indent: 0in"><FONT STYLE="font-weight: normal">$16
        - $18</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: right; text-indent: 0in"><FONT STYLE="font-weight: normal">7%</FONT></P></TD></TR>
</TABLE>


<P STYLE="font: 10pt/1pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">The values assigned to the key assumptions represented
management&rsquo;s assessment of future trends in the gold mining industry and in the global economic environment. The assumptions
used were management&rsquo;s best estimates and were based on both current and historical information from external and internal
sources.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>13.</B></TD><TD STYLE="padding-right: 56.9pt"><B>Accounts payable and accrued liabilities</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; padding-right: 5.4pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2017</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.25in">$</P></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December
        31, 2016</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">$</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Trade
    payables</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">60,081</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">43,712</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Taxes
    payable</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">213</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">243</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Accrued
    expenses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">50,357</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">46,750</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">110,651</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Times New Roman, Times, Serif; line-height: 120%"><FONT STYLE="font-size: 10pt">90,705</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>14.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Debt</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><B><I>(a) Revolving credit facility</I></B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify">In November 2012, the Company
entered into a $375.0 million credit facility with a syndicate of banks. This credit facility was amended and restated in June
2016 (&ldquo;the amended and restated credit agreement&rdquo; or &ldquo;ARCA&rdquo;) and reduced to an available credit of $250
million with the option to increase by an additional $100 million through an accordion feature. The maturity date is June 13, 2020.
The ARCA is secured by the shares of SG Resources and Tuprag, wholly owned subsidiaries of the Company.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify">The ARCA contains covenants
that restrict, among other things, the ability of the Company to incur aggregate unsecured indebtedness exceeding $850 million,
incur secured indebtedness exceeding $200 million and permitted unsecured indebtedness exceeding $150 million. The ARCA also contains
restrictions for making distributions in certain circumstances, selling material assets and conducting business other than that
which relates to the mining industry. Significant financial covenants include a maximum Net Debt to Earnings before Interest, Taxes,
Depreciation and Amortization (&ldquo;EBITDA&rdquo;) of 3.5:1 and a minimum EBITDA to Interest of 3:1. The Company is in compliance
with these covenants at December 31, 2017.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify">Loan interest is variable
dependent on a Net Leverage ratio pricing grid. The Company&rsquo;s current net leverage ratio is approximately 0.9:1. At this
ratio, interest charges and fees are as follows: LIBOR plus margin of 2.0% and undrawn standby fee of 0.50%. Fees of $2,031 were
paid on the amendment dated June 2016. This amount has been deferred as pre-payment for liquidity services and is being amortized
to financing costs over the term of the credit facility. <FONT STYLE="font-family: TimesNewRomanPSMT,serif; color: windowtext">As
at December 31, 2017, the prepaid loan cost on the balance sheet was $1,272 (2016 - $1,772).</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">No amounts were drawn down under the ARCA as at
December 31, 2017 (2016 &ndash; nil).</P>


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<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">&nbsp;<I>&nbsp;</I></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">14.&#9;Debt <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><B><I>(b) Senior notes</I></B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">On December 10, 2012, the Company completed an
offering of $600.0 million senior notes (&ldquo;the notes&rdquo;) at par value, with a coupon rate of 6.125% due December 15, 2020.
The notes pay interest semi-annually on June 15 and December 15. The Company received proceeds of $589.5 million from the offering,
which is net of the commission payment. The notes are redeemable by the Company in whole or in part, for cash:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">i)</FONT></TD><TD><FONT STYLE="font-size: 10pt">At any time prior to December 15, 2016 at a redemption price equal to 100% of the aggregate principal
amount of the notes at the treasury yield plus 50 basis points, and any accrued and unpaid interest;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">ii)</FONT></TD><TD><FONT STYLE="font-size: 10pt">On and after the dates provided below, at the redemption prices, expressed as a percentage of
principal amount of the notes to be redeemed, set forth below, plus accrued and unpaid interest on the notes:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in">December 15, 2017&#9;101.531%<BR>
2018 and thereafter&#9;100.000%</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The early prepayment prices are to reimburse the
lender for lost interest for the remaining term. The fair market value of the notes as at December 31, 2017 is $596 million.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Net deferred financing costs of $6,217 (2016 -
$8,411) have been included as an offset in the balance of the notes in the financial statements and are being amortized over the
term of the notes.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 0; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><B>15.</B></TD><TD STYLE="padding-right: 57pt"><B>Asset retirement obligations</B></TD></TR></TABLE>

<P STYLE="color: #0038E5; font: bold 10pt/13pt Univers 55; margin: 0 0 0 4.3pt; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; padding-left: 13.5pt; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-bottom: 5; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Greece</B></FONT></TD>
    <TD STYLE="width: 10%; padding-bottom: 5; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 11%; padding-bottom: 5; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Turkey</B></FONT></TD>
    <TD STYLE="width: 11%; padding-bottom: 5; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Romania</B></FONT></TD>
    <TD STYLE="width: 11%; padding-bottom: 5; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Canada</B></FONT></TD>
    <TD STYLE="width: 11%; padding-bottom: 5; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.5pt; padding-bottom: 5">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 5; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 5; padding-left: 13.5pt; text-indent: 20.1pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>At January 1, 2017</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,131 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,092 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,196 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,359 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89,778 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 5; padding-left: 13.5pt; text-indent: 20pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Acquired during the year</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,453 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,453 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 5; padding-left: 13.5pt; text-indent: 20pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Accretion during the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,025 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,006 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 5; padding-left: 13.5pt; text-indent: 20pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Revisions to estimate of obligation</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,112 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,544 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 5; padding-left: 13.5pt; text-indent: 20pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Settlements</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,807)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,097)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 5; padding-left: 13.5pt; text-indent: 20.1pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>At December 31, 2017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,461 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,044 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,321 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,405 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,453 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,684 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 5; padding-left: 13.5pt; text-indent: 20pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Less: Current portion</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,489)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,489)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 5; padding-left: 13.5pt; text-indent: 20pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Long term portion</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,972 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,044 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,321 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,405 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,453 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96,195 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 5; padding-left: 13.5pt; text-indent: 20pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Estimated undiscounted amount</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,591 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,117 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5; line-height: 115%; text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,257 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,340 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,286 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 5; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139,591 </FONT></TD></TR>
</TABLE>


<P STYLE="color: #0038E5; font: bold 10pt/13pt Univers 55; margin: 0 0 0 4.3pt; text-indent: 0in"></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">The
Company&rsquo;s asset retirement obligations relate to the restoration and rehabilitation of the Company&rsquo;s mining operations
and projects under development. The expected timing of the cash flows in respect of the provision is based on the estimated life
of the various mining operations. The increase in the estimate of the obligation in 2017 was mainly due to the acquisition of Integra.
</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">The
provision is calculated as the present value of estimated future net cash outflows based on the following key assumptions:</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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<P STYLE="color: #808EC8; font: bold 10pt/12pt Univers 45 Light, Helvetica, Sans-Serif; margin: 6pt 0 0 0.25in; text-indent: 0in">&nbsp;<FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">15.&#9;Asset retirement obligations
<FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 13.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Greece</B></FONT></TD>
    <TD STYLE="width: 12%; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 13%; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Turkey</B></FONT></TD>
    <TD STYLE="width: 13%; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Romania</B></FONT></TD>
    <TD STYLE="width: 13%; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Canada</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 13.5pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1pt 13.5pt; text-indent: 20.1pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>At December 31, 2016</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1pt 13.5pt; text-indent: 20pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Inflation rate</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;2.0 to 2.4 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;2.0 to 2.4 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;2.0 to 2.4 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;2.0 to 2.4 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1pt 13.5pt; text-indent: 20pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Discount rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;1.5 to 3.0 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;2.3 to 2.5 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 13.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1pt 13.5pt; text-indent: 20.1pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>At December 31, 2017</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1pt 13.5pt; text-indent: 20pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Inflation rate</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;2.0 to 2.2 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;2.0 to 2.2 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;2.0 to 2.2 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;2.0 to 2.2 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;2.0 to 2.2 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1pt 13.5pt; text-indent: 20pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Discount rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;1.5 to 3.0 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;2.3 to 2.5 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;2.3 to 2.5 </FONT></TD></TR>
</TABLE>


<P STYLE="color: #0038E5; font: bold 10pt/13pt Univers 55; margin: 0 0 6pt; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 10pt 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">The
discount rate is a risk-free rate determined based on U.S. Treasury bond rates. U.S. Treasury bond rates have been used for all
of the mine sites as the liabilities are denominated in U.S. dollars and the majority of the expenditures are expected to be incurred
in U.S. dollars. Similarly, the inflation rates used in determining the present value of the future net cash outflows are based
on U.S inflation rates.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 10pt 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Environmental
guarantee deposits exist with respect to the environmental rehabilitation of the Lamaque project (note 10).</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Additionally,
the Company has the following:</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">a)
a &euro;50.0 million Letter of Guarantee to the Greek Ministry of Environment, Energy and Climate Change as security for the due
and proper performance of rehabilitation works committed in relation to the mining and metallurgical facilities of the Kassandra
Mines (Stratoni, Olympias and Skouries) and the removal, cleaning and rehabilitation of the old Olympias tailings. This Letter
of Guarantee is renewed annually, expires on July 26, 2026 and has an annual fee of 57 basis points.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">b)
a &euro;7.5 million Letter of Guarantee to the Greek Ministry of Environment and Energy for the due and proper performance of
the Kokinolakas Tailings Management Facility, committed in connection with the Environmental Impact Assessment approved for the
Kassandra Mines (Stratoni, Olympias and Skouries). The Letter of Guarantee is renewed annually and expires on July 26, 2026. The
Letter of Guarantee has an annual fee of 45 basis points.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.55pt"></TD><TD STYLE="width: 17.85pt"><B>16.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Defined benefit plans</B></TD></TR></TABLE>

<P STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin: 0 56.7pt 6pt 76.55pt; text-align: justify; text-indent: -58.55pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 52%; padding: 0.75pt 0.75pt 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>&nbsp;December 31, 2017 </B></FONT></TD>
    <TD STYLE="width: 20%; padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>&nbsp;&nbsp;December 31, 2016&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>&nbsp;&nbsp;$&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>&nbsp;Balance sheet obligations (asset) for: </B></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;Pension Plan </FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,599 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,882 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;Supplemental Pension Plan </FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,919)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,620)</FONT></TD></TR>
</TABLE>


<P STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin: 0 56.7pt 6pt 76.55pt; text-align: justify; text-indent: -58.55pt"></P>


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<P STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin: 0 56.7pt 6pt 76.55pt; text-align: justify; text-indent: -58.55pt">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">16.&#9;Defined benefit plans
<FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 60%; padding: 0.75pt 0.75pt 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 4%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>&nbsp;December 31, 2017 </B></FONT></TD>
    <TD STYLE="width: 18%; padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>&nbsp;December 31, 2016 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>&nbsp;$ </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>&nbsp;$ </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif"><B>&nbsp;Income statement charge for: </B></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;Pension plan </FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,841 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,409 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;Supplemental Pension Plan </FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,193 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,451 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,602 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;Actuarial losses (gains) recognised in the statement of other&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;comprehensive income in the period (before tax) </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,121 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,188 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;Cumulative actuarial losses recognised in the statement of other </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;comprehensive income (before tax) </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,641 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 0; text-align: right"><FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,520</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 6pt 76.55pt; text-align: justify; text-indent: -58.55pt"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The Company operates defined benefit pension plans
in Canada with two components: a registered pension plan (&ldquo;the Pension Plan&rdquo;) and a supplemental pension plan (&ldquo;the
SERP&rdquo;). During the second quarter of 2012, the SERP was converted into a Retirement Compensation Arrangement (&ldquo;RCA&rdquo;),
a trust account. As it is a trust account, the assets in the account are protected from the Company&rsquo;s creditors. &nbsp;The
RCA requires the Company to remit 50% of any contributions and any realized investment gains to the Receiver General of Canada
as refundable tax.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="color: windowtext">These plans, which
are only available to certain qualifying employees, provide benefits based on an employee&rsquo;s years of service and final average
earnings at retirement. Annual contributions related to these plans are actuarially determined and made at or in excess of minimum
requirements prescribed by legislation</FONT>.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Eldorado&rsquo;s
plans have actuarial valuations performed for funding purposes. The last actuarial valuations for funding purposes performed for
the Pension Plan and the SERP are as of January 1, 2017 and the next valuation will be prepared in accordance with the funding
policy as of January 1, 2018. The measurement date to determine the pension obligation and assets for accounting purposes was December
31, 2017.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">The SERP is designed to provide supplementary
pension benefits to qualifying employees affected by the maximum pension limits under the <I>Income Tax Act </I>pursuant to the
registered Pension Plan<I>. </I>Further, the Company is not required to pre-fund any benefit obligation under the SERP.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 9pt 0 3pt 0.25in"><I>Total cash payments</I></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">The amount contributed to the Pension Plan and
the SERP was $1,415 (2016 &ndash; $1,728). Cash payments totalling $1,542 were made directly to beneficiaries during the year (2016
&ndash; $471). The expected contributions to the Pension Plan is $67 and $510 to the SERP in 2018.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt"><I>Subsidiaries pension plan</I></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">According to the Greek and Turkish labour laws,
employees are entitled to compensation in case of dismissal or retirement, the amount of which varies depending on salary, years
of service and the manner of termination (dismissal or retirement). Employees who resign or are dismissed with cause are not entitled
to compensation. The Company considers this a defined benefit obligation. Amounts relating to these pension plans have been included
in the tables in this note under &ldquo;Pension Plan&rdquo; when applicable.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">The amounts recognised in the balance sheet for
all pension plans are determined as follows:</P>


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<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt"><FONT STYLE="background-color: yellow"></FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">16.&#9;Defined benefit plans
<FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>December 31, 2017</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>December 31, 2016</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 38%; padding: 0.75pt 0.75pt 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 0; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Present value of obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,028 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,956 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,984 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,936 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,686 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,622 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 0; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Fair value of plan assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,429)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53,875)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56,304)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,054)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49,306)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51,360)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 0; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Liability (asset) on balance sheet</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,599 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,919)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,680 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,882 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,620)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 0; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(738)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 5pt 17.85pt">The movement in the defined benefit obligation
over the year is as follows:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 34%; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance at January 1,</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,936 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,686 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,622 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,688 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,565 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,253 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1 6.75pt; text-indent: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Current service cost</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,102 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,979 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,483 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,003 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1 6.75pt; text-indent: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Past service cost</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,494 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,687 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1 6.75pt; text-indent: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Interest cost</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,508 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,128 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,340 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,816 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1 6.75pt; text-indent: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Actuarial loss (gain)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,390 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,682 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,939 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,384 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1 6.75pt; text-indent: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Benefit payments</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,060)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,485)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,545)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(445)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1 6.75pt; text-indent: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Exchange (gain) loss</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,772 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,704 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(661)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,611 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Balance at December 31,</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,028 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,956 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,984 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,936 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,686 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,622 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 10pt 0 5pt 0.25in">The movement in the fair value of plan assets
of the year is as follows:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 34%; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;SERP </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;SERP </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">At January 1,</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,054 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,306 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,360 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,968 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,016 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,984 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1 6.75pt; text-indent: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Interest income on plan assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,983 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,069 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,823 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,904 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1 6.75pt; text-indent: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Actuarial gain (loss)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(439)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,164)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,196)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1 6.75pt; text-indent: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Contributions by employer</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,196 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,415 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,728 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,728 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1 6.75pt; text-indent: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Benefit payments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,485)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,542)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(445)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1 6.75pt; text-indent: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Exchange gain</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,259 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,441 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,348 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,411 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>At December 31,</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,429 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,875 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,304 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,054 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,306 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,360 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">The amounts recognised in the
income statement are as follows:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 33%; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Current service cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,102 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,979 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,483 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,003 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Interest cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,508 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,128 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,340 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,816 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Past Service Cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,494 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,687 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Expected return on plan assets</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,983)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,070)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,823)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,904)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Defined benefit plans expense</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,841 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,451 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,409 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,193 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,602 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">16.&#9;Defined benefit plans <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">The actual return on plan assets was $1,416
(2016 &ndash; $3,801).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">The principal actuarial assumptions used were
as follows:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Pension Plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>SERP</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 33%; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Greece</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Turkey</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Greece</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Turkey</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding: 0.75pt 0.75pt 1">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>%</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Expected return on plan assets</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Discount rate - beginning of year</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Discount rate - end of year</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.0 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Rate of salary escalation</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Average remaining service period of active employees expected to receive benefits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;8.2 years </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;8.2 years </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;7.1 years </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 1; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;7.1 years </FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">The assumption used to determine the interest
income on plan assets is equal to the discount rate, as per IAS 19 <I>&lsquo;Employee benefits&rsquo;</I>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt"><FONT STYLE="background-color: yellow"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>Plan Assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-align: justify">The assets of the Pension Plan
and the amounts deposited in the SERP account are managed by a major investment management company and are invested only in conformity
with the investment requirements of applicable pension laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-align: justify">The following table summarizes
the defined benefit plans&rsquo; weighted average asset allocation percentages by asset category:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>December 31, 2017</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>December 31, 2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; width: 132px">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15px">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Pension Plan</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>SERP</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Pension Plan</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>SERP</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Investment funds</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Money market</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">0%</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">6%</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2%</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Canadian fixed income</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">100%</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2%</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">98%</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Canadian equities</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%">- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">20%</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%">- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">21%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;US equities</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%">- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">19%</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%">- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">20%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;International equities</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%">
    - </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">7%</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%">- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Other <SUP>(1)</SUP></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%">-
</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">46%</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%">- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">44%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Total</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">100%</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">100%</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">100%</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 1; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">100%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%; font-size: 8pt"><FONT STYLE="font-size: 8pt; line-height: 115%"><SUP>1 </SUP>Assets held by the Canada Revenue Agency in the refundable tax account</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 1">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt 22pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">The sensitivity of the overall pension obligation
to changes in the weighted principal assumptions is:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 44%; padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: Black 1pt solid; padding-right: 5.4pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Change
    in assumption</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; border-bottom: Black 1pt solid; padding-right: 5.4pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Impact
    on overall obligation</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Discount
    rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Increase
    by 0.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Decrease
    by $2,855</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Decrease
    by 0.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Increase
    by $3,157</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Salary
    escalation rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font-weight: normal; color: Black">Increase
        by 0.5%</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font-weight: normal; color: Black">Decrease
        by 0.5%</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font-weight: normal; color: Black">Increase
        by $8</FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font-weight: normal; color: Black">decrease
        by $14</FONT></P></TD></TR>
</TABLE>


<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt 22pt"></P>

<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">(<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->)</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 56.9pt 0 22.3pt; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>17.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Income tax expense and deferred taxes</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; text-align: left; margin-bottom: 6pt">Total income tax expense (recovery) consists
of:</P>

<P STYLE="color: #0C2D83; font: 10pt/normal Univers 55; margin: 0 56.9pt 0 0.3in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 10%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 28%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 21%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>December 31, 2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 21%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>December 31, 2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Current tax expense</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,232 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,166 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Deferred tax expense (recovery)</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,849)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,039 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,383 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,205 </FONT></TD></TR>
</TABLE>


<P STYLE="color: #0C2D83; font: 10pt/normal Univers 55; margin: 0 56.9pt 0 0.3in; text-indent: 0in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 6pt">Total income tax expense (recovery) attributable
to geographical jurisdiction is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 11%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 31%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 18%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 18%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Turkey</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,139 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,343 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Greece</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,598)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,355)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Brazil</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,087)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,385)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Canada</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,960 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,428)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Romania</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,026)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,053)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Other jurisdictions</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,383 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,205 </FONT></TD></TR>
</TABLE>


<P STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin: 0 56.7pt 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin: 0 56.7pt 0 0.25in; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 40; Value: 30 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">(<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->)</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 6pt">Factors affecting income tax expense (recovery)
for the year:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 43%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 14%; padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Profit from continuing operations before income tax</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,698 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Canadian statutory tax rate</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">26%</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">26%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Tax expense on net income at Canadian statutory tax rate</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,662 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Items that cause an increase (decrease) in income tax expense:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Foreign income subject to different income tax rates than Canada</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,792)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15,695)</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Non-tax effected operating losses</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,691 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,198 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Non-deductible expenses and other items</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,002 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,525 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Foreign exchange and other translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,289 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,048 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="4" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Amounts under (over) provided in prior years</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Investment tax credits</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269)</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Withholding tax on foreign income</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,297 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,283 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Income tax expense</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,383 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,205 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">17.&#9;Income tax expense and
deferred taxes <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; text-align: left; margin-bottom: 0">The change for the year in the Company's net
deferred tax position was as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD STYLE="width: 11%; padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Net deferred tax asset (liability)</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;$ </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;$ </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance at January 1,</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443,501)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(607,871)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="7" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax (expense) recovery related to discontinued operations</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174,837 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability related to Integra acquisition</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126,903)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax (expense) recovery in the income statement</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,849 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,039)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax recovery (expense) &nbsp;in other comprehensive income</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,428 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,428)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">Net balance at December 31,</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(549,127)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443,501)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in"></P>

<!-- Field: Page; Sequence: 41; Value: 30 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">(<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->)</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">The composition of the Company&rsquo;s
net deferred income tax asset and liability and deferred tax expense is as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Expense (recovery)</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Type of temporary difference</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Deferred tax assets</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Deferred tax liabilities</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">on the income statement</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 15%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD STYLE="width: 11%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD>
    <TD STYLE="width: 11%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD STYLE="width: 11%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD>
    <TD STYLE="width: 11%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD STYLE="width: 11%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592,062 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482,530 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33,466)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,200 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Loss carryforwards</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,457 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,436 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,641)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,603)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Liabilities</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,690 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,864 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,496)</FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Investment tax credits</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,665 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Other items</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,997 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,995 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,208 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,266 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,338 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,727)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Balance at December 31,</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,144 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,295 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607,270 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493,796 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,849)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,039 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Unrecognized deferred tax assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 101px; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="width: 101px; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Tax losses</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167,030 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164,100 </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Other deductible temporary differences</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,253 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,968 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="3" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Total unrecognized deferred tax assets</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178,283 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174,068 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><B>Unrecognized tax losses</B></P>

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

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 6pt"><FONT STYLE="font-size: 10pt; color: windowtext">At
December 31, 2017 the Company had losses with a tax benefit of $167,030 (2016 &ndash; $164,100) which are not recognized as deferred
tax assets. The Company recognizes the benefit of tax losses only to the extent of anticipated future taxable income that can
be reduced by the tax losses. The gross amount of the tax losses for which a tax benefit has not been recorded expire as follows:
</FONT></P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"></P>

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<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">&nbsp;</P>

<P STYLE="font: 11pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: yellow"></FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">17.&#9;Income tax expense and
deferred taxes <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Expiry date</B></FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;Canada </B></FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;Brazil </B></FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;Greece </B></FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;Total </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; width: 73px; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;$ </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; width: 73px; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;$ </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; width: 73px; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;$ </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; width: 73px; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;$ </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2018</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,880 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,880 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2019</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,934 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,934 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2020</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,420 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,420 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2021</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,058 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,058 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2022</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,638 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,638 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2025</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,858 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,858 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2026</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,839 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,839 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2027</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,703 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,703 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2028</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,959 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,959 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2029</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,444 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,444 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2030</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,285 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,285 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2031</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,351 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,351 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2032</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,871 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,871 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2033</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,883 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,883 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2034</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,689 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,689 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2035</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,266 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,266 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2036</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,503 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,503 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">2037</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,180 </FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,180 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; text-align: left; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">No Expiry</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,378 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,378 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482,831 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,378 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92,930 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609,139 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 115%">Capital losses with no expiry</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,812 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,812 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 115%">Tax effect of total losses not recognized</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,289 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,791 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,950 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167,030 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 12pt; text-align: left; margin-bottom: 6pt"><B>Deductible temporary differences</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">At December 31, 2017 the Company had deductible
temporary differences for which deferred tax assets of $11,253 (2016 &ndash; $9,968) have not been recognized because it is not
probable that future taxable profits will be available against which the Company can utilize the benefits. The vast majority of
these temporary benefits have no expiry date.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 6pt"><B>Temporary differences associated with investments
in subsidiaries</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">The Company has not recognized deferred tax liabilities
in respect of historical unremitted earnings of foreign subsidiaries for which we are able to control the&nbsp;timing of the remittance
and are considered reinvested for the foreseeable future.&nbsp; At December 31, 2017, these earnings amount to $788,137 (2016 &ndash;&nbsp;$782,803).&nbsp;
Substantially all of these earnings would be subject to withholding taxes if they were remitted by the foreign subsidiaries.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 6pt"><B>Other factors affecting taxation</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">During the year the Turkish Lira has weakened,
causing a deferred income tax expense during the year of $6,530 due to the decrease in the value of the future tax deductions associated
with the Turkish operations.&nbsp; The Company expects that in the future significant foreign exchange movements in the Turkish
Lira, Euro or Brazilian Real in relation to the U.S. dollar will cause significant volatility in the deferred income tax expense
or recovery.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

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<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>18.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Share capital</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 4pt 17.85pt; text-indent: 0in">Eldorado&rsquo;s authorized
share capital consists of an unlimited number of voting common shares without par value and an unlimited number of non-voting common
shares without par value. At December 31, 2017 there were no non-voting common shares outstanding (December 31, 2016 &ndash; nil).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 76.55pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Voting
    common shares</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">Number
        of</FONT></P>
        <P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">Shares</FONT></P></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">Total</FONT></P>
        <P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">$</FONT></P></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">At
    January 1, 2016</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-align: right; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">716,587,134</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">5,319,101</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Capital
    Reduction </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">(2,500,000)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
    December 31, 2016</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">716,587,134</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">2,819,101</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Shares
    issued upon exercise of share options, for cash</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">242,648</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">586</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Estimated
    fair value of share options exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">176</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Shares
    issued for acquisition of Integra</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">77,180,898</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">188,061</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family: Univers 55; text-align: left; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">At
    December 31, 2017</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">794,010,680</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">3,007,924</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 57pt 6pt 0; text-indent: 0in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>19.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Share-based payments</B></TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt"><I>(a)
Share option plans</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 4pt 17.85pt; text-indent: 0in">The Company has two share
option plans (the &ldquo;Plans&rdquo;) approved, as amended and restated, by the shareholders from time to time and most recently
on May 1, 2014 under which share purchase options (&ldquo;Options&rdquo;) can be granted to directors, officers, employees and
consultants.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt; text-indent: 0in">The Company&rsquo;s Incentive
Stock Option Plan - Employees, Consultants and Advisors (the &ldquo;Employee Plan&rdquo;) consists of options (the &ldquo;Employee
Plan Options&rdquo;) which are subject to a 5-year maximum term and payable in shares of the Company when vested and exercised.
The Employee Plan prohibits the re-pricing of Employee Options without shareholder approval. Employee Plan Options vest at the
discretion of the Board of Directors at the time an Employee Option is granted. Generally, Employee Plan Options granted before
November 1, 2015 vest in three equal and separate tranches with the first tranche vesting on the grant date and the second and
third tranches vesting on the second and third anniversary dates of the grant date. Employee Plan Options granted on or after November
1, 2015 vest in three equal and separate tranches with vesting commencing one year after the date of grant and the second and third
tranches vesting on the second and third anniversary of the grant date. Employee Plan Options are subject to withholding tax on
exercise, withholding tax is paid by the Employee Option holder to the Company prior to receipt of the shares received pursuant
to exercise.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">The Company is responsible
for remittance of the withholding tax to the appropriate tax authority. As at December 31, 2017, a total of 14,155,248 options
(2016 &ndash; 14,701,541) were available to grant under the Employee Plan.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">The Company&rsquo;s Incentive
Stock Option Plan - Officers and Directors Plan (&ldquo;D&amp;O Plan&rdquo;) consists of options (the &ldquo;D&amp;O Options&rdquo;)
which are subject to a 5-year maximum term and payable in shares of the Company when vested and exercised. The D&amp;O Plan prohibits
the re-pricing of D&amp;O Options without shareholder approval. D&amp;O Plan Options vest at the discretion of the Board of Directors
at the time a D&amp;O Option is granted. Generally, D&amp;O Plan Options granted before November 1, 2015 vest in three equal and
separate tranches with the first tranche vesting on the grant date and the second and third tranches vesting on the second and
third anniversary dates of the grant date. D&amp;O Plan Options granted on or after November 1, 2015 vest in three equal and separate
tranches with vesting commencing one year after the date of grant and the second and third tranches vesting on the second and
third anniversary of the grant date</P>

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<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 4pt"></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-indent: 0in">19.&#9;Share-based payments <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0in">D&amp;O Options are subject
to withholding tax on exercise, withholding tax is paid by the D&amp;O Option holder to the Company prior to receipt of the shares
received pursuant to exercise. The Company is responsible for remittance of the withholding tax to the appropriate tax authority.
As at December 31, 2017, a total of 3,720,125 Options (2016 &ndash; 4,243,018) were available to grant under the D&amp;O Plan.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Movements in the number of share options outstanding
and their related weighted average exercise prices are as follows:</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Univers 55; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">2017</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: center; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">2016</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 46%; padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Weighted
    average exercise price Cdn$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">Number
        of</FONT></P>
        <P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">options</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Weighted
    average exercise price Cdn$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">Number
        of</FONT></P>
        <P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">options</FONT></P></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">At
    January 1,</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">7.55</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">28,896,035</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">9.97</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">25,519,434</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Regular
    options granted</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">4.43</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">5,804,535</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">3.24</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">9,101,164</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">3.22</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">(242,648)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Forfeited</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">13.44</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">(4,735,349)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">11.49</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">(5,724,563)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">At
    December 31,</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">6.04</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">29,722,573</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">7.55</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">28,896,035</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">At December 31, 2017, 18,583,426 share purchase
options (December 31, 2016 &ndash; 18,164,617) with a weighted average exercise price of Cdn$7.34 (December 31, 2016 &ndash; Cdn$9.64)
had vested and were exercisable. Options outstanding are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.9in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; padding-right: 0.1in; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">December 31, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.9in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-right: 0.1in; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Total options outstanding</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.1in; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Exercisable options</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Range of</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">exercise</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">price</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Cdn$</P></TD>
    <TD STYLE="width: 1%; padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Shares</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Weighted</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">average</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">remaining</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">contractual</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">life</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">(years)</P></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Weighted</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">average</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">exercise</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">price</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Cdn$</P></TD>
    <TD STYLE="width: 1%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 15%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Shares</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Weighted</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">average</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">exercise</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">price</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">Cdn$</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; font-size: 11pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$3.00 to $3.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7,835,899</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">3.23</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">2,514,519</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">3.25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$4.00 to $4.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,842,935</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">4.43</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">33,333</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">4.23</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$5.00 to $5.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12,247</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">3.4</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">5.91</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">4,082</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">5.91</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$6.00 to $6.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6,916,166</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">6.66</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">6,916,166</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">6.66</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">&nbsp;$7.00 to $7.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,903,752</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">7.81</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">4,903,752</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">7.81</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$8.00 to $8.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">45,405</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">0.3</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">8.19</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">45,405</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">8.19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-align: right; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">$10.00 to $10.99</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,166,169</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">0.2</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">10.42</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">4,166,169</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">10.42</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">29,722,573</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">2.3</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">6.04</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">18,583,426</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 8.3pt; text-align: right"><FONT STYLE="font-size: 10pt">7.34</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">Share based payments expense related to share
options for the year ended December 31, 2017 was $6,736 (2016 &ndash; $6,812)</P>

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<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 4pt">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-indent: 0in">19.&#9;Share-based payments <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">The assumptions used to estimate the fair value
of options granted during the years ended December 31, 2017 and 2016 were:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; text-align: right; text-transform: uppercase; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 14.2pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="width: 3%; border-bottom: Black 1pt solid; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 14.2pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 0in"><FONT STYLE="font-size: 10pt">Risk-free interest rate (range) (%)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 14.2pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;0.70 &ndash; 1.05</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.3in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 14.2pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;0.43</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">Expected volatility (range) (%)</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;60 &ndash; 65</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;55 &ndash; 63</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">Expected life (range) (years)</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;1.80 &ndash; 3.80</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;1.82 &ndash; 3.82</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">Expected dividends (CDN$)</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; text-align: right"><FONT STYLE="font-size: 10pt">0.02</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; text-align: right"><FONT STYLE="font-size: 10pt">0.02&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-size: 10pt">Forfeiture rate (%)</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; text-align: right"><FONT STYLE="font-size: 10pt">11.0</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; text-align: right"><FONT STYLE="font-size: 10pt">11.0</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">The weighted average fair value per stock option
was Cdn$1.53 (2016 &ndash; Cdn$1.02). Volatility was determined based on the historical volatility over the estimated lives of
the options.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt"><I>(b)
Restricted share unit plan</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt">The Company has a Restricted Share Unit plan
(&ldquo;RSU Plan&rdquo;) whereby restricted share units may be granted to senior management of the Company. Once vested, an RSU
is exercisable into one common share entitling the holder to receive the common share for no additional consideration. The RSUs
vest as follows: one third on the first anniversary of the grant date, one third on the second anniversary of the grant date and
one third on the third anniversary of the grant date. RSUs terminate on the third anniversary of the grant date. All RSUs which
have not been redeemed by the date of termination are automatically redeemed. Such RSUs may be redeemed in shares or cash, cash
redemptions are subject to the approval of the Board. RSU redemptions are subject to withholding tax, withholding tax is paid by
the RSU holder to the Company prior to receipt of the resultant shares or cash. Cash settlements are issued net of withholding
tax. The Company is responsible for remittance of the withholding tax to the appropriate tax authority. The current maximum number
of common shares authorized for issue under the RSU plan is 5,000,000.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt">A total of 936,832 RSUs (2016 &ndash; 784,203)
at a grant-date fair value of Cdn$4.49 per unit were granted during the year ended December 31, 2017 (2016 &ndash; Cdn$3.22) under
the Company&rsquo;s RSU plan.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in">The fair value of each RSU issued is determined
as the closing share price at grant date.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt">A summary of the status of the RSU plan and
changes during the year is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>At January 1,</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,240,174</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">884,846</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Granted </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">936,832</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">784,203</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Redeemed</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(349,842)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(335,339)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt">Forfeited</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(121,068)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(93,536)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt"><B>At December 31, </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,706,096</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,240,174</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">As at December 31, 2017, 1,706,096 common shares
purchased by the Company remain held in trust in connection with this plan (2016 &ndash; 549,507). At the end of the period, 596,780
restricted share units are fully vested and exercisable (2016 &ndash; 283,736). These shares purchased and held in trust have been
included in treasury stock in the balance sheet.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">Restricted share units expense for the year
ended December 31, 2017 was $2,716 (2016 &ndash; $1,888).</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">&nbsp;</P>

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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt"></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-indent: 0in">19.&#9;Share-based payments <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 17.85pt; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt"><I>(c)
Deferred units plan </I></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">The Company has an Independent Directors Deferred
Unit plan (&ldquo;DU Plan&rdquo;) under which DU&rsquo;s are granted by the Board from time to time to independent directors (&ldquo;the
Participants&rdquo;). DUs may be redeemed only on retirement of the independent director from the Board (the &ldquo;Termination
Date&rdquo;) by providing the redemption notice (&ldquo;Redemption Notice&rdquo;) to the Company specifying the redemption date
which shall be no later than December 15 of the first calendar year commencing after the calendar year in which the Termination
Date occurred (the &ldquo;Redemption Date&rdquo;). &nbsp;Fifteen (15) trading days after the Redemption Date but no later than
December 31 of the first calendar year commencing after the calendar year in which the Termination Date occurred, the Participant
shall have the right to receive, and shall receive, with respect to all DUs held at the Redemption Date a cash payment equal to
the market value of such DUs as of the Redemption Date.&nbsp; The Company will withhold income tax on redeemed DUs and is responsible
for submission of the withholding tax to the tax authority.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">At December 31, 2017, 596,836 DUs were outstanding
(2016 &ndash; 498,390) with a value of $866 (2016 &ndash; $1,604), which is included in accounts payable and accrued liabilities.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">Deferred units compensation income for the year
ended December 31, 2017 was $1,023 (2016 &ndash; expense of $295).</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt"><I>(d)
Performance share units plan</I></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">The Company has a Performance Share Unit plan
(the &ldquo;PSU&rdquo; Plan) whereby PSUs may be granted to senior management of the Company at the discretion of the Board of
Directors. Once vested, at the option of the Company, PSU&rsquo;s are redeemable as a cash payment equal to the market value of
the vested PSUs as of the Redemption Date, common shares of the Company equal to the number of vested PSUs, or a combination of
cash and shares equal to the market value of the vested PSUs, for no additional consideration from the PSU holder and to be redeemed
as soon as practicable after the Redemption Date. The Company will withhold income tax on redeemed PSUs and is responsible for
submission of the withholding tax to the tax authority.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">A total of 569,719 PSUs were granted during the
year ended December 31, 2017 under the PSU Plan (2016 &ndash; 796,652). PSUs cliff vest on the third anniversary of the grant date
(the &ldquo;Redemption Date&rdquo;) and are subject to terms and conditions including the achievement of predetermined performance
criteria (the &ldquo;Performance Criteria&rdquo;). When fully vested the number of PSUs redeemed will range from 0% to 200% of
the target award, subject to the achievement of the Performance Criteria. The current maximum number of common shares authorized
for issuance from treasury under the PSU Plan is 3,130,000.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">Compensation expense related to PSUs for the
year ended December 31, 2017 was $2,789 (2016 &ndash; $1,564).</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 5pt 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><B>20.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Supplementary cash flow information</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; padding-right: 5.4pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2017</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">$</P></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">December 31, 2016</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">$</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family: Univers 55; text-indent: -76.55pt; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Changes
    in non-cash working capital</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Accounts
    receivable and other</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(2,456)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">17,168</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Inventories</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(31,437)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(18,264)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Accounts
    payable and accrued liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,862)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">33,391</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Total</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(35,755)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">32,295</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; font-family: Univers 55; text-indent: -76.55pt; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Supplementary
    cash flow information</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Income
    taxes paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">42,293</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">48,653</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; font-family: Univers 55; text-indent: 0in; line-height: 13pt; color: #0038E5; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">Interest
    paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">36,750</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">37,114</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 5pt 76.55pt; text-indent: -76.55pt"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 5pt 76.55pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>21.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Financial risk management</B></TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">21.1 Financial risk
factors&#9;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: -17.85pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Eldorado&rsquo;s activities
expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk and price risk),
credit risk and liquidity risk. Eldorado&rsquo;s overall risk management program focuses on the unpredictability of financial markets
and seeks to minimize potential adverse effects on Eldorado&rsquo;s financial performance. &#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><I>(a)</I></TD><TD><I>Market risk</I></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 35.7pt; text-indent: -17.85pt"><I>(i) Foreign exchange
risk</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">The Company operates principally
in Canada, Turkey, Brazil, Greece and Romania, and is therefore exposed to foreign exchange risk arising from transactions denominated
in foreign currencies. Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are
denominated in a currency that is not the entity&rsquo;s functional currency.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">Eldorado&rsquo;s cash and cash
equivalents, accounts receivable, marketable securities, accounts payable and accrued liabilities and debt are denominated in several
currencies, and are therefore subject to fluctuation against the U.S. dollar.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">The table below summarizes Eldorado&rsquo;s
exposure to the various currencies denominated in the foreign currency, as listed below:</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 26%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-bottom: black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Canadian dollar</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-bottom: black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Australian dollar</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-bottom: black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Euro</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-bottom: black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Turkish&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lira</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-bottom: black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Chinese renminbi</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-bottom: black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Serbian Dinar</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-bottom: black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Romanian lei</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-bottom: black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>British pound</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-bottom: black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Brazilian real</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%; font-size: 9pt"><FONT STYLE="font-size: 9pt; line-height: 115%">(Amounts in thousands)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,280 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,030 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,965 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,845 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,730 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,991 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Marketable securities</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,286 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Accounts receivable and other</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,706 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,508 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,111 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,157 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,542 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,547 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Accounts payable and accrued liabilities</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30,900)</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42)</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45,751)</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50,099)</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,000)</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,174)</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,559)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Other non-current liability</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,269)</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,516)</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,999)</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Net balance</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,103 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14,729)</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,022)</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,002 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,098 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,979 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Equivalent in U.S. dollars</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,865 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;$&nbsp;&nbsp;(17,664)</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(802)</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,874 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,946 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Based on the balances as at December
31, 2017, a 1% increase/decrease in the U.S. dollar exchange rate against all of the other currencies on that date would have resulted
in a decrease/increase of approximately $25 in profit (loss) before taxes. There would be no effect on other comprehensive income.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 5pt 17.85pt; text-indent: 0in">Cash flows from operations
are exposed to foreign exchange risk, as commodity sales are set in U.S. dollars and a certain amount of operating expenses are
in the currency of the country in which mining operations take place.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><I>(ii) Metal price risk and
other price risk</I></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt">Eldorado is subject to price risk for fluctuations
in the market price of gold and other metals. Gold and other metals prices are affected by numerous factors beyond the Company&rsquo;s
control, including central bank sales, producer hedging activities, the relative exchange rate of the U.S. dollar with other major
currencies, global and regional demand and political and economic conditions.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">Worldwide gold and other metals
production levels also affect their prices, and the price of these metals is occasionally subject to rapid short-term changes due
to speculative activities. The Company has elected not to actively manage its exposure to metal price risk at this time. From time
to time, Eldorado may use commodity price contracts to manage its exposure to fluctuations in the price of gold and other metals.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in"></P>

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<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">21.</TD><TD>Financial risk management <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 17.85pt; text-indent: 0in">Other price risk is the risk
that the value of a financial instrument will fluctuate as a result of changes in market prices.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">Eldorado&rsquo;s other price risk includes equity
price risk, whereby the Company&rsquo;s investments in marketable securities are subject to market price fluctuation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><FONT STYLE="color: windowtext"><I>(iii) Interest rate risk</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Interest rate risk is the risk that the fair value
of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Current financial assets
and financial liabilities are generally not exposed to interest rate risk because of their short-term nature. The Company&rsquo;s
debt is in the form of notes with a fixed interest rate of 6.13%. However borrowings under the ARCA are at variable rates of interest
and any borrowings would expose the Company to interest rate cost and interest rate risk.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in"><I>(b) Credit risk</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Credit risk is the risk that one party to a financial
instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments that
potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, term deposits and accounts
receivable. Eldorado deposits its cash and cash equivalents, including restricted cash, and its term deposits with high credit
quality financial institutions as determined by rating agencies.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">Payment for metal sales is normally in advance
or within fifteen days of shipment depending on the buyer. The historical level of customer defaults is negligible which reduces
the credit risk associated with trade receivables at December 31, 2016.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><I>(c) Liquidity risk</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">Liquidity risk is the risk that an entity will
encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company manages liquidity
by maintaining adequate cash and cash equivalent balances and by using its lines of credit as required. Management monitors and
reviews both actual and forecasted cash flows, and also matches the maturity profile of financial assets and liabilities. Contractual
maturities relating to debt are included in note 14.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">21.2 Capital risk management</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">Eldorado&rsquo;s policy is to maintain a strong
capital base so as to maintain investor, creditor and market confidence and to sustain future development of our mining projects.
Capital consists of all of the components of equity; share capital from ordinary shares, contributed surplus, accumulated other
comprehensive income, deficit and non-controlling interests.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">Consistent with others in the industry, Eldorado
monitors capital on the basis of the debt to capital ratio and Net Debt to EBITDA. The debt to capital ratio is calculated as debt,
including current and non-current debt, divided by capital plus debt. The Net Debt to EBITDA ratio is calculated as debt, including
current and non-current debt, less cash, cash equivalents and term deposits, divided by earnings before interest costs, taxes,
depreciation and amortization. This policy includes a target debt to capital ratio of less than 30% and a Net Debt to EBITDA target
ratio below 3.5.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">As at December 31, 2017, our debt to capital
ratio was 13.8% (2016 &ndash; 14.0%) and our Net Debt to EBITDA ratio was <FONT STYLE="background-color: yellow"> </FONT>0.9:1
(2016 &ndash; -1.7:1).</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">These policy targets are managed through the
repayments and issuances of debt as well as the continuing management of operations and capital expenditures.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt">&nbsp;</P>

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<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">21.</TD><TD>Financial risk management <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in">21.3 Fair value estimation</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">Fair values are determined directly by reference
to published price quotations in an active market, when available, or by using a valuation technique that uses inputs observed
from relevant markets.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in">The three levels of the fair value hierarchy are
described below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Level 1 &ndash; Unadjusted quoted prices in active markets that are accessible at the measurement
date for identical, unrestricted assets or liabilities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Level 2 &ndash; Inputs that are observable, either directly or indirectly, but do not qualify
as Level 1 inputs (i.e.,quoted prices for similar assets or liabilities).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Level 3 &ndash; Prices or valuation techniques that require inputs that are both significant
to the fair value measurement and unobservable (i.e., supported by little or no market activity).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">The assets and liabilities measured at fair value
as at December 31, 2017 are marketable securities and derivatives related to the Company&rsquo;s metal hedge positions.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">Eldorado entered into a strip of zero-cost Asian-style
collars. The collars are intended to protect the price of our lead and zinc production from the Stratoni and Olympias mines.&nbsp;
The collars set a band within which the Company can protect movements, either above or below specific strike prices. The commodity
reference prices are based on the monthly averages as traded on the London Mercantile Exchange and are quoted in U.S. dollars.&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">With respect to lead, the collar protects the
Company at a minimum price of $2,300 per tonne.&nbsp; It also caps or limits the price per the schedule below. Similarly, for zinc,
the minimum price is $2,850 per tonne and the cap or limits are also per the schedule below. The contacts have monthly maturities
for the calendar 2018 year, with the final contract maturing on December 31, 2018.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in">Should the price of each metal average below
the floor, the Company will benefit from the hedge position and counterparty will have a settlement owing to us.&nbsp; Inversely,
if the average monthly price exceeds the limit or cap the Company will have a settlement owing to the Counterparty.&nbsp; The hedge
covers 15,336 tonnes of lead and 25,416 tonnes of zinc. A summary of the positions are listed below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 11%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Metal</FONT></TD>
    <TD STYLE="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Hedged Amount (Tonnes)</FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">PUT ($/tonne)</FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">CALL ($/tonne)</FONT></TD>
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Maturity</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Lead</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">7,668</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">$2,300</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">$2,625</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Jan 2018 &ndash; Jun 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Lead</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">7,668</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">$2,300</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">$2,735</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Jul 2018 &ndash; Dec 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Zinc</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">12,708</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">$2,850</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">$3,470</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Jan 2018 &ndash; Jun 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Zinc</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">12,708 <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">$2,850</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">$3,600</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Jul 2018 &ndash; Dec 2018</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 3pt 0.25in; text-indent: 0.25in"><SUP>(*) entered subsequent
to December 31, 2017.</SUP></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in">As of December 31, 2017, the Company&rsquo;s derivative
liability of $837, which is considered level 2, is included in accounts payable and accrued liabilities in our consolidated balance
sheet. The net mark-to-market loss of the hedge contracts for the same amount is presented in gain (loss) on marketable securities
and other investments in our consolidated income statement.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">The fair value of financial instruments traded
in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are
readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those
prices represent actual and regularly occurring market transactions on an arm&rsquo;s length basis. The quoted market price used
for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included
in Level 1 comprise primarily publicly-traded equity investments classified as held-for-trading securities or available-for-sale
securities. With the exception of the fair market value of the Company&rsquo;s senior notes (note 14b), which are included in level
2, all carrying amounts of financial instruments approximate their fair value.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">(<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->)</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>22.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Commitments</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in; text-indent: 0in">The Company&rsquo;s contractual
obligations, not recorded on the balance sheet, at December 31, 2017, include:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">2018</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">2019</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">2020</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">2021 and later</P>
        <P STYLE="font: bold 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: right">$</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.6in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">Leases</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14,953</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11,676</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,688</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">60,958</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.6in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">Purchase obligations</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">47,614</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">722</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">152</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.6in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.6in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">Totals</FONT></TD>
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">62,567</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">12,398</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">10,788</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">61,110</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in">Purchase obligations in 2018 relate primarily
to mine development expenditures in Greece as well as operating costs in Turkey.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 5pt 57pt 0 22.4pt; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>23.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Contingencies</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">The Company is involved in legal proceedings
from time to time, arising in the ordinary course of its business. As at December 31, 2017, the amount of ultimate liability with
respect to these actions will not, in the opinion of management, materially affect Eldorado&rsquo;s financial position, results
of operations or cash flows. Accordingly, no amounts have been accrued as at December 31, 2017.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">On September 14, 2017, Hellas Gold received formal
notice from the Greek Ministry of Finance and Ministry of the Environment and Energy initiating Greek domestic arbitration proceedings.&nbsp;
The arbitration notice alleged that the Technical Study for the Madem Lakkos Metallurgical Plant for treating Olympias and Skouries
concentrates in the Stratoni Valley (known as Olympias Phase III), submitted in December 2014, is deficient and thereby is in violation
of the Transfer Contract and the environmental terms of the project.&nbsp; The arbitration proceedings are expected to conclude
by April 6, 2018. While arbitration proceedings are inherently uncertain, the Company is confident that the Technical Study is
robust and consistent with the Transfer Contract, the Business Plan and the approved environmental terms of the project.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>24.</B></TD><TD STYLE="padding-right: 56.9pt"><B>Related party transactions</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.25in">Key management includes directors (executive and
non-executive), officers and senior management. The compensation paid or payable to key management for employee services, including
amortization of share based payments, is shown below:</P>

<P STYLE="color: #0038E5; font: bold 10pt/13pt Univers 55; margin: 0 0 0 0.3in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 60%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 10%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Salaries and other short-term employee benefits</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,515 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,152 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Defined benefit pension plan</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,350 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Share based payments</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,920 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,326 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,189 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,828 </FONT></TD></TR>
</TABLE>


<P STYLE="color: #0038E5; font: bold 10pt/13pt Univers 55; margin: 0 0 0 0.3in; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%">(<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->)</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>25.</B></TD><TD STYLE="padding-right: 56.9pt"><B>Financial instruments by category</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><I>Fair value</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left">The following table provides the
carrying value and the fair value of financial instruments at December 31, 2017 and December 31, 2016:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.25in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>December 31, 2017</B></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>December 31, 2016</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 41%">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 12%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 2%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 12%; padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Fair value</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Financial Assets</B></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>Available-for-sale </I></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,010 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,010 </FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,327 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,327 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><I>Loans and receivables</I></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479,501 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479,501 </FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883,171 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883,171 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term deposit</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,508 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,508 </FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,292 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,292 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 </FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable and other</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,627 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,627 </FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,159 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,159 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,517 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,517 </FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,810 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,810 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Financial Liabilities at amortized cost</B></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110,651 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110,651 </FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90,705 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90,705 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt</FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593,783 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595,698 </FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591,589 </FONT></TD>
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609,000 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.25in; text-align: justify"></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>26.</B></TD><TD STYLE="padding-right: 56.9pt"><B>Production costs</B></TD></TR></TABLE>

<P STYLE="color: #0038E5; font: bold 10pt/13pt Univers 55; margin: 0 0 0 21.25pt; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 70%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Labour</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,670 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,223 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Fuel</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,241 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,405 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Reagents</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,839 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,292 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Electricity</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,132 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,991 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Mining contractors</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,575 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,028 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Operating and maintenance supplies and services</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,342 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,376 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Site general and administrative costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,621 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,394 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Inventory change</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36,501)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,510)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Royalties, production taxes and selling expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,821 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,470 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192,740 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194,669 </FONT></TD></TR>
</TABLE>


<P STYLE="color: #0038E5; font: bold 10pt/13pt Univers 55; margin: 0 0 0 21.25pt; text-indent: 0in"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.7pt 0 22.4pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="color: #0C2D83; font: 10pt/13pt Univers 55; margin: 0 56.7pt 0 76.55pt; text-indent: -55.3pt"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.9pt 0 77.05pt; text-indent: -55.45pt"></P>

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<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.9pt 0 77.05pt; text-indent: -55.45pt">&nbsp;</P>

<P STYLE="color: #0038E5; font: bold 10pt/13pt Univers 55; margin: 0 0 0 21.25pt; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>27.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Earnings per share</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">The weighted average number of
ordinary shares for the purposes of diluted earnings per share reconciles to the weighted average number of ordinary shares used
in the calculation of basic earnings per share as follows:</P>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.9pt 0 77.05pt; text-indent: -55.45pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 65%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 19%; padding-bottom: 10pt; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Weighted average number of ordinary shares used in the calculation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; padding-left: 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">of basic earnings per share</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753,565 </FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716,587 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Diluted impact of stock options</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; padding-left: 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">Weighted average number of ordinary shares used in the calculation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; padding-left: 6.75pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt; line-height: 115%">of diluted earnings per share</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753,565 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716,593 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.9pt 0 77.05pt; text-indent: -55.45pt"><B></B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.9pt 0 77.05pt; text-indent: -55.45pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>28.</B></TD><TD STYLE="padding-right: 56.7pt"><B>Segment information</B></TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">Identification of reportable
segments</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The Company has identified its
operating segments based on the internal reports that are reviewed and used by the chief executive officer and the executive management
(the chief operating decision makers or CODM) in assessing performance and in determining the allocation of resources.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The CODM considers the business
from both a geographic and product perspective and assesses the performance of the operating segments based on measures of profit
and loss as well as assets and liabilities. These measures include operating profit, expenditures on exploration, property, plant
and equipment and non-current assets, as well as total debt. As at December 31, 2017, Eldorado had six reportable segments based
on the geographical location of mining and exploration and development activities.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">28.1&#9; Geographical
segments&#9;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt; text-indent: 0in">Geographically, the operating
segments are identified by country and by operating mine or mine under construction. The Turkey reporting segment includes the
Ki&#351;lada&#287; and the Efem&ccedil;ukuru mines and exploration activities in Turkey. The Brazil reporting segment includes
the Vila Nova mine, Tocantinzinho project and exploration activities in Brazil. The Greece reporting segment includes the Stratoni
and Olympias mines, the Skouries, Perama Hill and Sapes projects and exploration activities in Greece. The Romania reporting segment
includes the Certej project and exploration activities in Romania. The Canada reporting segment includes the Lamaque project and
exploration activities in Canada. Other reporting segment includes operations of Eldorado&rsquo;s corporate office and exploration
activities in other countries.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt; text-indent: 0in">Financial information about
each of these operating segments is reported to the CODM on at least a monthly basis. The mines in each of the different segments
share similar economic characteristics and have been aggregated accordingly.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 39%; padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Turkey</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Brazil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Greece</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Romania</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Other</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Information about profit and loss</B></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Metal sales from external customers</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337,907 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,347 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,152 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391,406 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Production costs</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145,573 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,824 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,343 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192,740 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Inventory write-down</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Depreciation</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,389 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">269</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">6</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72,130 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Gross profit (loss)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120,945 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">4,899</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(269)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(6)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126,092 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Other material items of income and expense</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Write-down (write-up) of assets</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,619 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(79)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,661 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,454 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">46,697</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Exploration costs</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,203 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">4,733</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,512 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,168 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,029 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,616 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,261 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Income tax expense (recovery)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,139 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(1,087)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(4,603)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(8,026)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">1,428</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">1,532</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,383 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Additions to property, plant and</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt 6.75pt; text-indent: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">equipment during the period</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,013 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,029 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233,293 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,006 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,820 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346,988 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Information about assets and liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Property, plant and equipment (*)</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835,422 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196,467 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,362,107 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415,856 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;416,795 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,227,397 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Goodwill</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92,591 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92,591 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835,422 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196,467 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,362,107 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415,856 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;509,386 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,319,988 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0.75pt 0.75pt 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Debt</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;593,783 </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593,783 </FONT></TD></TR>
</TABLE>


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<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">28.&#9;Segment information <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 43%; padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Turkey</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Brazil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Greece</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Romania</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Other</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Information about profit and loss</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Metal sales from external customers</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392,096 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,631 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432,727 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Production costs</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159,632 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,037 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194,669 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Depreciation</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,061 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">281</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,887 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Gross profit (loss)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158,403 </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">5,051</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(2)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(281)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163,171 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Other material items of income and expense</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Write-down (write-up) of assets</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(798)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,701 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">4,529&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Exploration costs</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,278 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">3,503</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,091 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,892 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,009 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,773 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Income tax expense (recovery)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,343 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(4,385)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(1,355)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(1,053)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">(1,345)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,205 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Additions to property, plant and</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; padding-left: 6.75pt; text-indent: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">equipment during the period</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,674 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,057 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210,770 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,953 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298,504 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-left: 6.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Information about assets and liabilities</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Property, plant and equipment (*)</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885,629 </FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186,606 </FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;2,157,822 </FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413,949 </FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,821 </FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,645,827 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">Debt</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;591,589 </FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 10pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591,589 </FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0in"><I>* Net of revenues from sale
of pre-commercial production and tailings retreatment</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">The Turkey segment derives their
revenues from sales of gold. The Brazil segment derives its revenue from sales of iron ore. The Greece segment derives its revenue
from sales of gold, zinc, lead and silver concentrates.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD><B>28.2 Seasonality/cyclicality of operations</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD><TD>Management does not consider operations to be of a significant seasonal or cyclical nature.</TD></TR></TABLE>

<P STYLE="color: #0C2D83; font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<P STYLE="color: #0C2D83; font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>mda.htm
<DESCRIPTION>MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2017
<TEXT>
<HTML>
<HEAD>
     <TITLE>JA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(in United States dollars, tabular amounts in millions, except where noted)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">For the year ended December 31,
2017</FONT></P>



</TD>
    <TD STYLE="text-align: right">&nbsp;<IMG SRC="img1.jpg" ALT="" STYLE="width: 178px; height: 68px"></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Throughout this Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;),
<I>Eldorado</I>, <I>we, us, our</I> and <I>the Company</I> mean Eldorado Gold Corporation. <I>This year</I> means 2017. All dollar
amounts are in United States dollars unless stated otherwise.</P>

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">The information in this MD&amp;A is as
of March 21, 2018. You should also read our audited consolidated financial statements for the year ended December 31, 2017. We
prepare our consolidated financial statements in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;)
as issued by the International Accounting Standards Board. We file them with appropriate regulatory authorities in Canada and
the United States. You can find more information about Eldorado, including our Annual Information Form (&#8220;AIF&#8221;), on
SEDAR at www.sedar.com.</P>

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

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

<P STYLE="font: 10pt ArialMT,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Based in Vancouver, Canada, Eldorado owns and operates mines around
the world. Its activities involve all facets of the mining industry including exploration, development, production and reclamation.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Kisladag, in Turkey (100%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Efemcukuru, in Turkey (100%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Olympias, in Greece (95%)</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Skouries, in Greece (95%) </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Perama Hill, in Greece (100%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Certej, in Romania (80.5 %)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tocantinzinho, in Brazil (100%) </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Lamaque, in Canada (100%)</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Stratoni &#8211; Lead and Zinc Concentrates, in Greece (95%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Vila Nova &#8211; Iron Ore, in Brazil (100%)</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Eldorado is listed on the following exchanges:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Toronto Stock Exchange (&#8220;TSX&#8221;) under the symbol ELD </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol EGO</FONT></TD></TR></TABLE>

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

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

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

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>2017 Overview</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Selected Consolidated Financial Information </B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Loss attributable to shareholders of the Company of $9.9 million or $0.01
per share, compared to loss attributable to shareholders of the Company of $344.2 million or $0.48 per share in 2016.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Completed the acquisition of Integra Gold Corporation (&#8220;Integra&#8221;)
on July 10, 2017. The total consideration was $357 million, inclusive of Integra shares held by Eldorado.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gross profit of $126.1 million compared to $163.2 million in 2016.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">At year end the Company reported $485.0 million in cash, cash equivalents,
and term deposits, and $250.0 million in unused lines of credit (2016: $888.5 million and $250.0 million).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Selected Performance Measures <SUP>(1)</SUP></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gross profit from gold mining operations of $121.2 million (2016: $158.7
million from continuing operations).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gold production of 292,971 ounces, including Olympias pre-commercial
production </FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">and 7,061 ounces of gold produced from a bulk sample
at its newly acquired Lamaque project in Quebec</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> (2016: 312,299 ounces
from continuing operations).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash operating costs averaged $509 per ounce (2016: $487 per ounce from
continuing operations).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">All-in sustaining cash costs averaged $922 per ounce (2016: $829 per
ounce from continuing operations).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjusted net earnings of $15.2 million ($0.02 per share) compared to
adjusted net earnings of $47.4 million ($0.07 per share) in 2016. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash generated from operating activities before changes in non-cash working
capital was $66.5 million (2016: $104.4 million from continuing operations). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Olympias Phase II commissioning was completed and commercial production
was achieved on December 31, 2017. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><I>(1)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><I>Throughout this MD&amp;A we use cash operating
cost per ounce, total cash costs per ounce, all-in sustaining cost per ounce, gross profit from gold mining operations, adjusted
net earnings, and cash flow from operating activities before changes in non-cash working capital as additional measures of Company
performance. These are non-IFRS measures. Please see page 10 for an explanation and discussion of these non-IFRS measures.</I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Acquisition of Integra</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On July 10, 2017, the Company completed the acquisition of Integra.
As part of the transaction, Eldorado acquired all of the issued and outstanding common shares of Integra that it did not already
own, by way of a plan of arrangement (&#8220;Arrangement&#8221;). Pursuant to the Arrangement, Integra shareholders excluding Eldorado
collectively received $99.8 million cash and 77.2 million common shares of Eldorado. Total consideration was $357 million, inclusive
of Integra shares held by Eldorado. Integra is a resource company engaged in the exploration of mineral properties and is focused
on its high-grade Lamaque gold project located in Val-d&#8217;Or, Quebec.</P>

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

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The acquisition has been accounted for as a business combination,
with Eldorado being identified as the acquirer and Integra as the acquired in accordance with IFRS 3. For accounting purposes,
our consolidated financial statements include Integra&#8217;s operating results for the period from July 10, 2017 to December 31,
2017. For more information please read Note 5a of our consolidated financial statements for the year ended December 31, 2017.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Arbitration in Greece</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On September 14, 2017, Hellas Gold received formal notice from the
Greek Ministry of Finance and Ministry of the Environment and Energy initiating Greek domestic arbitration proceedings.&nbsp; The
arbitration notice alleged that the Technical Study for the Madem Lakkos Metallurgical Plant for treating Olympias and Skouries
concentrates in the Stratoni Valley (known as Olympias Phase III), submitted in December 2014, is deficient and thereby is in violation
of the Transfer Contract and the environmental terms of the project.&nbsp; The arbitration proceedings are expected to conclude
by April 6, 2018. While arbitration proceedings are inherently uncertain, the Company is confident that the Technical Study is
robust and consistent with the Transfer Contract, the Business Plan and the approved environmental terms of the project.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Summarized Annual Financial Results</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="vertical-align: top; width: 59%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 11pt"><FONT STYLE="font: 10pt/109% Arial, Helvetica, Sans-Serif"><B>Continuing Operations, except where noted</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt/109% Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">391.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">432.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">479.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">333.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">388.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">440.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gold sold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">264,080</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">311,028</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">380,039</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Average realized gold price ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1,262</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1,249</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1,158</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs - gold mines ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">509</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">487</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">537</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash costs &#8211; gold mines ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">534</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">502</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">554</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">All-in sustaining cash cost &#8211; gold mines ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">922</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">829</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">838</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit from gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">121.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">158.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">152.8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Adjusted net earnings<SUP>1, 2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">15.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">47.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">13.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Net profit (loss) <SUP>1, 2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(9.9)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(344.2)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(1,540.9)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share &#8211; basic ($/share) <SUP>1, 2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(0.01)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(0.48)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(2.15)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share &#8211; diluted ($/share) <SUP>1, 2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(0.01)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(0.48)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(2.15)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash flow from operating activities <SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">66.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">104.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">77.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Capital spending &#8211; cash basis</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">345.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">297.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">347.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Dividends paid &#8211; (Cdn$/share)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.01</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.02</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash, cash equivalents and term deposits</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">485.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">888.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">292.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">5,090.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">4,797.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">5,464.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total long-term financial liabilities<SUP> 4</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">703.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">692.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">698.8</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(1)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Includes discontinued operations.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(2)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Attributable to shareholders of the Company. </I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(3)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Before changes in non-cash working capital.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(4)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Includes long-term debt net of deferred financing costs, other non-current
liabilities, and asset retirement obligations.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 29pt"></P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Review of Annual Financial Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">For the twelve months ended December 31, 2017, the loss attributable
to shareholders of the Company was $9.9 million, (or $0.01 per share), compared to a loss of $344.2 million, or $0.48 per share
in 2016. Financial results in 2017 were impacted by lower gross profit from gold mining operations, higher exploration and general
and administrative costs, as well as write-downs of assets, partly offset by a gain on marketable securities related to the Integra
acquisition. The loss in 2016 was mainly due to the $351.2 million loss recorded on the sale of the Company&#8217;s Chinese assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Adjusted net earnings for the year were $15.2 million ($0.02
per share) compared to $47.4 million ($0.07 per share) for 2016. Gross profit from gold mining operations was $37.1 million, lower
year over year, mainly due to lower sales at the Turkish mines. General and administrative expenses were $16.7 million, higher
year over year, due to higher legal and reorganization costs. Exploration expenses were $19.5 million, higher due to an increase
in exploration activities worldwide. Offsetting these cost increases was a decrease in mine standby costs of $11.3 million as well
as $17.6 million in other income mainly related to interest on cash investments and a reversal of liabilities related to Integra
flow through shares. Foreign exchange gain was $2.4 million as compared with a loss of $2.7 million in 2016, as the US dollar strengthened
against other currencies in 2017.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><B>Summarized Quarterly Financial Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(Continuing operations, except where noted)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EBF4DC">
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q1</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q2</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q3</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q4</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Revenues </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">111.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">82.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">95.4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">101.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">391.4</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">90.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">72.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">84.4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">86.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">333.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gold sold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">74,068</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">57,206</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">65,439</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">67,367</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">264,080</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Average realized gold price ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,222</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,262</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,290</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,280</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,262</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs &nbsp;($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">466</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">484</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">508</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">577</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">509</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">All-in sustaining cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">791</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">846</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">925</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,104</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">922</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gross profit from gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">37.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">28.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">30.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">26.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">121.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Adjusted net earnings (loss)<SUP>1, 2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">8.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">6.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.4)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">15.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Net profit (loss) <SUP>1, 2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">3.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">11.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(4.2)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(20.7)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(9.9)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share &#8211; basic ($/share) <SUP>1, 2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">0.01</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">0.02</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.01)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.03)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(0.01)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share &#8211; diluted ($/share) <SUP>1, 2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">0.01</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">0.02</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.01)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.03)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(0.01)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash flow from operating activities <SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">28.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">16.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">16.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">5.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">66.5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt/10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EBF4DC">
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q1</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q2</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q3</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>Q4</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">94.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">107.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">116.2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">114.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">432.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">90.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">98.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">98.4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">101.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">388.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gold sold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">74,983</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">77,623</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">73,740</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">84,682</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">311,028</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Average realized gold price ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,207</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,267</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,334</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,204</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">1,249</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">519</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">490</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">468</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">472</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">487</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">All-in sustaining cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">858</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">808</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">777</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">860</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">829</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Gross profit from gold mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">32.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">41.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">45.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">39.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 0.1pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">158.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Adjusted net earnings <SUP>1, 2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.7)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">11.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">33.5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">2.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">47.4</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Net profit (loss) <SUP>1, 2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(2.5)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(329.9)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">20.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(32.5)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(344.2)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Earnings per share &#8211; basic ($/share) <SUP>1, 2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.00)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.46)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">0.03</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.05)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(0.48)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Earnings per share &#8211; diluted ($/share) <SUP>1, 2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.00)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.46)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">0.03</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">(0.05)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">(0.48)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">Cash flow from operating activities <SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">8.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">29.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">40.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">26.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif">104.4</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(1)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Includes discontinued operations.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(2)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Attributable to shareholders of the Company.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(3)</I></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Before changes in non-cash working capital.</I></FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Review of Quarterly Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Loss attributable to shareholders of the Company for the quarter
was $20.7 million ($0.03 per share) as compared to a loss for the quarter ended December 31, 2016 of $32.5 million ($0.05 per share).
Adjusted losses were $0.4 million as compared to 2016 adjusted earnings of $2.9 million. The main factors that impacted adjusted
earnings for the fourth quarter year over year were lower sales volumes partly offset by higher gold prices.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Operations Review and Outlook</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="width: 49%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 11pt"><FONT STYLE="font: 7pt/109% Arial, Helvetica, Sans-Serif"><B>CONTINUING OPERATIONS:</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>2018 Outlook</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>Total </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Ounces produced <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">292,971</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">312,299</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">290,000 &#8211; 330,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">509</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">487</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">580 - 630</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">534</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">502</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Sustaining capex</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">56.9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">63.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">57.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>Kisladag</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">171,358</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">211,161</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">120,000 &#8211; 130,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">500</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">474</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">600 - 700</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">522</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">488</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Sustaining capex</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">27.9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">39.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">22.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>Efemcukuru</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">96,080</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">98,364</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">90,000 &#8211; 100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">524</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">514</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">530 - 570</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">556</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">530</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Sustaining capex</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">28.9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">23.5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">20.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>Olympias</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">18,472</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">2,774</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">55,000 &#8211; 65,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">550 - 650</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Sustaining capex</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">15.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>Lamaque</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Ounces produced </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">7,061</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">25,000 &#8211; 35,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Sustaining capex</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: right">n/a</P>
        <P STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: right">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Includes pre-commercial production for Olympias and Lamaque in 2017,
production from tailings retreatment for Olympias in 2016 and pre-commercial production for Lamaque in 2018.</FONT></TD></TR></TABLE>

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

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


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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 12pt"><B>Annual Review &#8211;&nbsp;</B></FONT><B><FONT STYLE="font-size: 10pt">Operations</FONT></B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EBF4DC">
    <TD STYLE="width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes placed on pad</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,061,861</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16,565,254</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade (g/t Au)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.03</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.80</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">171,358</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">211,161</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">171,505</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">211,284</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">500</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">474</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">522</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">488</FONT></TD></TR>
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$215.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$263.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$35.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$39.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit from mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$90.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$120.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$27.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$39.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Kisladag reported a reduction in ore tonnes to the leach pad year
over year, with no lower grade run of mine ore being placed on the pad in 2017. Gold production, sales and revenue were down year
over year due to reduced solution grades from the leach pad, as a result of a combination of lower recovery material being placed
on the pad later in the year and slower leach kinetics being exhibited earlier in the year.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Cash costs in during the year were negatively affected by a write
down of 40,000 inventory ounces effective October 1st.&nbsp; Capital expenditures included capitalized waste stripping, leach pad
construction, equipment overhauls and various process improvements.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">During the third quarter, a significant amount of laboratory testwork
was undertaken, as the monthly composite samples from material placed on the pad was indicating lower gold recoveries in the 35-40%
range. Throughout the remainder of the year, the Company continued to investigate alternative treatment methods, which included
studies on finer particle breakage, either through milling or high pressure grinding roll crushers.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As announced by the Company on March 21, 2018, a National Instrument
43-101 &#8211; Standards of Disclosure of Mineral Projects of the Canadian Securities Administrators (&#8220;NI 43-101&#8221;)
compliant pre-feasibility study relating to Kisladag is expected to be filed by the Company on March 29, 2018. This new study indicates
that the construction of a conventional carbon in pulp mill at Kisladag is technically and economically feasible and supports a
3.1 million ounce reserve with expected metallurgical recoveries of approximately 80%, to produce an average of 270,000 ounces
of gold per year over nine years. The Company intends to proceed on a staged basis and commence permitting, detailed engineering
and limited early works immediately with permitting expected to be complete within 12 months. The estimated project capital will
be $490 million. A feasibility study is expected to be complete in October 2018 after which a final investment decision on construction
of the mill will be made. Subject to the final investment decision and required permitting, major construction of the mill is expected
to begin in early 2019 with commissioning to begin in late 2020.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As the economics of milling are significantly better than heap leaching,
the Company will defer ore mining for purposes of heap leaching while evaluation of the feasibility of construction of the mill
is underway and beyond if a positive final investment decision is made. The Kisladag team will continue stripping waste from the
pit in preparation for mining the re-optimized open pit.&nbsp;&nbsp;&nbsp;</P>

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

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gold will continue to be extracted from the inventory in the leach
pad while feasibility of mill construction is being evaluated. Production at Kisladag in 2018 is forecast to be 120,000&#8211;130,000
ounces of gold from the leach pad at a cash cost of $600-700 per ounce, including approximately $150 per ounce of non-cash cost
due to inventory changes. Production for 2019 is expected to be 40,000&#8211;50,000 ounces of gold at a cash cost of $1,100-1,200
per ounce with $650 per ounce of non-cash cost due to inventory changes.</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EBF4DC">
    <TD STYLE="width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes milled</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">481,649</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">476,528</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade (g/t Au)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.01</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.40</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average recovery rate (to concentrate)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">94.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">92.2%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">96,080</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">98,364</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in; font-size: 11pt"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">92,575</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">99,744</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">524</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">514</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">556</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">530</FONT></TD></TR>
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$117.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$125.4</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$35.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$34.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit from mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$30.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$38.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$28.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$23.5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gold production at Efemcukuru was reasonably consistent year over
year with slightly higher processed tonnage and improved recoveries somewhat offsetting the lower head grade. Cash operating costs
increased slightly mainly because of the lower head grade. Capital spending included costs related to capitalized underground development
and various process improvements.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2018, Efemcukuru is expected to mine and
process over 480,000 tonnes of ore at an average grade of 7.0 grams per tonne gold, producing 90,000-100,000 ounces of gold, at
operating costs of $530-570 per ounce. Sustaining capital expenditures for 2018 are forecast to be approximately $20 million, spent
primarily on underground mine development, equipment purchase and rebuilds and various small capital projects.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Exploration drilling of 20,000 metres during 2017 included resource
conversion drilling on the Kestane Beleni vein and resource expansion drilling on the nearby Kokarpinar vein system. The resource
conversion drilling targeted inferred resources downdip from the current production levels in the South Ore Shoot, in the transition
zone between South and Middle Ore Shoots and at the Kestane Beleni Northwest zone, while resource expansion drilling at Kokarpinar
tested the northern part of the vein system. 10,000 meters of exploration drilling in 2018 will continue to further test both
vein systems.</P>

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

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EBF4DC">
    <TD STYLE="width: 59%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes ore processed (dry)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">150,734</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">184,963</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Pb grade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.1%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Zn grade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.4%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.2%</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes of concentrate produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">36,699</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">48,394</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes of concentrate sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">41,693</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">42,655</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average realized concentrate price ($/tonne)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,227<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">953<SUP>1</SUP></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash Costs ($/tonne of concentrate sold)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,062</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">804</FONT></TD></TR>
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Concentrate revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$51.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$40.6</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit (loss) from mining operations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$5.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$5.6</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sustaining capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$3.2</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-size: 7pt"><SUP>1</SUP></FONT><SUP><FONT STYLE="font-size: 10pt">
</FONT></SUP><FONT STYLE="font-size: 7pt">Average realized price includes mark to market adjustments.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Concentrate tonnes produced at Stratoni were lower year over year
due to decreased mill throughput and lower lead and zinc grades. Decreased mill throughput was a result of limited reserves and
slower than expected underground development to access the new areas. Average realized price for concentrate increased year over
year due to an increase in both lead and zinc prices. Gross profit from mining operations was similar year on year due to lower
throughput and higher payabilities offsetting each other. Concentrate tonnes sold were similar year over year due to inventory
remaining at the end of 2016 sold in 2017.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Major expenditures (capitalized and expensed) of $12.8 million included
underground mine development related to resource evaluation activities as well as to access new ore. This included development
of the hangingwall exploration drift, from which 6,000 metres of resource expansion drilling were completed, confirming the downdip
continuity of the orebody from the current resource. The exploration development and drilling programs will continue through 2018,
with 10,000 metres of drilling scheduled to continue testing downdip and along-strike extensions of the orebody.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For&nbsp;2018, Stratoni is expected to process 160,000 tonnes of
ore at grades 7.2% lead, 8.7 % zinc and 175 grams per tonne silver. Sustaining capital expenditures for year at Stratoni are expected
to be&nbsp;$8 million&nbsp;and exploration expenditures are expected to be&nbsp;$8 million.&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Vila Nova remained on care and maintenance during 2017. Two shipments
were completed in the first and second quarters of 2017, selling 44,734 tonnes of lump iron ore and 46,488 dry metric tonnes of
sinter fines taking advantage of a short period of higher prices or iron ore.</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Annual Review &#8211;&nbsp;Development and Exploration Projects</B></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In 2017, Olympias had pre-commercial production of 18,472 ounces
of gold. On December 31, 2017, the Company achieved commercial production at Olympias Phase II. As a reminder, there is a minimum
one month lag between production and sale of concentrate, which affects production timing and overall cash operating cost per ounce.</P>

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

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As previously announced, in order to provide maximum flexibility
on paste and tailings handling, the Company is constructing a paste backfill plant (part of the original Phase II scope) and installing
an additional tailings filter. The filter press is designed to provide maximum flexibility on paste and tailings handling to eliminate
future bottlenecks. The filter press is currently being commissioned and the paste plant is expected to be commissioned during
the second quarter 2018.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In 2018, Olympias
is expected to mine and process 390,000 tonnes of ore at an average grade of 7.5 grams per tonne, producing 55,000-65,000 ounces
of payable gold at operating costs of $550-650 per ounce. Sustaining capital expenditure is expected to be $20 million and development
capital expenditure is expected to be $28 million and will include completion of the paste plant, installation of a second tailings
filter, work on the Kokkinolakkas tailings management facility and further drilling. The Olympias mine also produces significant
amounts of lead-silver and zinc concentrates and, depending on metal prices, the Company may take advantage of the flexibility
inherent in this polymetallic orebody in order to optimize cash flow.</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">
</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2018, the exploration drilling program at
Olympias will be 7,000 meters and will be focused on the eastern zone.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Capital expenditure at Skouries totalled $73.2 million, excluding
capitalized interest. Project development was slowed considerably in 2017 due to continued permitting delays throughout the year.
The Company announced its intention to move the project into care and maintenance in November 2017 and the ramp-down to care and
maintenance is expected to be complete shortly.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Development capital expenditure at Skouries for 2018 is expected
to be $20 million as the project fully transitions to care and maintenance. Ongoing care and maintenance costs are estimated to
be $3-5 million per year once fully ramped down.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As announced by the Company on March 21, 2018, an NI 43-101 compliant
updated technical report relating to Skouries is expected to be filed by the Company on March 29, 2018. The report includes an
updated design which optimizes project economics and incorporates some of the best available environmental operational standards
and technologies, including a dramatically reduced environmental footprint and filtered dry stack tailings. Economic highlights
of the study include an after tax IRR of 21.2% and an NPV (5%) of $925 million, using the Company&#8217;s assumed long term metal
prices of $1,300 per ounce of gold and $2.75 per pound of copper. Completion of construction and commissioning is expected to require
approximately two years following receipt of all necessary permits and the Company&#8217;s decision to proceed. Total capital cost
is estimated to be $689.2 million to develop both the open pit and phase I of the underground.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Perama Hill remains on care and maintenance pending receipt of the
necessary permits.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">During 2017 the Company completed the Integra acquisition and began
work at its 100% wholly-owned Lamaque project. During 2017 test mining extracted 47,750 tonnes of ore with an average head grade
of&nbsp;8.6 g/t gold, with approximately 35,400 tonnes processed at a nearby custom milling facility.&nbsp; Results from the first
two batches (32,000 tonnes) indicate that gold grade of 7.35 g/t, which was in line with expectations and recoveries were slightly
higher than anticipated at an average 95.4% for the toll treatment. In 2017 the Company spent $35.8 million in development capital
al Lamaque.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Since acquisition, over 44,000 metres of resource conversion and
resource expansion drilling have been completed, an additional 34,000 metres of exploration drilling is planned for 2018.</P>

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">As announced
by the Company on March 21, 2018, an NI 43-101 compliant pre-feasibility study relating to the development of the Triangle deposit
(one of the three currently identified deposits at Lamaque) and refurbishment of the past producing Sigma mill is expected to be
filed by the Company on March 29, 2018. First production at the Triangle deposit is expected before the start of 2019 and average
annual production is forecast to be 117,000 ounces of gold. A maiden Reserve of 893,000 ounces was declared for the Triangle Zone,
within Measured and Indicated Resources of 1.3 million ounces with a further 1.3 million ounces of Inferred Resources. The technical
report outlines an initial seven year mine life. Exploration for 2018 is budgeted at $7 million.</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">
</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Capital expenditures at Lamaque to reach commercial production are
$122 million plus $57 million of pre-commercial operating costs, offset by $80 million in pre-commercial gold sales, for a net
start-up capital of $99 million. Prior to commercial operation in 2018 the Company expects to extract roughly 200,000 tonnes of
ore grading 8.03 grams per tonne gold, containing approximately 40,000 ounces and anticipates toll milling a portion of the ore
and producing 25,000 to 35,000 ounces.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A total of $9.9 million was spent on the project in 2017 on detailed
engineering for the tailings dam, CIP tails pond, waste rock dump, basic engineering design, land agreement, administration and
others. The installation licences for the project site (mine, process plant and infrastructure), for the tailings structures and
for the project power line were received in 2017. The mining concession application is under review by the federal branch of the
Mines Ministry and the approval is expected for the second quarter of 2018.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Work planned for 2018 is limited to permitting support, site maintenance
and security, finalizing land agreements for the site and power line, and environmental compensation programs. Consideration of
a construction decision at Tocantinzinho has been deferred until the mining concession is in place and a development project review
is completed. Capital spending in 2018 is expected to be $8 million.&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">During 2017 a total of&nbsp;$15.4 million (capitalized and expensed)&nbsp;was
spent on Certej, mainly on geotechnical and metallurgical testing, site preparation and engineering studies. During&nbsp;2018,
the Company expects to spend approximately&nbsp;$7.0 million&nbsp;at Certej, with a focus on continuing off site infrastructure
projects and advancing permitting.</P>

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

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

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif">The
Bolcana project is a large copper gold porphyry system located approximately six kilometres west of our Certej epithermal gold-silver
development project in Romania.&nbsp; The 2017 exploration program at Bolcana totalled over 23,000 metres of drilling in 25 holes
and tested an area measuring 1,200 metres by 900 metres, locally to a depth of more than 1,200 metres.</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A further 20,000 metres of drilling is planned for 2018 which will
complete drillhole coverage over the porphyry system to a 150 metre drillhole spacing.</P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Throughout this document we have provided measures prepared in accordance
with IFRS, as well as some non-IFRS performance measures as additional information for investors who also use them to evaluate
our performance. Since there is no standard method for calculating non-IFRS measures, they are not a reliable way to compare us
against other companies. Non-IFRS measures should be used with other performance measures prepared in accordance with IFRS. We
have defined our non-IFRS measures below and reconciled them with the IFRS measures we report.</P>

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

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Cash Operating Cost, Total Cash Cost</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">The table below reconciles cash operating cost and total cash
cost to operating costs. We calculate costs according to the Gold Institute Standard.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="width: 56%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Reconciliation of cash operating costs to production costs for&nbsp;&nbsp;continuing operations</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Production costs</B> (from consolidated income statement)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">192.7</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">194.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Vila Nova and Stratoni production costs</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">47.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">35.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Production costs &#8211; excluding Vila Nova and Stratoni</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">145.6</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">159.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">By-product credits and other adjustments</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(4.6)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(3.6)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Total cash cost</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">141.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">156.1</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Royalty expense and production taxes</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(6.7)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(4.7)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Cash operating cost</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">134.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">151.4</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gold ounces sold </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">264,080</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">311,028</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Total cash cost per ounce sold</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">534</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">502</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Cash operating cost per ounce sold</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">509</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">487</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>All-in Sustaining Cash Cost</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">All-in sustaining costs are calculated by taking total cash costs
and adding sustaining capital expenditures, corporate administrative expenses, exploration and evaluation costs, and reclamation
cost accretion. Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production
at a mine site, and exclude all expenditures at the Company&#8217;s projects. Certain other cash expenditures, including tax payments,
dividends and financing costs are also not included. The Company believes that this measure represents the total costs of producing
gold from current operations, and provides the Company and other stakeholders of the company with additional information of the
Company&#8217;s operational performance and ability to generate cash flows. The Company reports this measure on a gold ounces sold
basis.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #EAEFE5">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Calculation of all-in sustaining cash costs for continuing operations</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Total cash cost &#8211; continuing operations</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">141.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">156.1</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Sustaining capital spending at operating gold mines</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">56.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">63.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Exploration spending at operating gold mines</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>General and administrative expenses (see reconciliation below)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">44.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">37.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>All-in sustaining cash costs</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">243.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">257.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Gold ounces sold &#8211; continuing operations</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">264,080</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">311,028</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>All-in sustaining cash cost per ounce sold &#8211; continuing operations</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">922</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">829</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 69px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

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


<!-- Field: Page; Sequence: 11; Value: 1 -->
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    <!-- Field: /Page -->


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="width: 77%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Reconciliation of G&amp;A costs included in all-in sustaining cash costs for continuing operations</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EAEFE5">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>General and administrative expenses</B> (from consolidated income statement)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">54.6</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">37.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Add:</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Share based payments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.6</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Defined benefit pension plan expense from corporate and operating gold mines</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.3</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Accretion from operating gold mines</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.8</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Less:</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">General and administrative expenses from non gold mines</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(16.4)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(7.7)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Business Development </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(3.5)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(1.5)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Development projects</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(1.9)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(1.8)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Transaction costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(1.9)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(2.3)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Adjusted General and administrative expenses</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>44.5</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAEFE5; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>37.3</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Cash Flow from Operations before Changes in Non-cash Working Capital</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We use <I>cash flow from operations (or operating activities) before
changes in non-cash working capital</I> to supplement our consolidated financial statements, and calculate it by not including
the period to period movement of non-cash working capital items, like accounts receivable, advances and deposits, inventory, accounts
payable and accrued liabilities. We believe this provides an alternative indication of our cash flow from operations and may be
meaningful to investors in evaluating our past performance or future prospects. It is not meant to be a substitute for cash flow
from operations (or operating activities), which we calculate according to IFRS.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Adjusted Net Earnings</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company has included non-IFRS performance measures, <I>adjusted
net earnings</I> and <I>adjusted net earnings per share</I>, throughout this document. Adjusted net earnings excludes gains/losses
and other costs incurred for acquisitions and disposals of mining interests, impairment charges, unrealized and non-cash realized
gains/losses of financial instruments and foreign exchange impacts on deferred income tax. The Company also excludes net earnings
and losses of certain associates that the Company does not view as part of the core mining operations. The Company excludes these
items from net earnings to provide a measure which allows the Company and investors to evaluate the results of the underlying core
operations of the Company and its ability to generate cash flow. Accordingly, it 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.</P>

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

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following table provides a reconciliation of adjusted net earnings
to the consolidated financial statements for the years ended December 31:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 65%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>Reconciliation of adjusted net earnings to consolidated net earnings (loss)</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>Net (loss) earnings attributable to shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>(9.9)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>(344.2)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Loss on disposition of subsidiary, net of taxes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">2.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">351.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Impairment of mining interests and goodwill net of tax</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Write-down of assets net of tax</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">37.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">4.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Loss on disposal of assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">2.1</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Losses (gains) on available-for-sale securities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(28.3)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.6</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Flow-through share adjustments - Integra</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Deferred tax recovery from OCI gain</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Changes in Turkey tax rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Transaction and acquisition costs </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">6.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">13.0</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Unrealized losses (gains) on foreign exchange translation of deferred income tax balances</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">2.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">17.2</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>Total adjusted net earnings (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>15.2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>47.4</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif">Weighted average shares outstanding</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">753,565</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">716,587</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 7.5pt"><FONT STYLE="font: 7.5pt/109% Arial, Helvetica, Sans-Serif"><B>Adjusted net earnings ($/share)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-size: 7.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>0.02</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>0.07</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUB>1 Attributable to shareholders of the Company</SUB></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Gross Profit from Gold Mining Operations</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gross profit from gold mining operations represents gross revenues
from gold mining operations less production costs and depreciation, depletion and amortization related to those operations.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Financial Condition &amp; Liquidity</B></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Net cash generated from operating activities was $28.0 million (2016:
$136.7 excluding discontinued operations). Operating activities before changes in non-cash working capital generated $66.5 million
in cash in 2017, compared to $107.1 million in 2016 (excluding discontinued operations).</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company invested $345.9 million in capital expenditures this
year. Evaluation and development expenditures, including capitalized drilling programs, totalled $245.8 million while sustaining
capital spending at our producing mines totalled $56.8. We also spent $5.2 million on land acquisitions in Turkey and Romania.
A total of $36.8 million in bond interest was also charged to capital projects. The remaining $1.3 million related to fixed assets
for our corporate offices in Canada, Brazil, Turkey, Greece, and Romania. In addition, cash proceeds of $38.2 million related to
pre-commercial production sales in Olympias and Lamaque were recorded as cash flows from investing activities.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Pending the results of the technical reports and potential subsequent
capital requirements, the Company suspended cash payment of its semi-annual dividend payment effective the first quarter of 2018.</P>

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EBF4DC">
    <TD STYLE="width: 57%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2017</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash, cash equivalents and term deposits</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">485.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">888.5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Working capital</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">623.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">1,001.5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Restricted collateralized accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">0.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Debt &#8211; current and long-term</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">593.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">591.6</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Management believes that the working capital at December 31, 2017,
together with future cash flows from operations and, where appropriate, selected financing sources, including available credit
lines, are sufficient to support our planned and foreseeable commitments, and dividends, if declared, for the next twelve months.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">As at December 31, 2017</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #EBF4DC">
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Within 1 year</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2 to 3 years</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4 to 5 years</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Over 5 years</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 7.8pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Debt</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">600.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">600.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital leases</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.15in; text-indent: -0.15in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Operating leases</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">40.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">97.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Purchase obligations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">47.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">48.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Totals</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">62.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">623.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">40.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 0.1in 2pt 0.3in; background-color: #EBF4DC; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">746.9</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 76.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Purchase obligations relate primarily to mine development expenditures
in Greece and mine operating costs in Turkey. The table does not include interest on debt.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As of 31 December, 2017, Hellas Gold had entered into off-take agreements
pursuant to which Hellas Gold agreed to sell a total of 37,000 dry metric tonnes of zinc concentrates, 10,750 dry metric tonnes
of lead/silver concentrates, and 200,000 dry metric tonnes of gold concentrate, including the 13,600 dmt that remained to be delivered
in 2017 that have been deferred to 2018, through the financial year ending December 31, 2018.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In April 2007, Hellas Gold agreed to sell to Silver Wheaton (Caymans)
Ltd. (&#8220;Silver Wheaton&#8221;) all of the payable silver contained in lead concentrate produced within an area of approximately
seven square kilometres around Stratoni. The sale was made in consideration of a prepayment to Hellas Gold of $57.5 million in
cash, plus a fixed price per ounce of payable silver to be delivered of the lesser of $3.90 and the prevailing market price per
ounce, adjusted higher every April by 1%. &nbsp;For the period April 2017 through to March 2018, this amount is equal to $4.22
per ounce.In October 2015 the agreement with Silver Wheaton was amended to provide an increase in the price per ounce of payable
silver to be delivered to Hellas based on Hellas achieving certain exploration drilling milestones.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In May 2013, the Company, in connection with Hellas Gold, entered
into a Letter of Guarantee in favour of the Greek Ministry of Environment, Energy and Climate Change, in the amount of EUR50.0
million, as security for the due and proper performance of rehabilitation works committed in connection with the Environmental
Impact Assessment approved for the Kassandra Mines (Stratoni, Olympias and Skouries). The Letter of Guarantee is renewed annually
and expires on July 26, 2026. The Letter of Guarantee has an annual fee of 57 basis points.</P>

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

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


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In June 2017, the Company, in connection with Hellas Gold, entered
into a Letter of Guarantee in favor of the Greek Ministry of Environment and Energy, in the amount of EUR 7.5 million, as security
for the due and proper performance of the Kokkinolakkas Tailings Management Facility, committed in connection with the Environmental
Impact Assessment approved for the Kassandra Mines (Stratoni, Olympias and Skouries). The Letter of Guarantee is renewed annually
and expires on July 26, 2026. The Letter of Guarantee has an annual fee of 45 basis points.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As at December 31, 2017, Tuprag Metal Madencilik Sanayi Ve Ticaret
A.S. (&#8220;Tuprag&#8221;) had entered into off-take agreements pursuant to which Tuprag agreed to sell a total of 53,000 dry
metric tonnes of gold concentrate through the financial year ending December 31, 2018.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Between November 2017 and January 2018, Eldorado entered into a strip
of zero-cost Asian-style collars. The collars are intended to protect the price of our lead and zinc production from the Stratoni
and Olympias mines.&nbsp; The collars set a band within which the Company can protect movements, either above or below specific
strike prices. The commodity reference prices are based on the monthly averages as traded on the London Mercantile Exchange and
are quoted in U.S. dollars.&nbsp;A summary of our hedge positions as of December 31, 2017 can be found in note 21.3 of our 2017
consolidated financial statements.</P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In November 2012, the Company entered into a $375.0 million credit
facility with a syndicate of banks. This credit facility was amended and restated in June 2016 (&#8220;the amended and restated
credit agreement&#8221; or &#8220;ARCA&#8221;) and reduced to an available credit of $250 million with the option to increase by
an additional $100 million through an accordion feature. The maturity date is June 13, 2020. The ARCA is secured by the shares
of SG Resources and Tuprag, wholly owned subsidiaries of the Company.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The ARCA contains covenants that restrict, among other things, the
ability of the Company to incur aggregate unsecured indebtedness exceeding $850.0 million, incur secured indebtedness exceeding
$200.0 million and permitted unsecured indebtedness exceeding $150.0 million. The ARCA also contains restrictions for making distributions
in certain circumstances, selling material assets and conducting business other than that which relates to the mining industry.
Significant financial covenants include a maximum Net Debt to Earnings before Interest, Taxes, Depreciation and Amortization (&#8220;EBITDA&#8221;)
of 3.5:1 and a minimum EBITDA to Interest of 3:1. The Company is in compliance with these covenants at December 31, 2017.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Loan interest is variable dependent on a Net Leverage ratio pricing
grid. The Company&#8217;s current net leverage ratio is approximately 0.9:1. At this ratio, interest charges and fees are as follows:
LIBOR plus margin of 2.0% and undrawn standby fee of 0.50%. Fees of $2.0 million were paid on the amendment dated June 2016. This
amount has been deferred as pre-payment for liquidity services and is being amortized to financing costs over the term of the credit
facility. As at December 31, 2017, the prepaid loan cost on the balance sheet was $1.3 million.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">No amounts were drawn down under the ARCA as at December 31, 2017
(2016 &#8211; nil).</P>

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

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On December 10, 2012, the Company completed an offering of $600.0
million senior notes (&quot;the notes&quot;) at par value, with a coupon rate of 6.125% due December 15, 2020. The notes pay interest
semi-annually on June 15 and December 15. The Company received proceeds of $589.5 million from the offering, which is net of the
commission payment. The notes are redeemable by the Company in whole or in part, for cash:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD>At any time prior to December 15, 2016 at a redemption price equal to 100% of the aggregate principal amount of the notes at
the treasury yield plus 50 basis points, and any accrued and unpaid interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD>on and after the dates provided below, at the redemption prices, expressed as a percentage of principal amount of the notes
to be redeemed, set forth below, plus accrued and unpaid interest on the notes:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">December 15, 2016&#9;&#9;103.063%</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">December 15, 2017&#9;&#9;101.531%</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">2018 and thereafter&#9;&#9;100.000%</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">The early prepayment prices are to reimburse the lender for
lost interest for the remaining term. The fair market value of the notes as at December 31, 2017 is $596.0 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Net deferred financing costs of $6.2 million have been included as
an offset in the balance of the notes in the financial statements as at December 31, 2017 and are being amortized over the term
of the notes.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Defined Benefit Plans</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company operates defined benefit pension plans in Canada with
two components: a registered pension plan (&#8220;the Canadian Pension Plan&#8221;) and a supplementary pension plan (&#8220;the
SERP&#8221;). During the second quarter of 2012, the SERP was converted into a Retirement Compensation Arrangement (&#8220;RCA&#8221;),
a trust account. As it is a trust account, the assets in the account are protected from the Company&#8217;s creditors. The RCA
requires the Company to remit 50% of any contributions and any realized investment gains to the Receiver General of Canada as refundable
tax.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">These plans, which are only available to certain qualifying employees,
provide benefits based on an employee&#8217;s years of service and final average earnings at retirement. Annual contributions related
to these plans are actuarially determined and made at or in excess of minimum requirements prescribed by legislation.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Eldorado&#8217;s plans have actuarial valuations performed for funding
purposes. The last actuarial valuations for funding purposes performed for the Pension Plan and the SERP are as of January 1, 2017
and the next valuation will be prepared in accordance with the funding policy as of January 1, 2018. The measurement date to determine
the pension obligation and assets for accounting purposes was December 31, 2017.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The SERP is designed to provide supplementary pension benefits to
qualifying employees affected by the maximum pension limits under the <I>Income Tax Act</I> pursuant to the registered Canadian
Pension Plan. Further, the Company is not required to pre-fund any benefit obligation under the SERP.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Cash contributed to the Canadian Pension Plan and the SERP was $1.4
million (2016 &#8211; $1.7 million). Cash payments totaling $1.5 million were made directly to beneficiaries during the year (2016
&#8211; $0.5 million). The Company expects to contribute $0.7 million to the Canadian Pension Plan and $0.5 million to the SERP
in 2018.</P>

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


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Equity</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -21.3pt"><B>Common Shares Outstanding
        </B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt">- as of March 21, 2018</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt">- as of December 31, 2017</P></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">794,010,680</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">794,010,680</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -21.3pt">Share purchase options - as of
        March 21, 2018</P>
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">(Weighted average exercise price per share: Cdn$6.04)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">29,722,573</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This section describes the types of risks that we are exposed to
that we believe have affected our financial statements and are reasonably likely to affect them in the future and our objectives
and policies for managing them (please read the Company&#8217;s AIF for additional information regarding these risks and other
risks and uncertainties in respect of our business and our share price).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We monitor risk using our risk management review process. Management
prepares a risk assessment report every quarter outlining our operational and financial risks. The Board reviews the report to
evaluate and assess the risks we are exposed to in various markets, and discusses the steps management takes to manage and mitigate
them.</P>

<P STYLE="font: 10pt FranklinGothic-Book; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Liquidity and Financing Risk</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Liquidity risk is the risk that we cannot meet our financial obligations.
The Company mitigates liquidity risk through the implementation of its capital management policy by spreading the maturity dates
of investments over time, managing its capital expenditures and operational cash flows, and by maintaining adequate lines of credit.
We use a rigorous planning, budgeting and forecasting process to help determine the funds we will need to support our ongoing operations
and our development plans.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Management
believes that our working capital at December 31, 2017, together with expected cash flows from operations, is sufficient to support
our planned and foreseeable commitments,</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">including the initial stages
of permitting for mill construction at Kisladag. However, if our planning and budgeting is materially different to that forecasted,
or financing, if required, is not available to us on terms satisfactory to the Company to meet these material changes to planning
or budgeting, then this may adversely affect our ability to meet our financial obligations and our operations and development plans.&nbsp;
</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Credit risk is the risk that the counterparty to any financial instrument
to which we are a party will not meet its obligations and will cause the Company to incur a financial loss. The Company limits
counterparty risk by entering into business arrangements with high credit-quality counterparties, limiting the amount of exposure
to each counterparty and monitoring the financial condition of counterparties. For cash, cash equivalents and accounts receivable,
credit risk is represented by the carrying amount on the balance sheet.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Payment for metal sales is normally in advance or within fifteen
days of shipment depending on the buyer. The historical level of customer defaults is negligible which reduces the credit risk
associated with trade receivables at December 31, 2017.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We invest our cash and cash equivalents in major financial institutions
and in government issuances, according to our short-term investment policy. The credit risk associated with these investments is
considered to be low. As at December 31, 2017, we hold a significant amount of cash and cash equivalents with two financial institutions.</P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We sell gold in US dollars, but our costs are mainly in US dollars,
Canadian dollars, Turkish lira, Brazilian real, Euros, Romanian lei. An increase in the value of any of these currencies against
the US dollar can increase our production costs and capital expenditures, which can affect future cash flows. The Company has a
risk management policy that includes hedging its foreign exchange exposure to reduce the risk associated with currency fluctuations.
The Company currently does not have any currency hedges, but may hedge in the future.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The table below shows our assets and liabilities and debt denominated
in currencies other than the US dollar at December 31, 2017. We recognized a gain of $2.4 million on foreign exchange this year,
compared to a loss of $2.7 million in 2016.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #EBF4DC">
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>(thousands)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Canadian</B></FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>dollar</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Australian</B></FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>dollar</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Euro</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Turkish lira</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Chinese renminbi</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Serbian Dinar</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Romanian lei</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>British pound</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Brazilian real</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">18,280</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">482</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">13,030</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">4,965</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">77</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">4,845</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">9,730</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">366</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">15,991</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Marketable securities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6,286</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Accounts receivable and</FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,706</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">24,508</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">60,111</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">43,157</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7,542</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">12,547</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Accounts payable and</FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">accrued liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(30,900)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(42)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(45,751)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(50,099)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(9,000)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(6,174)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(5,559)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Other non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,269)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(6,516)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(17,999)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Net balance</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>6,103</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>444</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(14,729)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(3,022)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>77</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>39,002</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>11,098</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>366</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>22,979</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Equivalent in US dollars</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,865</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">347</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(17,664)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(802)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">394</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,874</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">495</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF4DC; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">6,946</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt FranklinGothic-Book; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Accounts receivable and other current and long-term assets relate
to goods and services taxes, income taxes, value-added taxes and insurance receivables. Based on the balances at December 31, 2017,
a 10% increase/decrease in the exchange rates on that date would have resulted in a decrease/increase of approximately $0.3 million
in profit before taxes.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Interest Rate Risk</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Interest rates determine how much interest we pay on our debt, and
how much we earn on our cash and cash equivalents, which can affect future cash flows.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">All of our debt is in the form of notes with a fixed interest rate
of 6.125%. However borrowings under the ARCA are at variable rates of interest and any borrowings would expose the Company to interest
rate cost and interest rate risk. In the future we may enter into interest rate swaps that involve the exchange of floating for
fixed rate interest payments in order to reduce interest rate volatility.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Our profitability depends on the price of gold, which can
fluctuate widely, and is affected by many factors beyond our control, including the sale or purchase of gold by central banks and
financial institutions, interest rates, exchange rates, inflation or deflation, fluctuations in the value of the US dollar and
foreign currencies, global and regional supply and demand, speculative actions, and the political and economic conditions of the
world&#8217;s major gold-producing countries. The cost of production, development and exploration varies depending on the market
prices of certain mining consumables, including diesel fuel and electricity. Electricity is regionally priced in Turkey and semi-regulated
by the Turkish government, which reduces the risk of price fluctuations. The Company
has elected not to actively manage its exposure to metal price risk but may use, from time to time, commodity price contracts to
manage its exposure to fluctuations in the price of gold and other metals.</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0"><I>Sensitivity Analysis for Key Variables</I></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>A change of</B></FONT></TD>
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Would change our </B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>after-tax net earnings by</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Currency values against the US dollar</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10% </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.3 million</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Price of gold (based on the expectations and assumptions we used in our 2018 outlook)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$27.0 million</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt dotted; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Interest rate on variable interest debt </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt dotted; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt dotted; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">n/a <SUP>(1)</SUP></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><SUP>The Company did not have any variable interest debt outstanding
at the end of 2017.</SUP></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Other Risks and Uncertainties</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition to the financial risks identified above, we face a number
of other risks and uncertainties. Certain key risks are set out below.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We operate in five countries outside of North America: Turkey, Brazil,
Romania, Serbia and Greece. Our operations in these countries may be subject to political, economic and other risks that may affect
our future operations and financial position.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We review these and other risks related to the business in foreign
countries on an ongoing basis. Such reviews may cause us to re-evaluate and realign our business objectives and strategic direction
from time to time, including considering suspension of projects or disposition of certain assets.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Mineral Tenure and Permits</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Acquiring title to mineral properties is a detailed and time-consuming
process. We take steps, in accordance with industry standards, to verify and secure legal title to mineral properties that we have,
or are seeking, an interest in. Although we take every precaution to ensure that legal title to our properties is properly recorded
in our name, there can be no assurance we will ultimately secure title on every property. Legal title to our properties depends
on the laws in the countries we operate in, and their appropriate and consistent application.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Activities
in the nature of our business and operations can only be conducted pursuant to a wide range of permits and licenses obtained or
renewed in accordance with the relevant laws and regulations in the countries in which we operate.</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
duration and success of each permitting process are contingent upon many factors that we do not control. In the case of foreign
operations, granting of government approvals, permits and licenses is, as a practical matter, subject to the discretion of the
applicable governments or government officials. In Greece, we have experienced delays in the timely receipt of necessary permits
and authorizations, and is currently party to the arbitration with the Greek State referred to under &#8220;Arbitration in Greece&#8221;.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">There is no assurance that we will be able to obtain or renew the
permits we need to conduct our business and operations, in a timely manner, or at all, or that we will be in a position to comply
with all conditions that are imposed. The failure to obtain or renew certain permits, or the imposition of extensive conditions
upon certain permits, could have a material adverse effect on our business, results of operations, financial condition and share
price.</P>

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

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Metal Price Volatility </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The profitability of our operations is significantly affected by
changes in gold and other metal prices. Gold and metal prices can fluctuate widely and are influenced by many factors as noted
above, beyond our control.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If metal prices decline significantly, or decline for an extended
period of time, we might not be able to continue our operations, develop our properties, or fulfill our obligations under our permits
and licenses, or under our agreements with our partners. This could result in losing our interest in some or all of our properties,
or being forced to sell them, which could have a negative effect on our business, results of operations, financial condition and
share price.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Development and Mining Operations</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Substantial expenditures are required to build mining and processing
facilities for new properties. The capital expenditures and time required to develop new mines are considerable and changes in
cost or construction schedules can significantly increase both the time and capital required to build the project. The project
development schedules are dependent on obtaining the governmental approvals necessary for the operation of a project, and the timeline
to obtain these government approvals is often beyond our control.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mine development projects typically require a number of years and
significant expenditures during the development phase before production is possible .It is not unusual in the mining industry for
new mining operations to experience unexpected problems during the start-up phase, resulting in delays and requiring more capital
than anticipated.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The business of gold mining involves many operational risks and hazards.
We work to reduce the risks associated with our projects by setting high operational standards, hiring and training appropriately
skilled personnel, and making improvements to our operations. We maintain adequate insurance to cover normal business risk. We
rely on a number of key employees. Our success depends on attracting and retaining qualified personnel in a competitive labour
environment.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The cost and results of our exploration and development programs
affect our profitability and value. The life of a mine is fixed based on its mineral reserves, so we actively seek to replace and
expand our reserves, mainly through exploration, acquisition and the development of our existing operations. Exploring for minerals
involves many risks and may not lead to new economically viable mining operations or yield new reserves to replace and expand current
reserves. Our reserve estimates are based on certain assumptions and affected by the inherent limitations of the estimation process.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Foreign Investment and Operations</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Most of our activities and investments are in foreign countries including
operations and / or exploration and development projects in Brazil, Greece, Romania, Serbia and Turkey.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">These investments are subject to risks normally associated with conducting
business in foreign countries. Some risks are more prevalent in less developed countries or those with emerging economies, including:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;uncertain political and economic environments;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;risks of war, regime changes and civil disturbances or
other risks;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226; risk of adverse changes in laws or policies of
particular countries, including government royalties and taxation;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;delays in or the inability to obtain necessary government
permits, approvals and consents;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;limitations on ownership and repatriation of earnings;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;foreign exchange controls and currency devaluations;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;import and export regulations, including restrictions
on exporting gold; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;exposure to occupation of our project sites for political
or other purposes.</P>

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In all jurisdictions where we operate, we are regarded as a foreign
entity and consequently we may be subject to greater restrictions and requirements in these jurisdictions. The occurrence of any
of these risks could have a material adverse effect on our business, results of operations, financial condition and share price.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We review these and other risks related to the business in foreign
countries on an ongoing basis. Such reviews may cause us to re-evaluate and realign our business objectives and strategic direction
from time to time, including considering suspension of projects or disposition of certain assets.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">There may be environmental hazards at our mines or projects that
we are unaware of. We may be liable for any associated losses, or be forced to do extensive remedial cleanup or pay for governmental
remedial cleanup, even if the hazards were caused by previous or existing owners or operators of the property, past or present
owners of adjacent properties or by natural conditions. The costs of any cleanup could have a material and adverse effect on our
operations and profitability.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Laws, Regulations and Permits </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Our activities are subject to extensive federal, provincial, state
and local laws and regulations governing environmental protection and employee health and safety. We must obtain government permits
and provide associated financial assurance to conduct certain activities. We are also subject to various conditions related to
reclamation that are imposed under federal, state or provincial air, water quality and mine reclamation rules and permits.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We have budgeted for future capital and operating expenditures to
obtain such permits and maintain compliance with these environmental, health and safety laws, however, any changes to these laws
in the future could have an adverse effect on our financial condition, liquidity or results of operations and could delay our ability
to obtain such permits.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If these laws are not complied with, we may face injunctions, damages
and penalties, or our permits could be suspended or revoked. There is no assurance that we have been, or will be, in compliance
with environmental, health and safety laws at all times, that our compliance will not be challenged, or that the cost of complying
with current or future laws will not have a material and adverse effect on our future cash flow, results of operations and financial
condition.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">All industries, including the mining industry, are subject to legal
claims that are with and without merit.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition to the matters described under the heading &#8220;Arbitration
in Greece&#8221;, we are from time to time party to other legal and regulatory proceedings involving our business. It is unlikely
that the final outcome of these other proceedings will have a material and adverse effect on our financial condition or results
of operations; however, defense and settlement costs can be substantial, even for claims that are without merit. In addition, due
to the inherent uncertainty of the litigation and arbitration process and dealings with regulatory bodies, there is no assurance
that any legal or regulatory proceeding will be resolved in a manner that will not have a material and adverse effect on our future
cash flow, results of operations, business or financial condition.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>These are not the only risks that could have an effect on
our business, results of operations, financial condition and share price and other risks may become more material to the Company
in the future or the above risks could diminish in importance, depending on the current circumstances of our business and operations.
</B></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>You should carefully review each of the risk factors set
out in our most recently filed AIF and those to be set out in our AIF in respect of our year-ended 2017 to be filed, which risk
factors provide a detailed discussion of the foregoing risks as well as a detailed discussion of other relevant risks. The discussion
under &#8220;Risk Factors in our Business&#8221; in our AIF in respect of our year-ended 2017, to be filed on SEDAR under our Company
name, will, once filed, be incorporated by reference in this document.</B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Critical Accounting Policies and Estimates</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We are required to make estimates that affect the amount of assets,
liabilities, contingent liabilities revenue and expenses we report. We have identified the following critical accounting policies
and estimates. You can find all of our significant accounting policies in note 3 of our 2017 consolidated financial statements.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We value finished goods (including metal concentrates, dore and iron
ore), work-in-process, heap leach ore and stockpiled ore at the production cost or its net realizable value &#8211;&nbsp;whichever
is lower.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We consider ore stacked on our leach pads and in process at our mines
as work-in-process inventory and record their value in earnings, and include them in the cost of sales based on ounces of gold
sold, using the following assumptions in our estimates:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount of gold we estimate is in the ore stacked on the leach pads</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount of gold we expect to recover from the stacks</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount of gold and other metals in the mill circuits</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount of gold and other metals in concentrates</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the gold and other metal prices we expect to realize when the gold and other metals is sold.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If our estimates or assumptions are inaccurate, we could be required
to write down the value we have recorded on our work-in-process inventories, which would reduce our earnings and working capital.
At December 31, 2017, the cost of inventory was below its net realizable value.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Reserves and Resources</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Our estimates for Kisladag, Efemcukuru, Perama Hill, Tocantinzinho,
Skouries, Olympias, Stratoni, Piavitsa, Sapes, Certej, Vila Nova and Lamaque are based on the definitions adopted by the Canadian
Institute of Mining, Metallurgy and Petroleum, and in compliance with NI 43-101, developed by the Canadian Securities Administrators.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">You will not be able to compare the mineral reserve and resources
information in this MD&amp;A with similar information from U.S. companies. The United States Securities &amp; Exchange Commission
(SEC) defines a mineral reserve as the part of a mineral deposit that can be economically and legally extracted or produced. It
does not recognize the terms measured, indicated and inferred mineral resources</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(mining terms under NI 43-101), and does not accept them in reports
and registration statements. You should not assume that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the mineral reserves defined in this report qualify as reserves under SEC standards</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the measured and indicated mineral resources in this report will ever be converted to reserves</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the inferred mineral resources in this report are economically mineable, or will ever be upgraded to a higher category.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">Mineral resources which are not mineral reserves
do not have demonstrated economic viability.</P>

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Value Beyond Proven and Probable Reserves (&#8220;VBPP&#8221;)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On acquisition of a mineral property, we prepare an estimate of the
fair value of the exploration potential of that property and record this amount as an asset, called <I>value beyond proven and
probable</I>, as at the date of acquisition. As part of our annual business cycle, we prepare estimates of proven and probable
reserves for each mineral property. The change in reserves, net of production, is used to determine the amount to be converted
from VBPP to proven and probable reserves subject to amortization.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Property, Plant and Equipment</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We depreciate most of our mining properties, plant and equipment
using the unit-of-production method, where the value of property is reduced as reserves are depleted. We base this on mining rates
and our estimates of reserves. If these change, we could be required to write down the recorded value of our mining properties,
plant and equipment, or to increase the amount of future depreciation, depletion and amortization expense, both of which would
reduce our earnings and net assets.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At each reporting period if there are indicators of an impairment
of property, plant and equipment we assess whether there has been impairment. In the event of impairment we would be required to
write down the recorded value of our mining properties, plant and equipment, which would reduce our earnings and net assets.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">For producing properties, we base our assessment on the future
net cash flows we expect the property will generate. There may be an impairment if metal prices have declined, production costs
have increased, or metal recoveries are lower than previously estimated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For non-producing properties, we base our assessment on whether there
are factors that might indicate the need for a write-down. There may be an impairment if we believe current economics or permitting
issues will prevent us from recovering the costs we have deferred for the property.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Goodwill and Impairment Testing</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We account for business combinations using the purchase method of
accounting. We record the fair market value of assets acquired and liabilities assumed as of the date of acquisition, and record
any excess of the purchase price over fair value as goodwill. When the excess is negative it is recognized immediately in income.
The assumptions underlying fair value estimates are subject to significant risks and uncertainties.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">We review and evaluate the carrying amount of goodwill in the
fourth quarter of every fiscal year, and when events or changes in circumstances suggest that the carrying amount may not be fully
recoverable. Management is required to make a judgment with respect to which CGU&#8217;s should be grouped together for goodwill
testing purposes, including the assessment of operating segments, the highest level at which goodwill can be tested.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">To test the recoverability of the carrying amount of goodwill
we compare the fair value of our cash generating units (&#8220;CGU&#8217;s&#8221;) or operating segments to their carrying amounts.
Calculating the estimated fair values of these CGU&#8217;s or operating segments requires management to make estimates and assumptions
with respect to future production levels, operating and capital costs in our life-of-mine (&#8220;LOM&#8221;) plans, long-term
metal prices, foreign exchange rates and discount rates. Changes in any of the assumptions or estimates used in determining the
fair values could impact the impairment analysis. If a CGU&#8217;s or operating segment&#8217;s carrying value exceeds its fair
value, we compare its carrying value to the implied fair value of its goodwill, and charge the amount the carrying value exceeds
fair value to operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Asset Retirement Obligations</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We estimate the mine closure date, the discount rate, the inflation
rate and the timing reclamation costs to determine the carrying value of an asset retirement obligation.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We record income taxes using income tax rates we expect to apply
in the years we estimate the various temporary differences will be recovered or settled. Where the tax laws and regulations are
unclear or subject to varying interpretations, these estimates could change,
and materially affect the amount of income tax liabilities recorded at the balance sheet date.</P>

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


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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We use various actuarial assumptions to estimate our obligations
and expenses, including a long-term estimate of the expected rate of return on plan assets, the discount rate, the rate of salary
escalation and the average remaining service period of active employees expected to receive benefits.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Key assumptions &#8211;&nbsp;<BR>
        pension plans</B></P></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>December 31, 2017</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; background-color: #EAF1DD; padding-top: 2pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>December 31, 2016</B></FONT></TD></TR>
<TR STYLE="background-color: #EAF1DD">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Pension</B></FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>SERP</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Pension plan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>SERP</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 53%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Expected long-term rate of return on plan assets</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.9%</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.9%</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.9%</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.9%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Discount rate beginning of year </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.0%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Discount rate end of year </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.4%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">3.4%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.9%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.9%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Rate of salary escalation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average remaining service period of active employees expected to receive benefits</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.2 years</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.2 years</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.1 years</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EAF1DD; padding-top: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.1 years</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Upcoming Changes in Accounting Standards</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following standards have been published and are mandatory for
Eldorado&#8217;s annual accounting periods no earlier than January 1, 2018:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;IFRS 2 <I>&#8216;Share-Based Payments&#8217;</I> &#8211;
In June 2016, the IASB issued final amendments to this standard. IFRS 2 clarifies the classification and measurement of share-based
payment transactions. These amendments deal with variations in the final settlement arrangements including: (a) accounting for
cash-settled share-based payment transactions that include a performance condition, (b) classification of share-based payment transactions
with net settlement features, and (c) accounting for modifications of share-based payment transactions from cash-settled to equity.
IFRS 2 is effective for annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. The Company
plans to apply this standard at the date it becomes effective. The Company does not expect the impact of these changes to be material.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;IFRS 9 <I>&#8216;Financial Instruments&#8217;</I> &#8211;
This standard was published in July 2014 and replaces the existing guidance in IAS 39, <I>&#8216;Financial Instruments: Recognition
and Measurement&#8217;</I>. IFRS9 includes revised guidance on the classification and measurement of financial instruments, including
a new expected credit loss model for calculating impairment on financial assets, and the new general hedge accounting requirements.
It also carries forward the guidance on recognition and derecognition of financial instruments from IAS 39. IFRS 9 is effective
for annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. The Company plans to apply this
standard at the date it becomes effective.</P>

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

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 5pt; text-indent: -0.05pt">The Company has completed its
assessment of the impact of IFRS 9 and expects the following impacts upon adoption:</P>

<P STYLE="font: 10pt/normal Univers 55; margin: 0 0 5pt 0.5in; text-indent: -0.5in"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">i)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the classification of its financial assets and liabilities to remain
consistent under the new standard, with the exception of equity securities. The Company will make the irrevocable election to continue
to measure its long-term investments in equity securities at fair value through other comprehensive income. As a result and following
the new standard, all realized and unrealized gains and losses will be recognized permanently in other comprehensive income with
no reclassification to profit or loss upon impairment and disposition. </FONT></P>

<P STYLE="font: 10pt/normal Univers 55; margin: 0 0 5pt 0.5in; text-indent: -0.5in"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the company does not expect to apply hedge accounting to hedge components
of its non-financial items. </FONT></P>

<P STYLE="font: 10pt/normal Univers 55; margin: 0 0 5pt 0.5in; text-indent: -0.5in"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">iii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Company does not expect a material impact to its financial statements
from any of the other changes to this standard, including the new expected credit loss model for calculating impairment on financial
assets.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;IFRS 15 <I>&#8216;Revenue from Contracts with Customers&#8217;</I>
&#8211; This standard contains a single model that applies to contracts with customers and two approaches to recognising revenue:
at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how
much and when revenue is recognized. New estimates and judgmental thresholds have been introduced, which may affect the amount
and/or timing of revenue recognized. This standard is effective for annual reporting periods beginning on or after January 1, 2018,
with early adoption permitted. The Company plans to apply this standard at the date it becomes effective and will be adopting the
modified retrospective approach.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company has performed a detailed review and assessment of its
sales contracts, including dor&eacute; and concentrate sale agreements, and has concluded that no adjustments are required in respect
of current revenue recognition practices. The Company will have additional disclosures required by the new standard, in particular
in relation to the impact of provisional pricing adjustments on its concentrate sales.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8226;&#9;IFRS 16 <I>&#8216;Leases&#8217;</I> &#8211; This standard
was published in January 2016 and replaces the existing guidance in IAS 17, &#8216;Leases&#8217;. IFRS 16 introduces a single accounting
model for lessees and for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee
will be required to recognize a right-of-use asset, representing its right to use the underlying asset, and a lease liability,
representing its obligation to make lease payments. The accounting treatment for lessors will remain largely the same as under
IAS 17. IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019, with early adoption permitted.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company plans to apply this standard at the date it becomes effective
and expects that, under this standard, the present value of most lease commitments will be shown as a liability on the balance
sheet together with an asset representing the right of use, including those classified as operating leases under the existing standard.
This implies higher amounts of depreciation expense and interest on lease liabilities that will be recorded in the Company&#8217;s
profit and loss results. Additionally, a corresponding reduction in general and administrative costs and/or production costs is
expected. The extent of the impact of adopting the standard has not yet been determined.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company is currently working in the development of its implementation
plan and expects to report more detailed information, including estimated quantitative financial impacts, if material, in its consolidated
financial statements as the effective date approaches.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">There are other new standards, amendments to standards and interpretations
that have been published and are not yet effective. The Company believes they will have no material impact on its consolidated
financial statements.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Disclosure controls and procedures</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Disclosure controls and procedures are designed to provide reasonable
assurance that material information is gathered and reported to senior management, including the CEO and CFO, as appropriate to
allow for timely decisions about public disclosure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Management, including the CEO and CFO, has evaluated the effectiveness
of the design and operation of our disclosure controls and procedures as at December 31, 2017, as defined in the rules of the U.S.
Securities and Exchange Commission and Canadian Securities Administrators. Based on this evaluation, they concluded that our disclosure
controls and procedures are effective in providing reasonable assurance that the information required to be disclosed in reports
we filed or submitted under United States and Canadian securities legislation was recorded, processed,
summarized and reported within the time periods specified in those rules.</P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>Internal controls over financial reporting</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; background-color: white">Management, including the CEO and
CFO, is responsible for establishing and maintaining adequate internal control over financial reporting, and used the framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013) to evaluate the effectiveness of our controls
in 2017. Based on this evaluation, management concluded that our internal control over financial reporting was effective as at
December 31, 2017 and provided a reasonable assurance of the reliability of our financial reporting and preparation of the financial
statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; background-color: white">No matter how well designed; however,
any system of internal control has inherent limitations. Even systems determined to be effective can provide only reasonable assurance
of the reliability of financial statement preparation and presentation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; background-color: white">For accounting purposes, we acquired
control of Integra on July 10, 2017. As permitted by the Sarbanes-Oxley Act and applicable Canadian Securities Commission rules
related to business acquisitions, we excluded Integra&#8217;s operations from our annual assessment of internal controls over financial
reporting for the year ended December 31, 2017. We are in the process of integrating the Integra&#8217;s operations and will be
expanding our internal control over financial reporting compliance program to include Integra over the next year. Total assets
of $535.6 related to Integra are included in the consolidated financial statements of the Company as of and for the year ended
December 31, 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; background-color: white">KPMG LLP, an independent registered
public accounting firm, has audited the effectiveness of internal control over financial reporting, and has expressed their opinion
in their report included with our annual consolidated financial statements in Form 40-F.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>Changes in internal control over financial
reporting</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; background-color: white">There have been no changes in our
internal control over financial reporting during the year ended December 31, 2017 that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.</P>

<P STYLE="font: 10pt Arial-BoldMT,sans-serif; margin: 0"><B>Qualified Person</B></P>

<P STYLE="font: 10pt ArialMT,sans-serif; margin: 0">Except as otherwise noted, Paul Skayman, P. Eng., the Company&#8217;s Chief
Operating Officer, is the Qualified Person under NI 43-101 who approved the scientific or technical information contained in this
MD&amp;A and has verified the technical data disclosed in this document.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Forward-looking information and risks</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This MD&amp;A includes statements and information about what we expect
to happen in the future. Where we discuss our strategy, goals, plans, guidance and outlook, including expected production, projected
cash costs, planned capital and exploration expenditures, our expectation as to our future financial and operating performance,
including future cashflow, estimated cash costs, expected metallurgical recoveries, price gold and other commodities, and our proposed
exploration, development, construction, permitting and operating plans and priorities, related timelines and schedules, results
of litigation and arbitration proceedings and other things that have not yet happened in this review, we are making statements
considered to be <I>forward-looking information </I>or<I> forward-looking statements</I> under Canadian and United States securities
laws. We refer to them in this document as <I>forward-looking information</I>.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 6pt">Key things to understand about the forward-looking information
in this document:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>It typically includes words and phrases about the future, such as: <I>plan, expect, forecast, intend, anticipate, believe,
estimate, budget, continue, projected, scheduled, may, could, would, might, will</I>, as well as the negative of these words and
phrases.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>Although it represents our current views, which we consider to be reasonable, we can give no assurance that the forward-looking
information will prove to be accurate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>It is based on a number of assumptions, estimates and opinions including the geopolitical, economic, permitting and legal climate
in which we operate, the future price of gold and other commodities, exchange rates, anticipated costs and expenses, production,
mineral reserves and resources, metallurgical recoveries, the impact of acquisitions, dispositions, suspensions or delays on our
business and the ability to achieve our goals. In particular, except where otherwise stated, we&#8217;ve assumed a continuation
of existing business operations on substantially the same basis as exists at the time of this MD&amp;A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>It is also subject to the risks associated with our business, including</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>volatility of global and local economic climate and geopolitical risk</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>title, permitting and licensing risks,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>gold and other metal price and currency volatility and the impact of any hedging activities,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>risks associated with mining operations and development, including metal recoveries and results of testwork,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>revised guidance,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -9pt">&#8226; risks regarding potential and
pending litigation and arbitration proceedings relating to our business, properties and operations,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -9pt">&#8226; expected impact on reserves
and the carrying value,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -9pt">&#8226; the updating of reserve and
resource models and life of mine plans,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -9pt">&#8226; mining operational and development
risk,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -9pt">&#8226; foreign country operational
risks,</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>risks of sovereign investment,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -9pt">&#8226; regulatory risks and liabilities,
including regulatory environment and restrictions and environmental regulatory restrictions and liabilities,</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>discrepancies between actual and estimated production, mineral reserves and resources and metallurgical testing and recoveries,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -9pt">&#8226; risks related to impact of
the sale of our Chinese assets and the acquisition and integration of Integra on the Company&#8217;s operations,</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>additional funding requirements,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>currency fluctuations,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>community and non-governmental organization actions,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>speculative nature of gold exploration,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>dilution,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>share price volatility,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>competition,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>loss of key employees, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>defective title to mineral claims or properties,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt">as well as those risk factors discussed in the sections
titled &#8220;Forward Looking Statements&#8221; and &#8220;Risk factors in our business&#8221; in our most recent Annual Information
Form and our Annual Information Form in respect of our year-ended 2017 to be filed on SEDAR under our company name.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">If our assumptions prove to be incorrect or the risks materialize,
our actual results and events may vary materially from what we currently expect.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">Forward-looking information is designed to help you understand
management&#8217;s current views of our near and longer term prospects, and it may not be appropriate for other purposes. We will
not necessarily update this information unless we are required to by securities laws.</P>

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



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

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