<SEC-DOCUMENT>0001279569-15-001154.txt : 20150702
<SEC-HEADER>0001279569-15-001154.hdr.sgml : 20150702
<ACCEPTANCE-DATETIME>20150527154958
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001279569-15-001154
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150527

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Gold Inc. /FI
		CENTRAL INDEX KEY:			0000800166
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1800 - 555 BURRARD ST.
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7X 1M9
		BUSINESS PHONE:		(604) 696-4100

	MAIL ADDRESS:	
		STREET 1:		1800 - 555 BURRARD ST.
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7X 1M9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRC RESOURCES CORP                                      /FI
		DATE OF NAME CHANGE:	19860904
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Suite&nbsp;1800 Two Bentall Centre, 555
Burrard Street</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">V7X 1M9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;May 27, 2015</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Beverages, Apparel and Mining</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C.&nbsp; 20549</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>New Gold Inc.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Form&nbsp;40-F for the Year Ended December&nbsp;31,
2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Filed March&nbsp;27, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>File No.&nbsp;001-31722</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">New Gold Inc. (&ldquo;New Gold&rdquo; or
the &ldquo;Company&rdquo;) hereby acknowledges receipt of the comment letter dated April 29, 2015 (the &ldquo;Comment Letter&rdquo;)
from the staff (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) concerning the
above captioned Form&nbsp;40-F (the &ldquo;Form&nbsp;40-F&rdquo;) and hereby submits this letter in response to the Comment Letter.&nbsp;
For ease of reference, the Staff&rsquo;s comments are reprinted below and followed by New Gold&rsquo;s responses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><U>Form 40-F for the Year Ended December
31, 2014</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Exhibit 99.2 &ndash; Consolidated Financial Statements</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reports of Independent Registered Public Accounting Firm</U>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><U>Comment (1):</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please make arrangements with your
auditors for them to revise their audit report on your financial statements to also include the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an opinion paragraph (Appendix to PCAOB Auditing Standard 1);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a paragraph referencing their report on internal control over financial reporting (paragraph 88 of PCAOB Auditing Standard
5); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>disclosure of the city and country where the report was issued (Appendix to PCAOB Auditing Standard 1). Please also make arrangements
with your auditors for them to indicate the city and country where issued in their report on your internal control over financial
reporting and in their consent included as Exhibit 99.10.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These revisions should be included in an amended Form 40-F.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Response (1):</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has filed an amendment to the Form 40-F that includes
a revised report of our auditors regarding our audited consolidated financial statements for the years ended December 31, 2014
and 2013 that reflects the disclosure noted by the Staff.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Exhibit 99.3 &ndash; Management&rsquo;s Discussion and Analysis</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Review of Operating Mines, page 28</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Non-GAAP Financial Performance Measures, page 55</U>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Comment (2):</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In future filings, please also reconcile the non-GAAP measures
disclosed for each period presented in the Review of Operating Mines section to the amounts presented in Note 18 and/or elsewhere
in your financial statements. Please provide us your proposed disclosures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Response (2):</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will include the suggested disclosure in its future
Management&rsquo;s Discussion and Analysis incorporated in its Forms 40-F or Forms 6-K, as the case may be and as applicable. The
disclosure will be substantially in the form of the revised disclosure shown in the blackline attached as <U>Exhibit A</U>.</P>

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

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0.25in">In connection with responding to the Comment
Letter, New Gold acknowledges that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">New Gold is responsible for the adequacy and accuracy
of the disclosure in the filing;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Staff comments or changes to disclosure in response to
Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">New Gold may not assert Staff comments as a defense in
any proceeding initiated by the Commission or any person under federal securities laws of the United States.</TD>
</TR></TABLE>

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




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have any questions or additional comments concerning
the foregoing, please contact Christopher J. Cummings of Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP at (416) 504-0522.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 30%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</FONT></TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Lisa Damiani</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lisa Damiani</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vice President, General Counse<BR>
 and Corporate Secretary<BR>
New Gold Inc.</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

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

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Christopher J. Cummings,&nbsp;Esq.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><I>Paul,
Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP</I><BR CLEAR="ALL"></P>



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

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

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



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

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

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #2BB7DF"><FONT STYLE="text-transform: uppercase"><B>NON-GAAP
FINANCIAL PERFORMANCE MEASURES </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #005B94"><B>Total Cash Costs per
Gold Ounce </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Total cash costs per gold ounce&rdquo;
is a common financial performance measure in the gold mining industry but with no standard meaning under IFRS. New Gold reports
total cash costs on a sales basis. The Company believes that, in addition to conventional measures prepared in accordance with
IFRS, certain investors use this information to evaluate the Company&rsquo;s performance and ability to generate liquidity through
operating cash flow to fund future capital expenditures and working capital needs. New Gold believes that this measure, along with
sales, is a key indicator of a Company&rsquo;s ability to generate operating earnings and cash flow from its mining operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total cash costs figures are calculated
in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold products that
ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other
similarly titled measures of other companies. Total cash costs include mine site operating costs such as mining, processing and
administration costs, royalties, production taxes and realized gains and losses on fuel contracts, but are exclusive of amortization,
reclamation, capital and exploration costs and net of by-product sales. Total cash costs are then divided by gold ounces sold to
arrive at the total cash costs per ounce sold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company produces copper and silver
as by-products of its gold production. The calculation of total cash costs per gold ounce for Cerro San Pedro is net of by-product
silver sales revenue, and the calculation of total cash costs per gold ounce sold for Peak Mines and New Afton is net of by-product
copper sales revenue. New Gold notes that in connection with New Afton, the copper by-product revenue is sufficiently large to
result in a negative total cash cost on a single mine basis. Notwithstanding this by-product contribution, as a company focused
on gold production, New Gold aims to assess the economic results of its operations in relation to gold, which is the primary driver
of New Gold&rsquo;s business. New Gold believes this metric is of interest to its investors, who invest in the Company primarily
as a gold mining company. To determine the relevant costs associated with gold only, New Gold believes it is appropriate to reflect
all operating costs, as well as any revenue related to metals other than gold that are extracted in its operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To provide additional information to investors,
we have also calculated total cash costs on a co-product basis, which removes the impact of other metal sales that are produced
as a by-product of our gold production and apportions the cash costs to each metal produced on a percentage of revenue basis, and
subsequently divides the amount by the total gold ounces, silver ounces or pounds of copper sold, as the case may be, to arrive
at per ounce or per pound figures. Unless indicated otherwise, all total cash cost information in this MD&amp;A is net of by-product
sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total cash costs are intended to provide
additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures presented
by other mining companies. They should not be considered in isolation or as a substitute for measures of performance prepared in
accordance with IFRS. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented
under IFRS.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #005B94"><B>All-in Sustaining Costs
per Gold Ounce</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;All-in sustaining costs per gold
ounce&rdquo; is a non-GAAP measure based on guidance announced by the World Gold Council (&ldquo;WGC&rdquo;) in June 2013. The
WGC is a non-profit association of the world&rsquo;s leading gold mining companies established in 1987 to promote the use of gold
to industry, consumers and investors. The WGC is not a regulatory body and does not have the authority to develop accounting standards
or disclosure requirements. The WGC has worked with its member companies, including New Gold, to develop a measure that expands
on IFRS measures such as operating expenses and non-GAAP measures to provide visibility into the economics of a gold mining company.
Current IFRS measures used in the gold industry, such as operating expenses, do not capture all of the expenditures incurred to
discover, develop and sustain gold production. New Gold believes the all-in sustaining costs measure provides further transparency
into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Company in assessing
its operating performance, its ability to generate free cash flow from current operations and its overall value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All-in sustaining costs per gold ounce
is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable
to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures
of performance prepared in accordance with IFRS. The measure is not necessarily indicative of cash flow from operations under IFRS
or operating costs presented under IFRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New Gold defines all-in sustaining costs
per ounce as the sum of total cash costs, capital expenditures that are sustaining in nature, corporate general and administrative
costs, capitalized and expensed exploration that is sustaining in nature, and environmental reclamation costs, all divided by the
total gold ounces sold to arrive at a per ounce figure. To determine sustaining capital expenditures, New Gold uses cash flow related
to mining interests from its statement of cash flows and deducts any expenditures that are non-sustaining. Capital expenditures
to develop new operations or capital expenditures related to major projects at existing operations where these projects will materially
increase production are classified as non-sustaining and are excluded. The table &ldquo;Sustaining Capital Expenditure Reconciliation&rdquo;
reconciles New Gold&rsquo;s sustaining capital to its cash flow statement. The definition of sustaining versus non-sustaining is
similarly applied to capitalized and expensed exploration costs. Exploration costs to develop new operations or that relate to
major projects at existing operations where these projects are expected to materially increase production are classified as non-sustaining
and are excluded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Costs excluded from all-in sustaining costs
are non-sustaining capital expenditures and exploration costs, financing costs, tax expense, transaction costs associated with
mergers and acquisitions, and any items that are deducted for the purposes of adjusted earnings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By including total cash costs as a component
of all-in sustaining costs, the measure deducts by-product revenue from gross cash costs. Refer to the discussion above regarding
total cash costs per gold ounce for the discussion of deduction of by-product revenue.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #005B94"><B>Total Cash Costs and
All-in Sustaining Costs per Ounce Reconciliation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table reconciles these non-GAAP
measures to the most directly comparable IFRS measure. The reconciliation of total cash costs to all-in sustaining costs is below.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">Three months ended December 31</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">Year&nbsp;ended December 31</FONT></TD></TR>
<TR>
    <TD STYLE="width: 45%; border-bottom: #B3995D 1pt solid; text-align: justify; padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt"><I>(in millions of U.S. dollars, except where noted)</I></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2014</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2013</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2014</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2013</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>TOTAL
    </U></FONT><FONT STYLE="font-size: 10pt; color: rgb(0,91,148)">CASH COSTS </FONT><FONT STYLE="font-size: 10pt; color: blue"><U>AND
    AISC</U></FONT><FONT STYLE="font-size: 10pt; color: rgb(0,91,148)"> RECONCILIATION</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Operating expenses from continuing operations</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>123.1</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">121.7</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>411.1</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">435.5</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>344.3</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Treatment and refining charges on concentrate sales</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>8.8</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">8.0</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>34.5</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">29.4</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>12.9</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Adjustments<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>(8.7)</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(12.3)</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>(8.1)</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(13.3)</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.3</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Total cash costs before by-product revenue</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>123.2</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">117.4</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>437.5</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">451.6</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>357.5</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">By-product copper and silver sales</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>(80.0)</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(84.5)</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>(321.8)</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(303.8)</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(190.9)</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Total cash costs net of by-product revenue</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>43.2</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">32.9</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>115.7</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">147.8</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>166.6</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Gold ounces sold</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>104,224</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">104,523</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>371,179</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">391,823</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>395,535</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Total cash costs per gold ounce sold ($/ounce)</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>414</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">316</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>312</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">377</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>421</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Total cash costs per gold ounce sold on a co-product basis<SUP>(2)</SUP> ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>695</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">658</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>675</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">712</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>679</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Total cash costs net of by-product revenue</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>43.2</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">32.9</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>115.7</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">147.8</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>166.6</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Sustaining Capital Expenditures<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>35.4</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">48.4</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>126.0</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">157.0</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>105.0</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Sustaining exploration - expensed &amp; capitalized</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1.5</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3.0</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>10.2</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">11.6</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>18.7</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Corporate G&amp;A including share-based compensation<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>6.6</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">7.3</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>32.1</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">34.4</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>35.5</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Reclamation expenses</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>1.4</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">0.5</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>5.4</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1.5</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1.4</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">Total all-in sustaining costs</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>88.1</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">92.1</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>289.2</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">352.4</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>327.2</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1.5pt; padding-top: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">All-in sustaining costs per gold ounce sold ($/ounce)</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>845</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">883</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>779</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">899</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>827</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 10pt">All-in sustaining costs per gold ounce sold on a co-product basis<SUP>(2)</SUP> ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>957</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,000</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>952</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,042</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>988</U></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD STYLE="text-align: justify"><I>Adjustments include non-cash items related to asset retirement obligations and inventory write-downs.
The prior year also includes charges related to severance at New Afton and Peak Mines. </I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD STYLE="text-align: justify"><I>Amounts presented on a co-product basis remove the impact of other metal sales that are produced
as a by-product of our gold production and apportions the cash costs to each metal produced on a percentage of revenue basis. </I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD STYLE="text-align: justify"><I>See &ldquo;<FONT STYLE="color: blue"><U>Total</U></FONT> Sustaining Capital Expenditure Reconciliation&rdquo;
below to reconcile sustaining capital expenditures to mining interests per the statement of cash flows. </I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>4.</I></TD><TD STYLE="text-align: justify"><I>Includes the sum of corporate administration costs and share-based payment expense per the income
statement, net of any non-cash depreciation within those figures. </I></TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #005B94"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>New Afton Cash Costs
and All-in Sustaining Costs per Ounce Reconciliation</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><U>The following table reconciles
these non-GAAP measures to the most directly comparable IFRS measure. The reconciliation of total cash costs to all-in sustaining
costs is below.</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year&nbsp;ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 47%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: Blue"><U>NEW AFTON CASH COSTS AND AISC RECONCILIATION</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Operating expenses</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>24.4</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>25.9</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>95.5</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>105.7</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>46.3</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Treatment and refining charges on concentrate sales</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>6.9</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>6.1</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>28.4</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>20.2</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>5.6</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Adjustments<SUP>(1)</SUP></U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>-</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(0.4)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>-</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(0.4)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>New Afton cash costs before by-product revenue</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>31.3</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>31.6</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>31.6</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>125.5</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>51.9</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>By-product copper and silver sales</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(62.3)</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(66.1)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(251.2)</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(227.2)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(82.9)</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>New Afton cash costs net of by-product revenue</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(31.0)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(34.5)</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(127.4)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(101.7)</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(31.0)</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Gold ounces sold</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>25,835</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>24,176</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>102,060</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>85,030</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>29,735</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>New Afton cash costs per gold ounce sold ($/ounce)</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(1,199)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(1,428)</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(1,248)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(1,196)</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(1,043)</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>New Afton cash costs per gold ounce sold on a co-product basis<SUP>(2)</SUP> ($/ounce)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>395</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>391</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>409</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>486</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>656</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>New Afton cash costs net of by-product revenue</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(31.0)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(34.5)</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(127.4)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(101.7)</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(31.0)</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Sustaining Capital Expenditures<SUP>(3)</SUP></U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>16.2</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>34.7</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>59.7</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>90.2</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>36.9</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Sustaining exploration - expensed &amp; capitalized</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>-</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>-</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>4.5</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Reclamation expenses</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>0.3</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.1</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1.3</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.2</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.2</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>New Afton all-in sustaining costs</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(14.5)</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.3</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(66.4)</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(11.3)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>10.6</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>All-in sustaining costs per gold ounce sold ($/ounce)</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(560)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>12</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(650)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(133)</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>358</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>All-in sustaining costs per gold ounce sold on a co-product basis<SUP>(2)</SUP> ($/ounce)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>603</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>822</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>610</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>837</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,183</U></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: blue; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><U>1.</U></TD><TD STYLE="text-align: justify"><U>Adjustments in the prior year include charges related to severance. </U></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I><U>2.</U></I></TD><TD STYLE="text-align: justify"><I><U>Amounts presented on a co-product basis remove the impact of other metal sales that are produced
as a by-product of our gold production and apportions the cash costs to each metal produced on a percentage of revenue basis. </U></I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I><U>3.</U></I></TD><TD STYLE="text-align: justify"><I><U>See &ldquo;New Afton Sustaining Capital Expenditure Reconciliation&rdquo; below to reconcile
sustaining capital expenditures to capital expenditures per the segmented information note. </U></I></TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>Mesquite Cash Costs
and All-in Sustaining Costs per Ounce Reconciliation</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><U>The following table reconciles
these non-GAAP measures to the most directly comparable IFRS measure. The reconciliation of total cash costs to all-in sustaining
costs is below.</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014 </U></B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013 </U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>&nbsp;2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: Blue"><U>MESQUITE CASH COSTS AND AISC RECONCILIATION</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Operating expenses</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>29.0</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>26.9</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>93.3</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>94.3</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>97.4</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Adjustments</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>0.3</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.2</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>0.9</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.7</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.9</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Mesquite cash costs</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>29.3</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>27.1</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>94.2</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>95.0</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>98.3</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Gold ounces sold</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>34,370</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>32,239</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>103,634</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>104,794</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>142,491</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Mesquite cash costs per gold ounce sold ($/ounce)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>852</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>841</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>909</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>907</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>690</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Mesquite cash costs </U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>29.3</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>27.1</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>94.2</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>95.0</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>98.3</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Sustaining Capital Expenditures<SUP>(1)</SUP></U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>7.8</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>2.1</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>33.2</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>17.4</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>10.9</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Sustaining exploration - expensed &amp; capitalized</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>-</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>2.6</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2.9</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>3.5</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Reclamation expenses</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>0.4</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.1</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1.0</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.2</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.2</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Mesquite all-in sustaining costs</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>37.5</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>31.9</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>37.1</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>116.1</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>109.4</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>All-in sustaining costs per gold ounce sold ($/ounce)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,090</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>988</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,266</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,108</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>768</U></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: blue; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><U>1.</U></TD><TD STYLE="text-align: justify"><U>For the periods presented all capital expenditures at Mesquite per the segmented information
note were sustaining capital expenditures.</U></TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>Peak Cash Costs and
All-in Sustaining Costs per Ounce Reconciliation</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><U>The following table reconciles
these non-GAAP measures to the most directly comparable IFRS measure. The reconciliation of total cash costs to all-in sustaining
costs is below.</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013 </U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>&nbsp;2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: blue"><U>Peak cash costs and AISC reconciliation</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Operating expenses</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>29.8</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>32.2</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>109.2</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>126.4</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>109.5</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Treatment and refining charges on concentrate sales</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1.7</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>2.0</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>6.1</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>9.2</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>7.4</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Adjustments<SUP>(1)</SUP></U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(0.5)</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(2.1)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(0.5)</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(2.1)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Peak cash costs before by-product revenue</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>31.0</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>32.1</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>114.8</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>133.5</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>116.9</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>By-product copper and silver sales</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(13.6)</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(12.4)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(50.3)</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(46.1)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(48.7)</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Peak cash costs net of by-product revenue</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>17.4</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>19.7</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>64.5</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>87.4</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>68.2</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Gold ounces sold</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>24,614</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>25,323</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>98,002</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>102,811</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>89,269</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Peak cash costs per gold ounce sold ($/ounce)</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>707</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>778</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>658</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>850</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>764</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Peak cash costs per gold ounce sold on a co-product basis<SUP>(2)</SUP> ($/ounce)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>842</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>886</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>816</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>958</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>967</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Peak cash costs net of by-product revenue</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>17.4</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>19.7</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>64.5</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>87.4</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>68.2</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Sustaining Capital Expenditures<SUP>(3)</SUP></U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>11.0</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>8.1</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>27.0</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>41.1</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>46.8</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Sustaining exploration - expensed &amp; capitalized</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1.5</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>7.2</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>7.7</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>5.8</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Reclamation expenses</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>0.4</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.2</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1.8</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.7</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.6</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Peak all-in sustaining costs</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>30.3</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>28.0</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>100.5</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>136.9</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>121.4</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>All-in sustaining costs per gold ounce sold ($/ounce)</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,231</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,106</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,025</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,331</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,360</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>All-in sustaining costs per gold ounce sold on a co-product basis<SUP>(2)</SUP> ($/ounce)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,201</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,122</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,077</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,321</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,416</U></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: blue; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><U>1.</U></TD><TD STYLE="text-align: justify"><U>Adjustments in the prior year include charges related to severance. </U></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I><U>2.</U></I></TD><TD STYLE="text-align: justify"><I><U>Amounts presented on a co-product basis remove the impact of other metal sales that are produced
as a by-product of our gold production and apportions the cash costs to each metal produced on a percentage of revenue basis. </U></I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I><U>3.</U></I></TD><TD STYLE="text-align: justify"><I><U>For the periods presented all capital expenditures at Peak per the segmented information
note were sustaining capital expenditures.</U></I></TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>Cerro San Pedro Cash
Costs and All-in Sustaining Costs per Ounce Reconciliation</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><U>The following table reconciles
these non-GAAP measures to the most directly comparable IFRS measure. The reconciliation of total cash costs to all-in sustaining
costs is below.</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013 </U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>&nbsp;2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: blue"><U>Cerro San Pedro cash costs and AISC reconciliation</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Operating expenses</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>39.9</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>36.7</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>113.1</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>109.1</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>91.1</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Adjustments<SUP>(1)</SUP></U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(8.4)</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(9.9)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(8.5)</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(11.5)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(0.7)</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Cerro San Pedro cash costs before by-product revenue</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>31.5</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>26.8</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>104.6</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>97.6</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>90.4</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>By-product silver sales</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(4.1)</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(6.0)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(20.2)</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(30.5)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(59.3)</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Cerro San Pedro cash costs net of by-product revenue</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>27.4</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>20.8</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>84.4</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>67.1</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>31.1</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Gold ounces sold</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>19,404</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>22,785</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>67,463</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>99,188</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>134,040</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Cerro San Pedro cash costs per gold ounce sold ($/ounce)</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,413</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>911</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,251</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>676</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>232</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Cerro San Pedro cash costs per gold ounce sold on a co-product basis<SUP>(2)</SUP> ($/ounce)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,380</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>971</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,252</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>806</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>533</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Cerro San Pedro cash costs net of by-product revenue</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>27.4</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>20.8</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>84.4</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>67.1</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>31.1</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Sustaining Capital Expenditures<SUP>(3)</SUP></U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>0.4</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>3.8</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>6.0</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>8.7</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>11.4</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Sustaining exploration - expensed &amp; capitalized</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>-</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>-</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>5.2</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Reclamation expenses</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>0.3</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1.0</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.2</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.3</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Cerro San Pedro all-in sustaining costs</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>28.1</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>24.5</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>91.4</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>76.0</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>48.0</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>All-in sustaining costs per gold ounce sold ($/ounce)</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,447</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,076</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,354</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>766</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>358</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-left: 3pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt; color: blue"><U>All-in sustaining costs per gold ounce sold on a co-product basis<SUP>(2)</SUP> ($/ounce)</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,409</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,108</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,336</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>881</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>632</U></FONT></TD></TR>
</TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><U>1.</U></FONT></TD><TD STYLE="text-align: justify"><U>Adjustments include non-cash items related to asset retirement obligations and inventory write-downs.
</U></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I><U>2.</U></I></TD><TD STYLE="text-align: justify"><I><U>Amounts presented on a co-product basis remove the impact of other metal sales that are produced
as a by-product of our gold production and apportions the cash costs to each metal produced on a percentage of revenue basis. </U></I></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I><U>3.</U></I></TD><TD STYLE="text-align: justify"><I><U>See &ldquo;Cerro San Pedro Sustaining Capital Expenditure Reconciliation&rdquo; below to
reconcile sustaining capital expenditures to capital expenditures per the segmented information note. </U></I></TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #005B94"><B>Total Sustaining Capital
Expenditure Reconciliation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #005B94"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">Three months ended December 31</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">Year ended December 31</FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: black"><I>(in millions of U.S. dollars, except where noted)</I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2014</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2013</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2014</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2013</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #005B94">Total sustaining capital expenditure</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Mining Interests per statement of cash flows<FONT STYLE="color: blue"><U><SUP>(1)</SUP></U></FONT></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>88.7</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">88.2</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>279.3</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">289.3</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>507.5</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">New Afton growth capital expenditure<SUP> (<FONT STYLE="color: red"><STRIKE>1</STRIKE></FONT><FONT STYLE="color: blue"><U>2</U></FONT>)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(10.5)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(0.3)</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(31.2)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(32.0)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(265.1)</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Cerro San Pedro growth capital expenditure<SUP>(<FONT STYLE="color: blue"><U>3</U></FONT><FONT STYLE="color: red"><STRIKE>2</STRIKE></FONT>)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1.3)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(7.1)</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(23.3)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(15.8)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Rainy River growth capital expenditure</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(36.2)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(13.7)</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(80.6)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(21.2)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Blackwater growth capital expenditure</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3.0)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(18.6)</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(13.0)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(60.8)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(134.2)</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Other growth capital expenditure</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1.4)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1.4)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Sustaining capitalized exploration included in mining interests</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>(0.9)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(0.1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3.8)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(2.5)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(3.2)</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Total </U></FONT><FONT STYLE="font-size: 10pt">Sustaining capital expenditures</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>35.4</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">48.4</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>126.0</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">157.0</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>105.0</U></FONT></TD></TR>
</TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I><U>1.</U></I></TD><TD STYLE="text-align: justify"><I><U>Current year and prior year Mining Interests per statement of cash flows are net of proceeds
received from government assistance. 2012 Mining Interests include the purchase of additional Blackwater mining claims but are
net of proceeds received from sale of pre-commercial production inventory. </U></I></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="color: red"><I><STRIKE>1.</STRIKE></I></FONT><I><FONT STYLE="color: blue"><U>2.</U></FONT></I></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><I>Current
                                         year growth capital expenditures at New Afton relate to the mill expansion and scoping
                                         study for the C-zone. Prior year costs relate to acceleration of the East Cave development.
                                         </I></FONT><I><FONT STYLE="color: blue"><U>2012 costs relate to when New Afton was in
                                         development prior to commercial production.</U></FONT></I></TD>
</TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="color: red"><I><STRIKE>2.</STRIKE></I></FONT><I><FONT STYLE="color: blue"><U>3.</U></FONT></I></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><I>Growth
                                         capital expenditures at Cerro San Pedro relate to capitalized stripping costs for Phase
                                         5.</I></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>New Afton Sustaining
Capital Expenditure Reconciliation</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013 </U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>&nbsp;2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: blue"><U>New Afton sustaining capital expenditure</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Capital expenditure per segmented information</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>26.7 </U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>&nbsp;35.0 </U></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>&nbsp;90.9 </U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>&nbsp;122.2 </U></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>302.0</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>New Afton growth capital expenditure<SUP> (1)</SUP></U></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(10.5)</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(0.3)</U></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(31.2)</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(32.0)</U></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(265.1)</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>New Afton sustaining capital expenditures</U></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>16.2</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>34.7</U></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>59.7</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>90.2</U></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>36.9</U></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: blue; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><U>1.</U></TD><TD STYLE="text-align: justify"><U>Current year growth capital expenditures at New Afton relate to the mill expansion and scoping
study for the C-zone. Prior year costs relate to acceleration of the East Cave development. 2012 costs relate to when New Afton
was in development prior to commercial production and are net of proceeds received from sale of pre-commercial production inventory
of $14.5 million.<FONT STYLE="font-style: normal"> </FONT></U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>Cerro San Pedro Sustaining
Capital Expenditure Reconciliation</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 49%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014</U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: blue"><U>Cerro San Pedro sustaining capital expenditure</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Capital expenditure per segmented information</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1.7</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>10.8</U></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>29.3</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>24.5</U></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>11.4</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Cerro San Pedro growth capital expenditure<SUP> (1)</SUP></U></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(1.3)</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(7.1)</U></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(23.3)</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(15.8)</U></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Cerro San Pedro sustaining capital expenditures</U></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>0.4</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>3.7</U></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>6.0</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>8.7</U></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>11.4</U></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: blue; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><U>1.</U></TD><TD STYLE="text-align: justify"><U>Current year growth capital expenditures at New Afton relate to the mill expansion and scoping
study for the C-zone. Prior year costs relate to acceleration of the East Cave development. 2012 costs relate to when New Afton
was in development prior to commercial production and are net of proceeds received from sale of pre-commercial production inventory
of $14.5 million.<FONT STYLE="font-style: normal"> </FONT></U></TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #005B94"><B>Adjusted Net Earnings
and Adjusted Net Earnings per Share</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Adjusted net earnings&rdquo; and
&ldquo;adjusted net earnings per share&rdquo; are non-GAAP financial measures with no standard meaning under IFRS which excludes
the following from net earnings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Impairment losses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Inventory write-downs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Gains (losses) on Fair Value through Profit and Loss financial assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Ineffectiveness of hedging instruments and monetization of the Company&rsquo;s legacy hedge position;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Fair value changes on share purchase warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Gains (losses) on foreign exchange; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Other non-recurring items.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net loss has been adjusted, including the
associated tax impact, for the group of costs in &ldquo;Other gains and losses&rdquo; on the condensed consolidated income statements.
Key entries in this grouping are: the fair value changes for share purchase warrants, foreign exchange gain or loss and other non-recurring
items. Other adjustments to net earnings also include the non-cash accounting charge as the loss incurred on the monetization of
the Company&rsquo;s legacy hedge position is realized into income over the original term of the hedge contract, which is included
in revenue. The adjusted entries are also impacted for tax to the extent that the underlying entries are impacted for tax in the
unadjusted net loss. As the loss on the fair value change of non-hedged derivatives is only minimally tax affected in unadjusted
net loss, the reversal of tax on an adjusted basis is also minimal. The current period adjusted tax removes the impact of the increase
in the Chilean income tax rate used by the Company which was enacted in the third quarter of 2014. There is no similar adjustment
in the third quarter of 2013. Also, the prior period tax is adjusted for the foreign exchange impact of deferred tax on non-monetary
assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company uses this measure for its own
internal purposes. Management&rsquo;s internal budgets and forecasts and public guidance do not reflect fair value changes on senior
notes and non-hedged derivatives, foreign currency translation and fair value through profit or loss and financial asset gains/losses.
Consequently, the presentation of adjusted net earnings enables investors and analysts to better understand the underlying operating
performance of our core mining business through the eyes of management. Management periodically evaluates the components of adjusted
net earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of
our business and a review of the non-GAAP measures used by mining industry analysts and other mining companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adjusted net earnings is intended to provide
additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures
presented by other companies. It should not be considered in isolation or as a substitute for measures of performance prepared
in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flows from operations as determined
under IFRS.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table reconciles this non-GAAP
measure to the most directly comparable IFRS measure. The reconciliation of net earnings to adjusted net earnings is below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">Three months ended December 31</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">Year ended December 31</FONT></TD></TR>
<TR>
    <TD STYLE="width: 47%; border-bottom: #B3995D 1pt solid; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><I>(in millions of U.S. dollars, except where noted)</I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2014 </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2013 </B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>&nbsp;2014 </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2013</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #005B94">adjusted net earnings reconciliation</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Net (loss) earnings before taxes</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(420.5)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(281.8)</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(409.5)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(191.6)</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>278.8</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Loss on redemption of Senior Secured Notes</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>-</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>-</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>31.8</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Loss on disposal of assets </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;1.9 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;0.9 </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;1.7 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;2.6 </FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>3.3</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Ineffectiveness on hedging instruments</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(9.5)</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>2.9</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Realized and unrealized gain on non-hedged derivatives</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(4.1)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(4.5)</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(8.5)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(49.3)</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(61.1)</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Loss (gain) on foreign exchange</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;21.4 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;13.9 </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;47.5 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;25.7 </FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1.3</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(0.7)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;2.8 </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(0.7)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;4.5 </FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1.9</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Loss on hedge monetization over original term of hedge</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;6.8 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;7.0 </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;27.3 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;18.7 </FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Rainy River transaction costs</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;0.1 </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;5.0 </FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Redundancy charges</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;2.4 </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;2.4 </FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Asset impairment</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;395.8 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;272.5 </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;395.8 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;272.5 </FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Inventory write-down</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;10.5 </B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;7.3 </FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;10.5 </B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;7.3 </FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Adjusted net earnings (loss) before tax</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;11.1 </B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;20.6 </FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;64.1 </B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;88.3 </FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>258.9</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Income tax expense</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(11.4)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;27.1 </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(67.6)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;0.4 </FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(79.8)</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Income tax adjustments</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;13.7 </B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(31.0)</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;48.7 </B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(27.4)</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>4.4</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Adjusted income tax expense</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;2.3 </B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(3.9)</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(18.9)</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(27.0)</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(75.4)</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Adjusted net earnings (loss)</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;13.4 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;16.7 </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;45.2 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;61.3 </FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>183.5</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Adjusted earnings (loss) per share (basic) </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;0.03 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;0.04 </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;0.09 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;0.13 </FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.40</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Adjusted effective tax rate</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>21%</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">19%</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>30%</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">31%</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>29%</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #005B94"><B>Adjusted Net Cash Generated
from Operations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Adjusted net cash generated from
operations&rdquo; is a non-GAAP financial measure with no standard meaning under IFRS, which excludes certain non-recurring operating
cash flow items. Management uses this measure to further evaluate the Company&rsquo;s results of operations in each reporting period.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">Three months ended December 31</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">Year ended December 31</FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><I>(in millions of U.S. dollars, except where noted)</I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2014 </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2013 </B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>&nbsp;2014 </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2013</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #005B94">adjusted net cash reconciliation</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Net cash (used) generated from operations</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;69.9 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;99.7 </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;268.8 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;171.9 </FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>235.8</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Add back: Hedge settlement payment</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">65.7</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Add back: Rainy River transaction costs</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">0.1</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5.0</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Add back: Payment of Rainy River acquisition expenses</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">12.9</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Deduct: Amended tax returns</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(6.6)</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(6.6)</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Adjusted net cash generated from operations</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>69.9</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">93.2</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;268.8 </B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">248.9</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>235.8</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Add back (deduct): Change in non-cash operating working capital</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(0.1)</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(21.4)</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;41.6</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;9.7 </FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>44.8</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Adjusted net cash generated from operations before changes in non-cash working capital</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>69.8</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">71.8</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>310.4</B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">258.6</FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>280.6</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #005B94"><B>Operating Margin</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Operating margin&rdquo; is a non-GAAP
financial measure with no standard meaning under IFRS, which management uses to further evaluate the Company&rsquo;s results of
operations in each reporting period. Operating margin is calculated as revenues less operating expenses and therefore does not
include depreciation and depletion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating margin is intended to provide
additional information only and does not have any standardized meaning under IFRS; it should not be considered in isolation or
as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently
and this measure is unlikely to be comparable to similar measures presented by other companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #005B94"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #005B94"><B>Total Operating Margin</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">Three months ended December 31</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">Year&nbsp;&nbsp;ended December 31</FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><I>(in millions of U.S. dollars, except where noted)</I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2014</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2013</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2014</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2013</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: none; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: blue"><U>TOTAL</U></FONT><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #005B94"> OPERATING MARGIN</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Revenues</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>188.1</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">198.4</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>726.0</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">779.7</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>791.3</U></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Less: Operating expenses</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(123.1)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(121.7)</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(411.1)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">(435.5)</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(344.3)</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Operating </STRIKE></FONT><FONT STYLE="font-size: 10pt; color: blue"><U>Total operating </U></FONT><FONT STYLE="font-size: 10pt">margin</FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>65.0</B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">76.7</FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>314.9</B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">344.2</FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>447.0</U></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>New Afton Operating
Margin</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 47%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: blue"><U>New Afton OPERATING MARGIN</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Revenues</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>85.3</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>88.3</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>350.2</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>318.7</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>127.3</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Less: Operating expenses</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(24.4)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(25.8)</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(95.5)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(105.7)</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(46.3)</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>New Afton operating margin</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>60.9</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>62.5</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>254.7</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>213.0</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>81.0</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>Mesquite Operating Margin</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: blue"><U>Mesquite OPERATING MARGIN</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Revenues</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>34.4</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>33.4</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>102.4</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>113.7</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>190.7</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Less: Operating expenses</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(29.0)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(27.0)</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(93.3)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(94.3)</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(97.4)</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Mesquite operating margin</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>5.4</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>6.4</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>9.1</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>19.4</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>93.3</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>Peak Operating Margin</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year&nbsp;&nbsp;ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014</U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: blue"><U>Peak OPERATING MARGIN</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Revenues</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>41.3</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>42.1</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>168.3</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>177.7</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>191.1</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Less: Operating expenses</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(29.8)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(32.2)</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(109.2)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(126.4)</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(109.5)</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Peak operating margin</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>11.5</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>9.9</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>59.1</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>51.3</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>81.6</U></FONT></TD></TR>
</TABLE>


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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>Cerro San Pedro Operating
Margin</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 47%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: blue"><U>CERRO San Pedro OPERATING MARGIN</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Revenues</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>27.1</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>34.6</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>105.1</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>169.6</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>282.2</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Less: Operating expenses</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(39.9)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(36.7)</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(113.1)</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(109.1)</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(91.1)</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Cerro San Pedro operating margin</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(12.8)</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>(2.1)</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>(8.0)</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>60.5</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>191.1</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #005B94"><B>Average Realized Price
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Average realized price per ounce
of gold sold&rdquo; is a non-GAAP financial measure with no standard meaning under IFRS. Management uses this measure to better
understand the price realized in each reporting period for gold sales. Average realized price includes realized gains and losses
from gold hedge settlements up until May 15, 2013 but excludes from revenues unrealized gains and losses on non-hedged derivative
contracts and the revenue reduction related to the non-cash accounting charge as the loss incurred on the monetization of the Company&rsquo;s
legacy hedge position is realized into income over the original term of the hedge contract.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Average realized price is intended to provide
additional information only and does not have any standardized meaning under IFRS; it should not be considered in isolation or
as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently
and this measure is unlikely to be comparable to similar measures presented by other companies.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #005B94"><B>Total Average Realized
Price </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">Three months ended December 31</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: white">Year&nbsp;&nbsp;ended December 31</FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><I>(in millions of U.S. dollars, except where noted)</I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2014 </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2013 </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>&nbsp;2014 </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #005B94"><B>2013</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #005B94">Total AVERAGE REALIZED PRICE </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Revenues from gold sales</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>114.0</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>119.3</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;<FONT STYLE="color: blue"><U>426.5 </U></FONT></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="color: blue"><U>493.8 </U></FONT></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>607.6</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Treatment and refining charges on concentrate sales </U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>3.0</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>2.6</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>12.5</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>11.5</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>5.7</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Loss on hedge monetization over original term of hedge </U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>6.8</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>7.0</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>27.3</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>18.7</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Gross revenue </U></FONT><FONT STYLE="font-size: 10pt">from gold sales</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>123.8</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">128.9</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>466.3</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">524.0</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>613.3</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Gold ounces sold</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;104,224 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;104,523 </FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;371,179 </B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;391,823 </FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>395,535</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>Average</STRIKE></FONT><FONT STYLE="font-size: 10pt; color: blue"><U>Total average </U></FONT><FONT STYLE="font-size: 10pt">realized price per gold ounce sold</FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;1,188 </B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,233 </FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;1,256 </B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,337 </FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,551</U></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>New Afton Average Realized
Price </U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>&nbsp;2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: Blue"><U>NEW AFTON AVERAGE REALIZED PRICE </U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Revenues from gold sales</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>27.8</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>26.4</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>117.9</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>105.1</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>47.9</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Treatment and refining charges on concentrate sales</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2.3</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1.8</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>9.6</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>6.6</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>2.1</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Gross revenue from gold sales</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>30.1</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>28.2</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>127.5</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>111.7</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>50.0</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Gold ounces sold</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>25,835</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>24,176</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>102,060</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>85,030</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>29,735</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>New Afton average realized price per gold ounce sold</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,164</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,168</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,248</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,314</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,681</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>Mesquite Average Realized
Price </U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>&nbsp;2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: Blue"><U>MESQUITE AVERAGE REALIZED PRICE </U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Revenues from gold sales</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>34.4</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>33.4</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>102.4</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>113.7</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>190.7</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Loss on hedge monetization over original term of hedge </U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>6.8</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>7.0</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>27.3</U></B></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>18.7</U></FONT></TD>
    <TD STYLE="border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>-</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Gross revenue from gold sales</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>41.2</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>40.4</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>129.7</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>132.4</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>190.7</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Gold ounces sold</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>34,370</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>32,239</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>103,654</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>104,794</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>142,491</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Mesquite average realized price per gold ounce sold</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,198</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,251</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,254</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,263</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,338</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>Peak Average Realized
Price </U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>&nbsp;2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: Blue"><U>PEAK AVERAGE REALIZED PRICE </U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Revenues from gold sales</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>28.7</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>30.9</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>121.3</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>135.9</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>146.1</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Treatment and refining charges on concentrate sales</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>0.7</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>0.8</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2.7</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>4.9</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>3.6</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Gross revenue from gold sales</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>29.4</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>31.7</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>124.0</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>140.8</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>149.7</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Gold ounces sold</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>24,614</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>25,323</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>98,002</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>102,811</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>89,269</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Peak average realized price per gold ounce sold</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,196</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,251</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,266</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,370</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,677</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><B><U>Cerro San Pedro Average
Realized Price</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #2BB7DF">
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Three months ended December 31</U></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>Year ended December 31</U></FONT></TD></TR>
<TR>
    <TD STYLE="width: 46%; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><I><U>(in millions of U.S. dollars, except where noted)</U></I></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>&nbsp;2014 </U></B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2013</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>2012</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: Blue"><U>CERRO SAN PEDRO AVERAGE REALIZED PRICE </U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Revenues from gold sales</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>23.1</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>28.6</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>84.9</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>139.1</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>223.0</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Gold ounces sold</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>19,404</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>22,785</U></FONT></TD>
    <TD STYLE="background-color: #E5F8FC; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>67,463</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>99,188</U></FONT></TD>
    <TD STYLE="padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>134,040</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; text-decoration: underline; text-align: justify; padding-top: 1.5pt; padding-bottom: 1.5pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Cerro San Pedro average realized price per gold ounce sold</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,191</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,257</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; background-color: #E5F8FC; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><U>1,258</U></B></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,403</U></FONT></TD>
    <TD STYLE="border-top: #B3995D 1pt solid; border-bottom: #B3995D 1pt solid; padding: 1.5pt 5.4pt; text-decoration: underline; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><U>1,664</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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