<SEC-DOCUMENT>0001279569-18-001614.txt : 20180806
<SEC-HEADER>0001279569-18-001614.hdr.sgml : 20180806
<ACCEPTANCE-DATETIME>20180803193723
ACCESSION NUMBER:		0001279569-18-001614
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180803
FILED AS OF DATE:		20180806
DATE AS OF CHANGE:		20180803

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31722
		FILM NUMBER:		18993240

	BUSINESS ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3510
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3
		BUSINESS PHONE:		(416) 324-6000

	MAIL ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3510
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRC RESOURCES CORP                                      /FI
		DATE OF NAME CHANGE:	19860904
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>newgold6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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





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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>Form
6-K</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">For the month of August 2018.</P>

<P STYLE="margin: 0">Commission File Number 001-31722</P>



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

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

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: center; color: Red"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font: 24pt Times New Roman, Times, Serif"><B>New
Gold Inc.</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Suite 3510 &ndash; 181 Bay Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Toronto, Ontario M5J 2T3</P>

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



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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">(Address of principal executive office)</P>



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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form 20-F
&#9744;&nbsp;Form 40-F &#9746;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note</B>:
Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual
report to security holders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT>&#9744;</P>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><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>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DOCUMENTS
FILED AS PART OF THIS FORM 6-K</B></FONT></P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit</B></FONT></td>
    <TD STYLE="width: 3%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description</B></FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="ex991.htm">99.1</A></td>
    <TD>&nbsp;</TD>
    <TD><A HREF="ex991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Gold Inc. Material
    Change Report dated August 3, 2018</FONT></A></TD></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><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>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</FONT></P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NEW GOLD INC.</B></FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<tr>
    <td style="vertical-align: top; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: top; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; width: 6%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></td>
    <TD STYLE="vertical-align: bottom; width: 37%; border-bottom: black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>/s/
    Lisa Damiani</I></FONT></td>
    <td style="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:&nbsp;August 3,
     2018</FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Lisa Damiani</P>

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

<P STYLE="margin: 0">and Corporate Secretary</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" !# -X# 2(  A$! Q$!_\0
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M?C_J&MZ?\)M:3PUJ>B:/XBO+=K;3;W5Y_*M;69^!(W<E02P4=2 *\I_X)_\
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M?<VH)I3]#]1O$?B73_"6@7FJ:I>VVGZ;81-<7-S<2".*"-1DLS'@ 5\;:O\
M\%H] \7^.KG0?A/\-?'GQ8EL_P#6W.E6_DP8_O+E6;:>Q8+FO'O^#@#]I?4;
M:;PQ\)=*G=+>_MQK.KHC8^U?O"EM W^SN5F([_)7VM^PE^S)I/[*G[-GASP[
MIUM$E_+:1WFKW07]Y?7DBAI'<]3@G:!T   JN>4IN,=+$<D804Y:W.!^&/\
MP44T'XU7VJ>!/$WA3Q9\+_'=]IMRUGH_B.T,/]I!8F+?9Y?NR,!R5X..@-?)
MW_!NU:_\7,^*<O\ <LK.+_R+*:^]_P!MCX!67[0'[/VN6#KY.N:3;R:GH.H1
MC%QIE]$I>*2)NJDD;3ZJQ!KX._X-UV>7QO\ %5Y.)3;6&\?[6Z7/ZYJ)7]M!
M,UI\OL9M>1^I@X%+1174<1\__P#!2GG]FI_^PK;?^S5U'[#QS^RSX1_Z]G_]
M&/7(?\%+;Q;?]G6*-C\T^L6X50,EL!S_ $KI?V#+U;S]E?PML.?*CEC;V(E>
MOFJ;_P"%V5O^?:_,]27^X+_$>E^/#M\"ZR3VL9B?^_;5\F?\$I+<&Z\92]PE
MH@Y]?,-?5/Q5O18_#+Q#,WW8]-N&/_?MJ^6/^"4+[H_&?NED>1CM)4YA9YOA
M5Y2_(,-_N=7Y?F>;ZKX-LO&'[?>I:'KOG)8ZGXAGCE\N5H7.X%H\.""N>,8/
M>OJF+]@WX>1Q8^S:X?<ZU<Y/_C]><_MQ?LPZUJ?BRV^(G@V*6;5K+RWO;: 9
MF+18*3QC^(@ !E[@#%=5\(/^"A7@WQ3HL-OXKO%\*:_ NRZANT9(7<=61L<
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ME#*?DMU/XG=]#7.?\%,_AI_PD/PGT_Q'%&3/X>N@LK*.?(EPI_)PA_$UH?\
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L?I386W=?2BBID]2^@J'FG _,:**!"T444 %%%% !1110 4444 %%%% '_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex991.htm
<DESCRIPTION>MATERIAL CHANGE REPORT DATED AUGUST 3, 2018
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

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

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

<P STYLE="font: bold 11pt Garamond, Times, Serif; margin: 0; text-align: center">FORM 51-102F3</P>

<P STYLE="font: bold 11pt Garamond, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Garamond, Times, Serif; margin: 0; text-align: center">MATERIAL CHANGE REPORT</P>

<P STYLE="font: bold 11pt Garamond, Times, Serif; margin: 0; text-align: center">UNDER NATIONAL INSTRUMENT 51-102</P>

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B>Item 1.</B></FONT></TD>
    <TD STYLE="width: 88%; padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; text-indent: -0.25pt"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B><U>Reporting Issuer</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt">New Gold Inc. (&ldquo;<B>New Gold</B>&rdquo; or &ldquo;the &ldquo;<B>Company</B>&rdquo;)</FONT><BR>
<FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt">Suite 3510, 181 Bay Street</FONT><BR>
<FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt">Toronto, Ontario M5J 2T3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B>Item 2.</B></FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B><U>Date of Material Change</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt; color: Black">July
    25, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B>Item 3.</B></FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B><U>News Release</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt">A press release with respect to this material change report was issued by New Gold on July 25, 2018 through Canadian Newswire and filed on the System for Electronic Document Analysis and Retrieval.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B>Item 4.</B></FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B><U>Summary of Material Change</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt">On July 25, 2018, New Gold announced its 2018 second quarter results, updated its 2018 outlook and announced an updated Rainy River life-of-mine plan. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B>Item 5.</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 5.75pt">
        <P STYLE="font: 11pt Garamond, Times, Serif; margin: 0; text-align: left"><B><U>Full Description of Material Change</U></B></P>
        <P STYLE="font: 11pt Garamond, Times, Serif; margin: 0; text-align: left"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 5.75pt"><P STYLE="font: 11pt Garamond, Times, Serif; margin: 0; text-align: left">See press release attached as Schedule A.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">
<FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B>Item 6.</B></FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B><U>Reliance on subsection 7.1(2) of National Instrument 51-102</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt">The report is not being filed on a confidential basis.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B>Item 7.</B></FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B><U>Omitted Information</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt">No information has been omitted.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">
<FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B>Item 8.</B></FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B><U>Executive Officer</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt; color: Black">Lisa
    Damiani, General Counsel, Vice President, Government Relations and Corporate Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt">(416) 324-6000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B>Item 9.</B></FONT></TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt"><B><U>Date of Report</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 1.45pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Garamond, Times, Serif; font-size: 11pt">August 3, 2018 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE A</B></P>

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

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

<P STYLE="font: 11pt Garamond, Times, Serif; margin: 0; text-align: left">&nbsp;</P>



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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">New Gold Announces 2018 Second Quarter
Results and Updates 2018 Outlook</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">(All dollar figures are in US dollars unless
otherwise indicated)</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TORONTO, July 25, 2018 /CNW/ - New Gold Inc.
(&quot;New Gold&quot; or the &quot;Company&quot;) (TSX:NGD) (NYSE American:NGD) today announces its 2018 second quarter results
and updated 2018 outlook. Unless otherwise noted, all operating and financial results have been presented on a continuing basis
and exclude Peak Mines, which has been classified as a discontinued operation and was sold in April 2018.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>2018 Second Quarter Highlights</B></P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Gold production of 108,550 ounces and copper production
of 20.4 million pounds</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Operating expense of $680 per gold ounce and $1.67 per
copper pound</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">All-in sustaining costs<SUP>(1)</SUP> of $877 per ounce,
including total cash costs<SUP>(2)</SUP> of $453 per ounce</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Operating cash flows generated from continuing operations
of $66 million, or $0.11 per share</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Loss from continuing operations of $302 million, or $0.52
per share, including an impairment loss, net of tax of $282 million, or $0.49 per share</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">June 30, 2018 total liquidity of $270 million, including
cash and cash equivalents of $167 million</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Updated 2018 outlook: 415,000 to 480,000 ounces of gold
production (previously 525,000 to 595,000 ounces of gold) at all-in sustaining costs of $1,080 to $1,120 per ounce (previously
$860 to $900 per ounce)</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Rainy River updated life-of-mine plan completed, NI 43-101
Technical Report will be released in early August</LI>

</UL>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>2018 Outlook Update</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">As our Rainy River Mine is well into its start-up
year, New Gold today provides an updated 2018 production and cost outlook. Gold production at New Afton, the Company's largest
cash flow contributor, Mesquite and Cerro San Pedro remain in line with New Gold's original guidance. However, largely due to the
variability in the process facility's start-up performance and lower gold grade and recoveries, the Company is lowering its 2018
annual production guidance for Rainy River from earlier estimates. &nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Annual consolidated gold production for 2018
is expected to be between 415,000 and 480,000 ounces, with Rainy River contributing between 210,000 and 250,000 ounces. Annual
consolidated copper production remains in line with the original guidance range of 75 to 85 million pounds.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">New Gold expects its consolidated 2018 all-in
sustaining costs to be between $1,080 to $1,120 per ounce, total cash costs to be between $445 to $485 per ounce, and operating
expense to be between $655 to $695 per gold ounce. These estimates have increased due to Rainy River's revised 2018 production
outlook and a $15 million increase in Rainy River's sustaining capital expenditures associated with completing the full tailings
dam footprint. Growth capital at Rainy River is also expected to increase by $15 million due to higher underground development
costs. For the balance of the year, the cost targets include assumptions for gold, silver and copper prices of $1,300 per ounce,
$16.00 per ounce and $3.00 per pound, respectively, and a Canadian dollar exchange rate of $1.30 to the U.S. dollar.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>&nbsp;Gold Production (Koz)</I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Q2'2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">YTD'2018</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Original Guidance</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Revised Guidance</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Rainy River</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">55</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">95</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">310 - 350</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">210 - 250</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">New Afton</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">19</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">39</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">55 - 65</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">No change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Mesquite</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">32</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">65</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">140 - 150</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">No change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Cerro San Pedro</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">7</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">20 - 30</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">10 - 15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>109</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>205</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>525 - 595</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>415 - 480</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>All-in Sustaining Costs ($/oz)</I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Q2'2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">YTD'2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Original Guidance</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Revised Guidance</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Rainy River</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$1,295</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$1,794</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$990-$1,090</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$1,600 - $1,700</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">New Afton</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">($917)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">($1,118)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">($1,020)-($980)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">No change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Mesquite</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$875</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$864</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$1,005-1,045</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">No change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Cerro San Pedro</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$2,522</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$2,020</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$1,330-$1,370</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$2,000 - $2,140</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>$877</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>$1,037</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>$860-$900</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>$1,080 - $1,120</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>Gold Operating Expense ($/oz)</I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Q2'2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">YTD'2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Original Guidance</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Revised Guidance</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Rainy River</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$802</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$993</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$430 - $470</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$730 - $770</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">New Afton</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$412</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$410</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$455 - $495</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">No change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Mesquite</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$848</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$832</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$890 - $930</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">No change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Cerro San Pedro</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$2,425</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$1,905</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$1,255 - $1,295</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$1,960 - $2,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>$680</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>$725</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>$555 - $595</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>$655 - $695</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>2018 Second Quarter and Year-To-Date Operational
Results from Continuing Operations</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">New Gold's second quarter gold production of
108,550 ounces was higher than 2017 primarily due to additional ounces from Rainy River that more than offset the planned lower
production at New Afton, Mesquite and Cerro San Pedro. Quarterly copper production decreased by 11% to 20.4 million pounds when
compared to the second quarter of 2017. &nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Second quarter operating expense per gold ounce
of $680 increased relative to the prior-year quarter mainly due to higher operating expenses at Rainy River in its second full
quarter of operation due to start-up challenges impacting both production and costs. The Company had second quarter all-in sustaining
costs of $877 per ounce, including total cash costs of $453 per ounce. The increase in all-in sustaining costs relative to the
prior-year quarter was attributable to the combined impact of a $164 per ounce increase in total cash costs and a $48 per ounce,
or $17 million, increase in the Company's consolidated sustaining costs, which include New Gold's cumulative sustaining capital,
exploration, general and administrative, and amortization of reclamation expenditures. The increase in consolidated total cash
costs was primarily driven by lower than run-rate quarterly production at Rainy River, resulting in higher per ounce costs. The
increase in consolidated sustaining costs was primarily related to increased Rainy River sustaining capital expenditures as the
operation continues its first full year of operations.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For the six-month period ended June 30, 2018,
New Gold's gold production of 205,432 ounces was significantly higher than 2017 as additional ounces from Rainy River more than
offset the planned lower production at New Afton, Mesquite and Cerro San Pedro. Year-to-date copper production remained in line
with the prior-year period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Year-to-date operating expense per gold ounce
of $725 increased relative to the prior year mainly due to higher operating expenses at Rainy River in its first full year of operation.
For the six-month period ended June 30, 2018, the Company delivered all-in sustaining costs of $1,037 per ounce, including total
cash costs of $502 per ounce. The increase in consolidated total cash costs was primarily driven by lower than run-rate production
at Rainy River, resulting in higher per ounce costs. The increase in consolidated sustaining costs was primarily related to Rainy
River sustaining capital expenditures as the operation continues its first full year of operations.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Three months ended June 30</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Six months ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Operating information</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Gold (ounces):</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Produced</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>108,550</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">79,025</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>205,432</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">140,005</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sold</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>105,924</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">73,707</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>204,612</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">133,620</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Copper (millions of pounds):</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Produced</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>20.4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">22.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>42.6</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">43.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sold </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>19.6</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">20.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>40.9</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">40.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Silver (millions of ounces):</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Produced</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.2</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.4</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sold</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.2</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.4</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Revenue:</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold ($/ounce)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,279</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,246</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,292</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,242</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Copper ($/pound)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2.91</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.32</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2.89</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Silver ($/ounce)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>15.89</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">16.72</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>16.00</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">16.90</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Average realized price<SUP>(5)</SUP>:</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold ($/ounce)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,297</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,278</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,312</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,277</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Copper ($/pound)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>3.18</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.56</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>3.16</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.56</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Silver ($/ounce)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>16.49</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">17.22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>16.56</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">17.37</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Operating expense:</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold ($/ounce)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>680</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">603</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>725</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">604</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Copper ($/pound)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1.67</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.21</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1.75</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Silver ($/ounce)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>8.64</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">8.10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>9.15</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">8.22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Total cash costs ($/ounce)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>453</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">289</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>502</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">265</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>All-in sustaining costs ($/ounce)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>877</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">665</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,037</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">617</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Rainy River</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Three months ended June 30</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Six months ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Operating information</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Gold (ounces):</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Produced</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>55,219</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>94,544</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sold</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>51,832</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>92,712</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Silver (ounces):</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Produced</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>60,451</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>115,215</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sold </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>55,889</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>114,677</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Operating expense:</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold ($/ounce)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>802</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>993</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Silver ($/ounce)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>10.20</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>12.59</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>All-in sustaining costs ($/ounce)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,295</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,794</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>All-in sustaining costs on a co-product basis:</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold ($/ounce)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,295</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,787</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Silver ($/ounce)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>16.46</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>22.65</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">As it continues through its ramp up, Rainy
River demonstrated further increases in throughput, grade and recovery through the second quarter of 2018. During the quarter,
a total of 3.3 million tonnes of ore was mined, 1.5 million tonnes of ore was processed at an average gold grade of 1.24 grams
per tonne with recoveries of 87%.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Process facility performance continued to improve,
however, operational and mechanical challenges consistent with project startups impacted availability during the second quarter.
Review and implementation of design improvements is underway to reduce equipment wear and failure and increase operational stability.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Importantly, the crushing and grinding circuit
is robust and is operating consistently, and the process facility continues to demonstrate its operational potential with throughput
rates increasingly achieving over 24,000 tonnes per day. As previously discussed, the Company is implementing a plan to increase
Rainy River's throughput to a steady 24,000 tonne per day rate. This expansion project is on time, and adjustments to the back
end of the process facility are expected to be completed by the beginning of the fourth quarter at minimal capital, allowing for
an immediate increase to the mine's throughput rate.&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Gold recoveries in the second quarter showed
steady improvement, increasing to 87%, compared to 81% in the first quarter. Recoveries are expected to continue to improve throughout
2018 as the mine achieves consistent, steady-state operations.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Since the commencement of mining in 2017, total
ore mined has reconciled positively with the global mineral reserve estimate. While gold grade increased in the second quarter
to 1.24 grams per tonne from 1.08 grams per tonne in the first quarter, the identification and segregation of discrete higher-grade
ore blocks has been less predictable than originally contemplated.&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Improvements to grade control, sampling procedures
and mine planning criteria are being developed and implemented to address the variability of mined gold grades on production.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>New Afton</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Three months ended June 30</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Six months ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Operating information</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Gold (ounces):</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Produced</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>18,637</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">21,273</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>38,635</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">42,210</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sold</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>17,945</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">19,573</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>36,430</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">40,289</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Copper (millions of pounds):</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Produced</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>20.4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">22.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>42.6</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">43.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sold </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>19.6</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">20.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>40.9</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">40.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Operating expense:</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold ($/ounce)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>412</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">426</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>410</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">442</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Copper ($/pound)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1.01</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.85</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.98</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.88</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>All-in sustaining costs ($/ounce)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(917)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(358)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(1,118)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(434)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>All-in sustaining costs on a co-product basis:&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold ($/ounce)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>704</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">769</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>667</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">724</FONT></TD></TR>
<TR>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Copper ($/pound)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1.72</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.53</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1.60</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.44</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The decrease in gold production at New Afton
relative to the second quarter of 2017 was due to a planned decrease in mill throughput and an expected decrease in gold grade,
partially offset by an increase in gold recovery. Copper production was lower than the prior-year quarter due to lower planned
mill throughput, partially offset by an increase in copper recovery.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Second quarter operating expense per gold ounce
decreased as expenses were apportioned to each metal on a percentage of revenue basis with gold revenue representing a lower portion
of total sales in the quarter versus the prior-year quarter. All-in sustaining costs decreased due to higher by-product revenues
and lower quarterly sustaining costs. By-product revenues benefitted from an increase in the realized copper price which more than
offset lower copper sales volumes.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For the six-month period ended June 30, 2018,
New Afton's gold production was below 2017 due to lower planned mill throughput, partially offset by an increase in gold recovery.
Copper production was slightly lower than the prior-year period due to lower planned mill throughput, partially offset by an increase
in copper grade and copper recovery.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Operating expenses for the first six months
of the year decreased when compared to the prior year as expenses were apportioned to each metal on a percentage of revenue basis
with gold revenue representing a lower portion of total sales in the six-month period versus the prior-year period. All-in sustaining
costs decreased due to higher by-product revenues and lower sustaining costs. By-product revenues benefitted from an increase in
the realized copper price as well as higher copper sales volumes.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Three months ended June 30</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Six months ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Operating information</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Gold (ounces):</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Produced</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>31,799</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">48,183</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>64,910</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">78,586</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sold</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>33,150</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">46,462</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>67,684</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">75,615</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Operating expense:</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold ($/ounce)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>848</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">703</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>832</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">700</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>All-in sustaining costs ($/ounce)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>875</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">789</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>864</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">779</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The decrease in gold production at Mesquite
relative to the second quarter of 2017 was due to a planned decrease in ore tonnes mined and placed.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Second quarter operating expense per ounce
increased when compared to the prior-year quarter due to an increase in process solution flow on the heap leach pad and lower gold
sales volumes. All-in sustaining costs during the quarter increased due to higher operating costs and lower gold sales volume,
partially offset by a decrease in sustaining costs.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For the six-month period ended June 30, 2018,
Mesquite's gold production decreased relative to the prior-year period due to an expected decrease in ore tonnes mined and placed.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Operating expense per ounce for the first six
months of the year increased when compared to the prior year due to an increase in process solution flow on the heap leach pad
and lower gold sales volumes. First six-month all-in sustaining costs increased due to the increase in operating costs and lower
gold sales volume, partially offset by a decrease in sustaining costs.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Cerro San Pedro</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Three months ended June 30</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Six months ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Operating information</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Gold (ounces):</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Produced</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2,895</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">9,569</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>7,343</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">19,209</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sold</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2,996</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">7,672</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>7,785</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">17,716</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Silver (millions of ounces):</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Produced</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sold</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Operating expense:</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold ($/ounce)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2,425</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,269</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,905</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,203</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Silver ($/ounce)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>30.53</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">16.88</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>24.04</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">16.30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>All-in sustaining costs ($/ounce)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2,522</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,414</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2,020</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,325</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Cerro San Pedro finished active mining late
in the second quarter of 2016 and has since transitioned to residual leaching. As a result, and consistent with expectations, the
mine's second quarter and first six-month gold and silver production decreased compared to the prior year.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Second quarter and first six-month operating
expenses and all-in sustaining costs increased when compared to the prior-year periods due to lower gold sales volumes. As the
Company is drawing down leach pad inventory during the residual leach period, a&nbsp;significant portion&nbsp;of the reported all-in
sustaining costs are non-cash or are related to mining costs that were incurred in prior periods.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>2018 Second Quarter and Year-To-Date Financial
Results</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Three months ended June 30</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Six months ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>(in millions of U.S. dollars, </I></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>except per share amounts)</I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>CONTINUING OPERATIONS</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Revenues</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>195.3</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">143.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>388.5</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">268.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating margin<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>89.4</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">72.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>165.3</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">134.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Asset impairment, net of tax</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>282.1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>282.1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(Loss) earnings from continuing operations</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(301.6)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">17.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(330.7)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">48.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(Loss) earnings from continuing operations per share (basic)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.52)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.03</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.57)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.09</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjusted (loss) earnings from continuing operations</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(1.8)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">8.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(17.9)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">10.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjusted (loss) earnings per share from continuing operations</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.00)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.02</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.03)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.02</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating cash flows generated from continuing operations</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>66.0</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">56.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>116.2</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">113.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating cash flows generated from continuing operations </FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">before changes in non-cash operating working capital</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>88.1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">56.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>155.5</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">105.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>TOTAL OPERATIONS (includes Peak Mines)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Net (loss) earnings</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(302.0)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">23.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(331.5)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">60.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Net (loss) earnings per share (basic)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.52)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.04</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.57)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Cash generated from operations</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>66.0</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">80.0</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>131.1</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">156.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Continuing Operations</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Second quarter revenues from continuing operations
increased by $52 million, or 36%, relative to the prior-year quarter, due to higher gold sales volumes and higher metal prices.
Relative to the second quarter of 2017, gold sales increased by 44%, attributable to the start-up of Rainy River, and the average
realized gold price increased by $19 per ounce, or 1%. The average realized copper price increased by $0.62 per pound, or 24%,
compared to the prior-year quarter which was only partially offset by a 6% decrease in copper sales at New Afton.&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">New Gold's second quarter operating margin
increased by $17 million relative to the prior-year quarter driven by the higher gold sales volumes and higher metal prices, which
were partially offset by higher operating expenses.&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company has completed an updated Rainy
River life-of-mine plan (discussed below) and will release an updated NI 43-101 Technical Report for Rainy River in early August.
The updated life-of-mine plan contains updated per unit costs, changes to the sequencing in gold production and a less than 3%
reduction in gold production over the life-of-mine. The updated life-of-mine plan&nbsp;incorporates changes to open pit design
and extraction sequencing, resulting in higher&nbsp;ore tonnes mined and processed at a lower average gold grade. As a result of
the Company completing its updated Rainy River life-of-mine plan and lowering Rainy River's 2018 outlook, the Company has reported
an impairment loss, net of tax, of $282 million.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company reported a loss from continuing
operations of $302 million, or $0.52 per share, in the second quarter of 2018 relative to earnings from continuing operations of
$18 million, or $0.03 per share, in the prior-year quarter. The second quarter loss from continuing operations included the net
impact of the after-tax impairment charge of $282 million relating to Rainy River, finance costs of $18 million, an $8 million
pre-tax foreign exchange loss, a $6 million gain on the revaluation of the gold stream obligation, and a $2 million expense relating
to severance and other termination benefits. The prior-year period included an $18 million pre-tax foreign exchange gain, a $2
million loss on the revaluation of the Company's gold option contracts, and a pre-tax loss of $2 million on the revaluation of
the gold stream obligation.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">New Gold had an adjusted net loss from continuing
operations of $2 million, or $nil per basic share, in the second quarter of 2018 relative to adjusted earnings of $9 million or
$0.02 per basic share in the prior-year quarter. Quarterly adjusted loss from continuing operations included the net impact of
a $24 million increase in depreciation and depletion expenses, a $17 million increase in finance costs as the Company ceased capitalization
of interest to its qualifying development property due to the commencement of commercial production at Rainy River, partially offset
by a $17 million increase in operating margin, a decrease of $4 million in exploration, business development, and corporate general
and administrative expenses and an increase in income tax recovery of $9 million.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company's second quarter operating cash
flows generated from continuing operations before changes in non-cash operating working capital of $88 million was $32 million,
or 56%, higher than the prior-year quarter due to the increase in operating margin and an income tax refund received at Mesquite.
Operating cash flows generated from continuing operations for the second quarter were higher than the prior-year quarter, due to
the increase in operating margin and income tax refund, partially offset by the increase in stockpile inventory at Rainy River.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For the six months ended June 30, 2018, revenues
from continuing operations increased by $120 million, or 45%, relative to the prior-year period, due to higher gold sales volumes
and higher metal prices. Relative to the six months ended June 30, 2017, gold sales increased by 53%, attributable to the start-up
of Rainy River, and the average realized gold price increased by $35 per ounce, or 3%. The average realized copper price increased
by $0.60 per pound, or 23%.&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">New Gold's second quarter operating margin
increased by $31 million relative to the prior-year period driven by higher gold sales volumes and higher metal prices, which were
partially offset by higher operating expenses.&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company reported a loss from continuing
operations of $331 million, or $0.57 per share, in the six months ended June 30, 2018, relative to earnings from continuing operations
of $49 million, or $0.09 per share, in the prior-year period. The loss from continuing operations in the period included the net
impact of the after<FONT STYLE="font-family: Cambria Math,serif">-</FONT>tax impairment charge of $282 million relating to Rainy
River, finance costs of $35 million, a $28 million pre-tax foreign exchange loss, a $10 million gain on the revaluation of the
gold stream obligation, a $6 million gain on the revaluation of copper price option contracts, and a $2 million expense relating
to severance and other termination benefits. The prior-year period included a $22 million pre-tax foreign exchange gain, a $13
million loss on the revaluation of the Company's gold option contracts, and a pre-tax loss of $5 million on the revaluation of
the gold stream obligation.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">New Gold had an adjusted loss from continuing
operations of $18 million, or $0.03 per basic share, in the six months ended June 30, 2018 relative to adjusted net earnings of
$10 million, or $0.02 per basic share in the prior-year period. Adjusted net loss from continuing operations included the net impact
of a $46 million increase in depreciation and depletion expenses, a $32 million increase in finance costs as the Company ceased
capitalization of interest to its qualifying development property due to the commencement of commercial production at Rainy River,
partially offset by a $31 million increase in operating margin, a $7 million decrease in exploration, business development, and
corporate general and administrative expenses and a $12 million increase in income tax recovery.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For the six months ended June 30, 2018, the
Company's operating cash flows generated from continuing operations before changes in non-cash operating working capital of $156
million was $50 million, or 47%, higher than the prior-year period due to the increase in operating margin and an income tax refund
received at Mesquite. Operating cash flows generated from continuing operations for the six months ended June 30, 2018 were consistent
with the prior-year period, due to the increase in operating margin and income tax refund, partially offset by the prior-year period
including an outstanding concentrate receivable of $21 million at New Afton and the current period including an increase in working
capital associated with the increase in stockpile inventory at Rainy River.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Financial Update</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">New Gold's cash and cash equivalents as at
June 30, 2018 were $167 million. At June 30, 2018, the Company had drawn $180 million from its $400 million revolving credit facility
and $117 million had been used to issue letters of credit for closure obligations at the Company's producing mines and development
projects, leaving $103 million undrawn. As a result, at June 30, 2018, the Company's liquidity totals $270 million (cash and undrawn
credit facility). In the second quarter of 2018 the Company amended the credit facility's net debt to Adjusted EBITDA covenant
(&quot;Leverage Ratio&quot;), to increase the maximum Leverage Ratio to 4.0 to 1.0 until June 30, 2018. After that date, the maximum
ratio will be 3.5 to 1.0.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">At June 30, 2018, the face value of the Company's
long-term debt was $980 million (book value &ndash; $959 million). The components of the long-term debt include: $500 million of
6.25% face value senior unsecured notes due in November of 2022; $300 million of 6.375% face value senior unsecured notes due in
May of 2025; and $180 million drawn from the revolving credit facility. The Company currently has approximately 579 million shares
outstanding.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Rainy River Updated Life-Of-Mine Plan</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company has completed an updated Rainy
River life-of-mine plan and will release an updated NI 43-101 Technical Report for Rainy River in early August. The updated life-of-mine
plan was informed by the experience gained over the initial start-up period. Also, as previously disclosed, costs are expected
to be higher over the next three years (including 2018) as a result of sustaining capital expenditures associated with completing
the full tailings dam footprint in 2018 as well as the construction of the first tailings lift later in 2018 and into 2019.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Rainy River updated life-of-mine highlights
include:</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Mine life of 14 years (unchanged)</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Processing of open pit and underground ore, at a rate
of 21,000 tonnes per day, increasing to 24,000 tonnes per day in the fourth quarter of 2018, and 25,500 tonnes per day in 2021</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">First nine years: average annual gold production of 340,000
ounces (previously 275,000 to 375,000 ounces) at all-in sustaining costs of $1,016 per ounce (previously approximately $875 per
ounce), cost targets include assumptions for gold and silver of $1,300 per ounce and $16.00 per ounce, respectively, and a Canadian
dollar exchange rate of $1.30 to the U.S. dollar</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Life-of-mine average gold grade of 1.09 grams per tonne,
including stockpile&nbsp;(previously 1.13 grams per tonne)</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Updated Rainy River NI 43-101 Technical Report will be
released&nbsp;in early August&nbsp;</LI>

</UL>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Projects Update</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Activities at the Company's Blackwater project,
located in south-central British Columbia, continued to focus on attaining the approval of the Environmental Assessment (&quot;EA&quot;).
The coordinated Federal and Provincial EA technical review is in progress. Technical review comments have now been received from
the Federal government, Provincial agencies and local Indigenous communities, and New Gold has responded to the review comments.
The Company is working through the remaining requests for information received in the quarter and anticipates approval of the Blackwater
EA in 2019.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Capital expenditures at Blackwater during the
second quarter and year-to-date were $2 million and $4 million, respectively.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Conference Call and Webcast Details</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Thursday, July 26, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Time:</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">9:00 a.m. Eastern Time</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Dial in:</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">North America: 1-888-231-8191, International: 1-647-427-7450</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Webcast:</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">https://event.on24.com/wcc/r/1792794/DF26D2A15FDB43CB77C338BF7A93D475 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Replay:</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">North America: 1-855-859-2056, International: 1-416-849-0833</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Passcode:</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">9269608</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The conference call replay will be available
until August 23, 2018. An archived webcast will also be available until October 26, 2018 at www.newgold.com. &nbsp;&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>About New Gold Inc.</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">New Gold is an intermediate gold mining company.
The Company has a portfolio of four producing assets in top-rated jurisdictions. The New Afton and Rainy River Mines in Canada,
the Mesquite Mine in the United States and the Cerro San Pedro Mine in Mexico (which transitioned to residual leaching in 2016),
provide the Company with its current production base. In addition, New Gold owns 100% of the Blackwater project located in Canada.
New Gold's objective is to be the leading intermediate gold producer, focused on the environment and social responsibility. For
further information on the Company, please visit www.newgold.com. &nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Cautionary Note Regarding Forward-Looking
Statements</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Certain information contained in this news
release, including any information relating to New Gold's future financial or operating performance are &quot;forward looking&quot;.
All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments
that New Gold expects to occur are &quot;forward-looking statements&quot;. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by the use of forward-looking terminology such as &quot;plans&quot;,
&quot;expects&quot;, &quot;is expected&quot;, &quot;budget&quot;, &quot;scheduled&quot;, &quot;targeted&quot;, &quot;estimates&quot;,
&quot;forecasts&quot;, &quot;intends&quot;, &quot;anticipates&quot;, &quot;projects&quot;, &quot;potential&quot;, &quot;believes&quot;
or variations of such words and phrases or statements that certain actions, events or results &quot;may&quot;, &quot;could&quot;,
&quot;would&quot;, &quot;should&quot;, &quot;might&quot; or &quot;will be taken&quot;, &quot;occur&quot; or &quot;be achieved&quot;
or the negative connotation of such terms. Forward-looking statements in this news release include the statements made under &quot;2018
Outlook Update&quot;, &quot;Rainy River&quot; and &quot;Rainy River Updated Life-of-Mine Plan&quot;, as well as other statements
elsewhere in this news release, including, among others, statements with respect to: guidance for production and costs, and the
factors contributing to those expected results, including mill throughput, metal recoveries and ore grade, as well as expected
capital and other expenditures; planned development activities and timing for 2018 and future years at the Rainy River Mine, including
adjustments to the back-end of the mill; and the revised life-of-mine plan and Technical Report.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">All forward-looking statements in this news
release are based on the opinions and estimates of management as of the date such statements are made and are subject to important
risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions
regarding such forward-looking statements are discussed in this news release, New Gold's latest annual management's discussion
and analysis (&quot;MD&amp;A&quot;), Annual Information Form and Technical Reports filed at www.sedar.com and on EDGAR at www.sec.gov.
In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this news
release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold's operations;
(2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with
New Gold's current expectations; (3) the accuracy of New Gold's current mineral reserve and mineral resource estimates; (4) the
exchange rate between the Canadian dollar and U.S. dollar, and to a lesser extent, the Mexican Peso, being approximately consistent
with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent
with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold's current expectations;
(7) arrangements with First Nations and other Aboriginal groups in respect of the Rainy River mine and Blackwater project being
consistent with New Gold's current expectations; (8) all required permits, licenses and authorizations being obtained from the
relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments
during the applicable regulatory processes; and (9) in the case of production, cost and expenditure outlooks at the operating mines
for 2018, commodity prices, exchange rates, grades, recovery rates, mill availability and mill throughput rates being consistent
with those estimated for the purposes for 2018.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Forward-looking statements are necessarily
based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that
may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied
by such forward-looking statements. Such factors include, without limitation: significant capital requirements and the availability
and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals
and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada,
the United States and, to a lesser extent, Mexico; discrepancies between actual and estimated production, between actual and estimated
mineral reserves and mineral resources and between actual and estimated metallurgical recoveries; risks related to early production
at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed
or intended; fluctuation in treatment and refining charges; changes in national and local government legislation in Canada, the
United States and, to a lesser extent, Mexico or any other country in which New Gold currently or may in the future carry on business;
taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on
business; the speculative nature of mineral exploration and development, including the risks of obtaining and&nbsp; maintaining
the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction
in which New Gold operates, the lack of certainty with respect to foreign legal systems, which may not be immune from the influence
of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current
and future legal challenges New Gold is or may become a party to; diminishing quantities or grades of mineral reserves and mineral
resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current
exploration or reclamation activities; uncertainties inherent to mining economic studies; changes in project parameters as plans
continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral
properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous groups; risks, uncertainties
and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying
with permitting requirements. In addition, there are risks and hazards associated with the business of mineral exploration, development
and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins,
flooding and gold bullion losses and risks associated with the start of production of a mine, such as Rainy River, (and the risk
of inadequate insurance or inability to obtain insurance to cover these risks) as well as &quot;Risk Factors&quot; included in
New Gold's Annual Information Form, MD&amp;A and other disclosure documents filed on and available at www.sedar.com and on EDGAR
at www.sec.gov. Forward-looking statements are not guarantees of future performance, and actual results and future events could
materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release
are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities
laws.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Cautionary Note to U.S. Readers Concerning
Estimates of Mineral Reserves and Mineral Resources</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Information concerning the properties and operations
of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable
to similar information for United States companies. The terms &quot;Mineral Resource&quot;, &quot;Measured Mineral Resource&quot;,
&quot;Indicated Mineral Resource&quot; and &quot;Inferred Mineral Resource&quot; used in this news release are Canadian mining
terms as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (&quot;CIM&quot;) Definition Standards for Mineral
Resources and Mineral Reserves adopted by CIM Council on May 10, 2014 and incorporated by reference in National Instrument 43-101.&nbsp;
While the terms &quot;Mineral Resource&quot;, &quot;Measured Mineral Resource&quot;, &quot;Indicated Mineral Resource&quot; and
&quot;Inferred Mineral Resource&quot; are recognized and required by Canadian securities regulations, they are not defined terms
under standards of the United States Securities and Exchange Commission.&nbsp; As such, certain information contained in this news
release concerning descriptions of mineralization and mineral resources under Canadian standards is not comparable to similar information
made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and
Exchange Commission.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">An &quot;Inferred Mineral Resource&quot; has
a great amount of uncertainty as to its existence and as to its economic and legal feasibility.&nbsp; Under Canadian rules, estimates
of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies.&nbsp; It cannot be assumed that
all or any part of an &quot;Inferred Mineral Resource&quot; will ever be upgraded to a higher confidence category.&nbsp;&nbsp;
Readers are cautioned not to assume that all or any part of an &quot;Inferred Mineral Resource&quot; exists or is economically
or legally mineable.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Under United States standards, mineralization
may not be classified as a &quot;Reserve&quot; unless the determination has been made that the mineralization could be economically
and legally produced or extracted at the time the reserve estimation is made.&nbsp; Readers are cautioned not to assume that all
or any part of the measured or indicated mineral resources will ever be converted into mineral reserves. In addition, the definitions
of &quot;Proven Mineral Reserves&quot; and &quot;Probable Mineral Reserves&quot; under CIM standards differ in certain respects
from the standards of the United States Securities and Exchange Commission.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Technical Information</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The scientific and technical information relating
to the operation of New Gold's operating mines contained herein has been reviewed and approved by Mr. Nicholas Kwong, Director,
Business Improvement of New Gold. All other scientific and technical information contained herein has been reviewed and approved
by Mark A. Petersen, Vice President, Exploration of New Gold. Mr. Kwong is a Professional Engineer and member of the Association
of Professional Engineers and Geoscientists of British Columbia. Mr. Petersen is a SME Registered Member, AIPG Certified Professional
Geologist. Mr. Petersen and Mr. Kwong are &quot;Qualified Persons&quot; for the purposes of NI 43-101.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For additional technical information on New
Gold's material properties, including a detailed breakdown of Mineral Reserves and Mineral Resources by category, as well as key
assumptions, parameters and risks, refer to New Gold's Annual Information Form for the year ended December 31, 2017 filed on www.sedar.com.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Non-GAAP Measures</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>(1) All-In Sustaining Costs</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;All-in sustaining costs&quot; per ounce
is a non-GAAP financial measure. Consistent with guidance announced in 2013 by the World Gold Council, an association of various
gold mining companies from around the world of which New Gold is a member, New Gold defines &quot;all-in sustaining costs&quot;
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
ounces of gold sold to arrive at a per ounce figure. New Gold believes this non-GAAP financial measure provides further transparency
into costs associated with producing gold and assists analysts, investors and other stakeholders of the company in assessing the
company's operating performance, its ability to generate free cash flow from current operations and its overall value. This data
is furnished to provide additional information and is a non-GAAP financial measure. All-in sustaining costs presented do not have
a 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 and is not necessarily
indicative of cash flow from operations under IFRS or operating costs presented under IFRS. Further details regarding historical
all-in sustaining costs and a reconciliation to the nearest IFRS measures are provided in the MD&amp;A accompanying New Gold's
financial statements filed from time to time on www.sedar.com.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Sustaining costs&quot; is a non-GAAP
financial measure. New Gold defines sustaining costs as the difference between all-in sustaining costs and total cash costs, being
the sum of net 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.&nbsp; Management uses sustaining costs
to understand the aggregate net result of the drivers of all-in sustaining costs other than total cash costs.&nbsp; The line items
between cash costs and all in sustaining costs in the tables below break down the components of sustaining costs.&nbsp; Sustaining
costs 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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>(2) Total Cash Costs </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Total cash costs&quot; per ounce is a
non-GAAP financial measure which is 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. New Gold reports total cash costs on a sales
basis. The company believes that certain investors use this information to evaluate the company's performance and ability to generate
liquidity through operating cash flow to fund future capital expenditures and working capital needs.&nbsp; This measure, along
with sales, is considered to be a key indicator of the company's ability to generate operating earnings and cash flow from its
mining operations. 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 ounces of gold sold to arrive at a per ounce
figure. Co-product cash costs remove the impact of other metal sales that are produced as a by-product of gold production and apportion
the cash costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total ounces
of gold or silver or pounds of copper sold, as the case may be, to arrive at per ounce or per pound figures. Unless otherwise indicated,
all total cash cost information in this news release is net of by-product sales. This data is furnished to provide additional information
and is a non-GAAP financial measure. Total cash costs and co-product cash costs presented do not have a 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 and is not necessarily indicative of cash flow
from operations under IFRS or operating costs presented under GAAP. Further details regarding historical total cash costs and a
reconciliation to the nearest IFRS measures are provided in the MD&amp;A accompanying New Gold's financial statements filed from
time to time on www.sedar.com.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>OPEX, Cash Cost and AISC Reconciliation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Three months ended June 30, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>(in millions of U.S. dollars, except where noted)</I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Copper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Silver</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>OPEX, Cash Cost and AISC Reconciliation</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">71.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">32.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>105.9</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Units of metal sold (ounces/millions of pounds/millions of ounces)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">105,924</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">19.6</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses per unit of metal sold ($/ounce or pound)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">680</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.67</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">8.64</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">71.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">32.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>105.9</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Treatment and refining charges on concentrate sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">5.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>7.2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjustments<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.2)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.1)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.3)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">73.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">37.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>112.8</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">By-product silver and copper sales </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(65.1)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs net of by-product revenue</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>47.7</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Units of metal sold (ounces/millions of pounds/millions of ounces)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">105,924</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">19.6</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs on a co-product basis<SUP>(3)</SUP> ($/ounce or pound)</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">696</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.93</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">9.22</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs per gold ounce sold ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>453</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total co-product cash costs</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">73.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">37.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs net of by-product revenue</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>47.7</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sustaining capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">24.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">11.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>36.4</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sustaining exploration - expensed </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.5</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Corporate G&amp;A including share-based compensation<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>5.6</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Reclamation expenses</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.7</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.8</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2.5</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total co-product all-in sustaining costs </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">104.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">51.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total all-in sustaining costs net of by-product revenue</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>92.7</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">All-in sustaining costs on a co-product basis<SUP>(3)</SUP> ($/ounce or pound)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">984</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.63</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">12.88</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">All-in sustaining costs per gold ounce sold ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>877</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses are apportioned to each metal produced on a percentage of revenue basis. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjustments relate to social closure costs incurred at Cerro San Pedro that are included in operating expenses.&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">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. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">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. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>OPEX, Cash Cost and AISC Reconciliation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Six months ended June 30, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>(in millions of U.S. dollars, except where noted)</I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Copper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Silver</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>OPEX, Cash Cost and AISC Reconciliation</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">148.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">71.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>223.2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Units of metal sold (ounces/millions of pounds/millions of ounces)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">204,612</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">40.9</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.4</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses per unit of metal sold ($/ounce or pound)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">725</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.75</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">9.15</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">148.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">71.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>223.2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Treatment and refining charges on concentrate sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">4.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">11.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>15.5</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjustments<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.3)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.2)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.5)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">152.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">82.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>238.2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">By-product silver and copper sales </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(135.4)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs net of by-product revenue</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>102.8</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Units of metal sold (ounces/millions of pounds/millions of ounces)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">204,612</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">40.9</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.4</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs on a co-product basis<SUP>(3)</SUP> ($/ounce or pound)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">744</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.01</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">9.69</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs per gold ounce sold ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>502</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total co-product cash costs</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">152.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">82.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs net of by-product revenue</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>102.8</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sustaining capital expenditures<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">61.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">29.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>92.2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sustaining exploration - expensed </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1.0</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Corporate G&amp;A including share-based compensation<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">7.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>11.9</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Reclamation expenses</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.9</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.4</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.1</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>4.4</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total co-product all-in sustaining costs </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">225.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">117.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">5.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total all-in sustaining costs net of by-product revenue</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>212.3</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">All-in sustaining costs on a co-product basis<SUP>(3)</SUP> ($/ounce or pound)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,099</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.87</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">14.18</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">All-in sustaining costs per gold ounce sold ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,037</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses are apportioned to each metal produced on a percentage of revenue basis. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjustments relate to social closure costs incurred at Cerro San Pedro that are included in operating expenses.&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">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. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">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. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">For the six months ended June 30, 2018, sustaining capital expenditures are net of $0.3 million in proceeds from disposal of assets.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>OPEX, Cash Cost and AISC Reconciliation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Three months ended June 30, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>(in millions of U.S. dollars, except where noted)</I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Copper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Silver</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>OPEX, Cash Cost and AISC Reconciliation</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">44.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">25.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>71.3</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Units of metal sold (ounces/millions of pounds/millions of ounces)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">73,707</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">20.8</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses per unit of metal sold ($/ounce or pound)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">603</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.21</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">8.1</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">44.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">25.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>71.3</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Treatment and refining charges on concentrate sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">5.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>7.5</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjustments<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.2)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.1)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.3)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">46.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">30.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>78.5</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">By-product silver and copper sales </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(57.2)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs net of by-product revenue</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>21.3</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Units of metal sold (ounces/millions of pounds/millions of ounces)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">73,707</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">20.8</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>73,707</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs on a co-product basis<SUP>(3)</SUP> ($/ounce or pound)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">632</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.44</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">8.58</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs per gold ounce sold ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>289</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total co-product cash costs</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">46.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">30.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs net of by-product revenue</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>21.3</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sustaining capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">10.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">5.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>16.1</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sustaining exploration - expensed </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.4</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Corporate G&amp;A including share-based compensation<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">5.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>8.5</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Reclamation expenses</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.6</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.9</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.1</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2.7</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total co-product all-in sustaining costs </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">63.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">39.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total all-in sustaining costs net of by-product revenue</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>49.0</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">All-in sustaining costs on a co-product basis<SUP>(3)</SUP> ($/ounce or pound)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">866</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.91</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">11.73</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">All-in sustaining costs per gold ounce sold ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>665</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses are apportioned to each metal produced on a percentage of revenue basis. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjustments relate to social closure costs incurred at Cerro San Pedro that are included in operating expenses.&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">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. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">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. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>OPEX, Cash Cost and AISC Reconciliation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Six months ended June 30, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>(in millions of U.S. dollars, except where noted)</I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Copper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Silver</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>OPEX, Cash Cost and AISC Reconciliation</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">80.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">49.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>133.7</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Units of metal sold (ounces/millions of pounds/millions of ounces)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">133,620</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">40.7</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.4</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses per unit of metal sold ($/ounce or pound)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">604</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.21</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">8.22</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">80.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">49.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>133.7</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Treatment and refining charges on concentrate sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">4.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">9.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>14.3</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjustments<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.3)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.2)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.5)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">85.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">58.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>147.5</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">By-product silver and copper sales </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(112.0)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs net of by-product revenue</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>35.4</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Units of metal sold (ounces/millions of pounds/millions of ounces)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">133,620</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">40.7</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.4</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs on a co-product basis<SUP>(3)</SUP> ($/ounce or pound)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">637</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.44</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">8.65</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs per gold ounce sold ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>265</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total co-product cash costs</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">85.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">58.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total cash costs net of by-product revenue</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>35.4</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sustaining capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">15.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">9.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>25.1</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Sustaining exploration - expensed </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.7</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Corporate G&amp;A including share-based compensation<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">10.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">6.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>17.1</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Reclamation expenses</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.6</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.6</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.1</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>4.3</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total co-product all-in sustaining costs </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">113.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">76.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">5.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total all-in sustaining costs net of by-product revenue</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>82.6</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">All-in sustaining costs on a co-product basis<SUP>(3)</SUP> ($/ounce or pound)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">849</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.87</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">11.53</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">All-in sustaining costs per gold ounce sold ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>617</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses are apportioned to each metal produced on a percentage of revenue basis. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjustments relate to social closure costs incurred at Cerro San Pedro that are included in operating expenses.&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">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. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">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. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>(3) Operating Cash Flows Generated from
Continuing Operations before Changes in Working Capital</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Operating cash flows generated from continuing
operations before changes in working capital&quot; is a non-GAAP financial measures with no standard meaning under IFRS, excludes
changes in non-cash operating working capital. Management uses this measure to evaluate the company's ability to generate cash
from its operations before working capital changes. Further details regarding operating cash flows generated from continuing operations
before changes in working capital and a reconciliation to the nearest IFRS measure is provided in the MD&amp;A accompanying New
Gold's financial statements filed from time to time on www.sedar.com.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Operating Cash Flows Generated from Continuing
Operations before Changes in Working Capital Reconciliation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Three months ended June 30</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Six months ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>(in millions of U.S. dollars, </I></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>except per share amounts)</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating cash flows generated from continuing operations</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>66.0</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">56.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>116.2</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">113.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Add back (deduct): Change in non-cash operating working capital </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>22.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>39.3</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(7.8)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating cash flows generated from continuing operations before </FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">changes in non-cash working capital</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>88.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">56.5</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>155.5</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">105.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>(4) Adjusted Net Earnings/(Loss) from Continuing
Operations</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Adjusted net (loss)/earnings from continuing
operations&quot; and &quot;adjusted net (loss)/earnings per share from continuing operations&quot; are non-GAAP financial measures.
Earnings/(loss) from continuing operations have been adjusted and tax affected for the group of costs in &quot;Other gains and
losses&quot; on the condensed consolidated income statement. The adjusted entries are also impacted for tax to the extent that
the underlying entries are impacted for tax in the unadjusted net (loss)/earnings from continuing operations. The company uses
this measure for its own internal purposes. Management'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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Consequently, the presentation of adjusted
net earnings and adjusted net earnings per share 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
and adjusted net earnings per share 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.
Adjusted net (loss)/earnings from continuing operations and adjusted net (loss)/earnings per share from continuing operations 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 companies. They should not be considered in isolation or as a substitute for measures of performance
prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flows from operations
as determined under IFRS.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Adjusted Net Earnings from Continuing Operations
Reconciliation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Three months ended June 30</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Six months ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>(in millions of U.S. dollars, </I></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>except per share amounts)</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(Loss) earnings before taxes from continuing operations</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(399.4)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">23.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(423.5)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">53.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Other losses (gains)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(14.7)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>10.5</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(40.4)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Asset impairment</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>383.7</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>383.7</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Corporate restructuring</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2.3</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjusted net earnings (loss) from continuing operations before tax</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(11.1)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">8.6</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(27.0)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">13.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Income tax recovery (expense)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>97.8</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(5.5)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>92.8</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Income tax adjustments</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(88.5)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">5.8</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(83.7)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjusted income tax expense</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>9.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.3</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>9.1</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(3.3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjusted net earnings (loss) from continuing operations</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(1.8)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">8.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(17.9)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">10.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjusted earnings (loss) per share from continuing operations (basic and diluted) </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>nil</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.02</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.03)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.02</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>(5) Average Realized Price </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Average realized price per ounce or pound
sold&quot; 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, silver, and copper sales. Average realized price is intended to provide additional
information only and does not have any standardized definition 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. Further details regarding average realized price
and a reconciliation to the nearest IFRS measure is provided in the MD&amp;A accompanying New Gold's financial statements filed
from time to time on www.sedar.com.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>(6) Operating Margin </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Operating margin&quot; is a non-GAAP
financial measure with no standard meaning under IFRS, which management uses to evaluate the company's aggregated and mine-by-mine
contribution to net earnings before non-cash depreciation and depletion charges.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Operating Margin Reconciliation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Three months ended June 30</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Six months ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>(in millions of U.S. dollars, </I></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>except per share amounts)</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Revenues</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>195.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">143.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>388.5</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">268.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Less: Operating expenses</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>105.9</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">71.3</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>223.2</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">133.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating margin</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>89.4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">72.5</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>165.3</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">134.6</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Consolidated Income Statements (unaudited)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Three months ended June 30</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Six months ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>(in millions of U.S. dollars, </I></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>except per share amounts)</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Revenues</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>195.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">143.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>388.5</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">268.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating expenses</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>105.9</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">71.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>223.2</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">133.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Depreciation and depletion</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>77.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">53.1</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>145.3</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">99.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Revenue less cost of goods sold</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>12.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">19.4</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>20.0</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">35.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Corporate administration</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>5.5</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">5.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>10.9</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">13.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Corporate restructuring</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2.3</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Share-based payment expenses</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1.5</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Asset impairment</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>383.7</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>383.7</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Exploration and business development</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.5</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1.0</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(Loss) earnings from operations</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(379.7)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">9.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(379.4)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">15.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Finance income</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.6</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1.1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Finance costs</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(18.0)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(1.1)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(34.7)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(2.3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Other (losses) gains</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(2.3)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">14.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(10.5)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">40.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(Loss) earnings before taxes</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(399.4)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">23.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(423.5)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">53.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Income tax recovery (expense)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>97.8</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(5.5)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>92.8</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(Loss) earnings from continuing operations</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(301.6)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">17.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(330.7)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">48.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(Loss) earnings from discontinued operations, net of tax</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.4)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">5.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.8)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">11.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Net (loss) earnings</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(302.0)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">23.1</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(331.5)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">60.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(Loss) earnings from continuing operations per share</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Basic</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.52)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.03</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.57)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.09</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Diluted </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.52)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.03</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.57)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.09</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(Loss) earnings per share</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Basic</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.52)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.04</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.57)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Diluted </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.52)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.04</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.57)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Weighted average number of shares outstanding (in millions)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Basic</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>578.7</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">575.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>578.7</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">552.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Diluted </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>578.7</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">576.3</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>578.7</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">552.7</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Consolidated Statements of Financial Position
(unaudited)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">As at June 30</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">As at December 31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>(in millions of U.S. dollars)</I></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>ASSETS</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Current assets</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>167.4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">216.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Trade and other receivables</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>25.8</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">27.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Inventories</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>198.9</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">193.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Current income tax receivable</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>9.5</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">12.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Prepaid expenses and other</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>5.7</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">5.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total current assets</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>407.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">455.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Non-current inventories</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>109.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">78.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Mining interests</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2,786.5</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3,200.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Deferred tax assets</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>211.9</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">171.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Other</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>3,517.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3,908.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Assets held for sale</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">109.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Total assets</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>3,517.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">4,017.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>LIABILITIES AND EQUITY</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Current liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Trade and other payables</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>136.4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">178.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Current income tax payable</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1.2</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Deferred benefit &ndash; Peak sale prepayment</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total current liabilities</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>137.6</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">181.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Reclamation and closure cost obligations</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>116.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">121.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold stream obligation</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>222.5</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">249.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Provisions</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>2.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Long-term debt</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>959.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,007.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Deferred tax liabilities </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>256.9</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">250.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Other</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>3.8</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,698.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,815.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Liabilities held for sale</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">62.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Total liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,698.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,877.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Equity</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Common shares</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>3,036.7</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">3,036.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Contributed surplus</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>104.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">103.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Other reserves</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(29.4)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(38.9)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Deficit</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(1,292.8)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(961.3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total equity</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1,818.8</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2,139.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Total liabilities and equity</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>3,517.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">4,017.3</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Consolidated Statements of Cash Flow (unaudited)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>(in millions of U.S. dollars, </I></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I>except per share amounts)</I></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Three months ended June 30</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Six months ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2018</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>OPERATING ACTIVITIES</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(Loss) earnings from continuing operations</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(301.6)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">17.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(330.7)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">48.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Adjustments for:</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Foreign exchange losses (gains) </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>8.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(17.6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>28.0</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(22.0)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Asset impairment</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>383.7</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>383.7</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Reclamation and closure costs paid</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.1)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.2)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.3)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.6)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gain on disposal of El Morro stream</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(33.0)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Depreciation and depletion</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>78.2</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">53.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>146.2</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">99.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Other non-cash adjustments</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(1.6)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">4.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(13.0)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">16.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Income tax (recovery) expense</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(97.8)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">5.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(92.8)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">5.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Finance income</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.6)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.3)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(1.1)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.6)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Finance costs</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>18.0</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>34.7</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>86.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">63.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>154.7</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">115.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Change in non-cash operating working capital </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(22.1)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.2)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(39.3)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">7.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Income taxes received (paid)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>1.8</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(7.4)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.8</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(9.8)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating cash flows generated from continuing operations</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>66.0</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">56.3</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>116.2</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">113.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Operating cash flows generated from discontinued operations</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">23.7</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>14.9</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">43.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Cash generated from operations</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>66.0</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">80.0</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>131.1</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">156.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>INVESTING ACTIVITIES</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Mining interests</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(50.1)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(179.6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(118.8)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(317.9)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Proceeds from the sale of Peak Mines, net of transaction costs</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>42.4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>42.4</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Proceeds from the sale of the El Morro stream and other assets</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.2</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">65.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Interest received</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.5</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.9</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Gold price option contract investment costs</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.9)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(0.9)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Investing cash flows used by continuing operations</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(7.2)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(180.2)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(75.3)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(253.0)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Investing cash flows used by discontinued operations</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(8.5)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(8.7)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(13.9)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Cash used by investing activities</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(7.2)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(188.7)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(84.0)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(266.9)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>FINANCING ACTIVITY</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Proceeds received from exercise of options </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Net proceeds received from issuance of common shares</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(1.0)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">164.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Repayment of credit facility</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(50.0)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(50.0)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Finance lease payments</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.6)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.6)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Cash settlement of gold stream obligation</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(3.5)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(6.6)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Issuance of senior unsecured notes, net of transaction costs</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">295.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">295.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Repayment of senior unsecured notes</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(305.3)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(305.3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Interest paid</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(28.7)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(31.3)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(32.3)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(32.8)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Cash (used by) generated by financing activities</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(82.8)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(42.0)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(89.5)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">122.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>0.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(0.7)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">0.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Cash and cash equivalents classified as held for sale</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(5.7)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Change in cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(23.9)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(150.7)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(48.8)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">12.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Cash and cash equivalents, beginning of period</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>191.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">349.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>216.2</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">185.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Cash and cash equivalents, end of period</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>167.4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">198.8</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>167.4</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">198.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Cash and cash equivalents are comprised of:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Cash</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>136.1</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">145.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>136.1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">145.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Short-term money market instruments</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>31.3</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">53.4</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>31.3</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">53.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>167.4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">198.8</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>167.4</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">198.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><IMG SRC="image_001.jpg" ALT="Cision" STYLE="height: 12px; width: 12px">View
original content:http://www.prnewswire.com/news-releases/new-gold-announces-2018-second-quarter-results-and-updates-2018-outlook-300686820.html</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SOURCE New Gold Inc.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content: http://www.newswire.ca/en/releases/archive/July2018/25/c7179.html</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">%CIK: 0000800166</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information: </B>Raymond Threlkeld, President &amp;
CEO, Direct: +1 (416) 324-6002, Email: Raymond.Threlkeld@newgold.com; Julie Taylor, Director, Corporate Communications and Investor
Relations, Direct: +1 (416) 324-6015, Toll free: +1 (888) 315-9715, Email: info@newgold.com</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CO: New Gold Inc.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CNW 20:29e 25-JUL-18</P>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ,  P# 2(  A$! Q$!_\0
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?L94\=#@5IJH50HZ 8%8TXM3DWU.BK.+I02Z>7ZG_V0$!

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