<SEC-DOCUMENT>0001279569-15-000887.txt : 20150506
<SEC-HEADER>0001279569-15-000887.hdr.sgml : 20150506
<ACCEPTANCE-DATETIME>20150505203015
ACCESSION NUMBER:		0001279569-15-000887
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150505
FILED AS OF DATE:		20150506
DATE AS OF CHANGE:		20150505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SANDSTORM GOLD LTD
		CENTRAL INDEX KEY:			0001434614
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35617
		FILM NUMBER:		15834837

	BUSINESS ADDRESS:	
		STREET 1:		1400-400 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3A6
		BUSINESS PHONE:		604-689-0234

	MAIL ADDRESS:	
		STREET 1:		1400-400 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3A6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SANDSTORM RESOURCES LTD
		DATE OF NAME CHANGE:	20080507
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v409399_6k.htm
<DESCRIPTION>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">&nbsp;</P>

<HR SIZE="4" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

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

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

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

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

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

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

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

<P STYLE="text-align: center; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><B>REPORT
OF FOREIGN PRIVATE ISSUER</B><BR>
<B>PURSUANT TO RULE 13A-16 OR 15D-16</B><BR>
<B>OF THE SECURITIES EXCHANGE ACT OF 1934&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the month of  May,
2015</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Commission File Number: <B>001-35617</B></P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 18pt Times New Roman, Times, Serif"><B>Sandstorm
Gold Ltd.</B><BR>
<FONT STYLE="font-size: 10pt">(Translation of registrant&rsquo;s name into English)</FONT></P>



<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: black">

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

<P STYLE="text-align: center; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><B>Suite
1400 - 400 Burrard Street</B><BR>
<B>Vancouver, British Columbia</B><BR>
<B>V6C 3A6 Canada</B><BR>
</P>

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

<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 9pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24%; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form
20-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="text-align: left; width: 76%; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form
40-F </FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<BR>
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): <FONT STYLE="font-family: Wingdings">&#168;</FONT><BR></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font-size: 10pt"><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): &nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT><BR></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.<BR>
&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Yes <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="text-align: left; width: 76%; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0">&nbsp;<BR>
If &ldquo;Yes&rdquo; is marked, indicate
below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23pt">&nbsp;</P>

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



<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

<HR SIZE="4" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

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

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 8%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%">Exhibit</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 91%; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt; line-height: 115%">Description of Exhibit</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 115%">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"> Management&rsquo;s Discussion and Analysis for the Period Ended  March 31, 2015 and
    Condensed Consolidated Interim Financial Statements of the Company for the  Three Months Ended March  31, 2015</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">99.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">CEO Certification</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">99.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">CFO Certification</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

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

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

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

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>SANDSTORM GOLD
    LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; line-height: 115%"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Date:   May 5, 2015</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">By: &nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt; line-height: 115%">/s/&nbsp;Erfan Kazemi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Name: Erfan Kazemi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Title:&nbsp;&nbsp; Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>



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

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v409399_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: 15pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; color: Black"><B>SANDSTORM
GOLD LTD.</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 15pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; color: Black">MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 15pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; color: Black"><B>Q1
/ 2015</B></FONT></P>

<P STYLE="font: 15pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black"><B><I>For
The Period Ended March 31, 2015</I></B></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">This management&rsquo;s
discussion and analysis (&ldquo;MD&amp;A&rdquo;) for Sandstorm Gold Ltd. and its subsidiary entities (&ldquo;Sandstorm&rdquo;
or the &ldquo;Company&rdquo;) should be read in conjunction with the unaudited condensed consolidated interim financial statements
of Sandstorm for the three months ended March 31, 2015 and related notes thereto which have been prepared in accordance with International
Accounting Standards (&ldquo;IAS&rdquo;) 34: Interim Financial Reporting using accounting policies in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board (&ldquo;IFRS&rdquo;). Readers are encouraged
to consult the Company&rsquo;s audited consolidated financial statements for the year ended December 31, 2014 and the corresponding
notes to the financial statements which are available on SEDAR at www.sedar.com. The information contained within this MD&amp;A
is current to May 4, 2015 and all figures are stated in U.S. dollars unless otherwise noted.</FONT></P>

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">company
HIGHLIGHTS</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black"><B><I>Operating
Results</I></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">Record
                                         Attributable Gold Equivalent ounces sold, for the three months ended March 31, 2015 were
                                         12,460 ounces compared with 11,966 ounces for the comparable period in 2014.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">Revenue
                                         for both the three months ended March 31, 2015 and March 31, 2014 was $15.3 million.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">Operating
                                         cash flows for the three months ended March 31, 2015 were $8.1 million compared with
                                         $7.0 million for the comparable period in 2014, representing an increase of 16%.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">Average
                                         cash costs for the three months ended March 31, 2015 of $323<SUP>1</SUP> per Attributable
                                         Gold Equivalent ounce, compared with $355<SUP>1</SUP> per Attributable Gold Equivalent
                                         ounce for the comparable period in 2014.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black"><B><I>Acquisitions</I></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">On
                                         January 27, 2015, the Company announced that it had entered into 10 royalty agreements
                                         on properties located in Africa and the USA, which include a 0.45% NSR on Orezone Gold
                                         Corp.&rsquo;s Bombor&eacute; gold project located in Burkina Faso.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">On
                                         March 23, 2015, the Company announced that it had acquired a 1% gross proceeds royalty
                                         over property in Lac de Gras in the Northwest Territories, Canada, including property
                                         constituting the Diavik Diamond Mine operated by Rio Tinto plc. With this transaction,
                                         over 50% of Sandstorm&rsquo;s free cash flow will come from mines operated by large,
                                         multi-asset mining companies including Glencore, Rio Tinto, Newmont, Primero, AngloGold
                                         Ashanti and Yamana. Sandstorm continues to be committed to growing its portfolio of streams
                                         and royalties while maintaining a focus on gold.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: italic 7pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-style: normal; color: Black"><B>1)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Refer
                                         to section on non-IFRS measures of this MD&amp;A.</FONT></TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">On
                                         April 28, 2015, the Company closed its previously announced agreement to acquire 100%
                                         of the outstanding common shares of Gold Royalties Corp. Gold Royalties has approximately
                                         C$2 million in cash and a portfolio of royalties on 12 mining projects located in Canada,
                                         including one royalty that is generating cash flow from gold production.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black"><B><I>Other</I></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">On
                                         March 20, 2015, the Company announced that it had agreed to restructure its Aurizona
                                         Gold Stream and its outstanding loan. Under the terms of the restructuring, the Gold
                                         Stream will be terminated and replaced by two net smelter return royalties and a convertible
                                         debenture. Additionally, the maturity date of the existing loan will be extended from
                                         June 30, 2017 to June 30, 2021. The restructuring is subject to Luna completing an equity
                                         raise of no less than C$20 million and certain regulatory approvals. Management believes
                                         the restructuring puts Luna Gold on a development path to move the Aurizona mine toward
                                         sustainable, long-term production.</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT></TD><TD STYLE="text-align: justify">Refer to section on non-IFRS measures of this MD&amp;A.</TD></TR></TABLE>

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Overview</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Sandstorm
is a growth-focused company that seeks to acquire gold and other precious metal purchase agreements (&ldquo;Gold Streams&rdquo;)
and royalties from companies that have advanced stage development projects or operating mines. In return for making upfront payments
to acquire a Gold Stream, Sandstorm receives the right to purchase, at a fixed price per ounce, a percentage of a mine&rsquo;s
gold, silver, or other commodity (&quot;Gold Equivalent&quot;) production for the life of the mine. Sandstorm helps other companies
in the resource industry grow their businesses, while acquiring attractive assets in the process. The Company is focused on acquiring
Gold Streams and royalties from mines with low production costs, significant exploration potential and strong management teams.
The Company currently has 10 Gold Streams and 60 net smelter returns royalties (&ldquo;NSR&rdquo;s), of which 14 of the underlying
mines are producing gold.</FONT></P>

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Outlook</FONT></P>

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

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

<P STYLE="color: #262626; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the Company&rsquo;s existing Gold
Streams and NSRs, attributable Gold Equivalent production (individually and collectively referred to as &ldquo;Attributable Gold
Equivalent&rdquo;) for 2015 is forecasted to be between 40,000 &ndash; 50,000 Attributable Gold Equivalent ounces. The Company
is forecasting Attributable Gold Equivalent production of approximately 50,000 ounces per annum beginning in 2018.</P>

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

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Key
Producing Assets</FONT></P>

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Diavik
Royalty</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Rio
Tinto PLC</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">During the
three months ended March 31, 2015, the Company acquired a 1% gross proceeds royalty based on the production from the Diavik mine
located in Lac de Gras, Northwest Territories,&nbsp;Canada (&ldquo;Diavik&rdquo; or the &ldquo;Diavik Mine&rdquo;) which is operated
by Rio Tinto PLC (&ldquo;Rio Tinto&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">For consideration,
during the three months ended March 31, 2015, the Company paid $52.5 million in cash and 3 million warrants of Sandstorm to IAMGOLD
Corporation (the owner of the 1% royalty). The warrants have a 5 year term, a strike price of $4.50 per Sandstorm common share
and will be exercisable following initial production from the Diavik Mine&rsquo;s A21 pipe.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Diavik
Mine is Canada&rsquo;s largest diamond mine. The mine began producing diamonds in January 2003, and has since produced more than
90 million carats from three kimberlite pipes (A154 South, A154 North, and A418). Rio Tinto recently approved the development
of open pit mining from a fourth pipe (A21) which is targeted for production in 2018.</FONT></P>

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

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Current
activities at the Diavik Mine include:</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">On
                                         March 6, 2015, Rio Tinto released an updated reserves and resources statement for the
                                         Diavik Mine. The updated reserves and resources statement added an additional 3.9 million
                                         tonnes containing approximately 13.0 million carats to the mineral reserves. For more
                                         information refer to <U>www.diavik.com</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Black
Fox Stream</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Primero
Mining Corp.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has a Gold Stream to purchase 8% of the life of mine gold produced from Primero Mining Corp.&rsquo;s (&ldquo;Primero&rdquo;) open
pit and underground Black Fox mine, located in Ontario, Canada (the &ldquo;Black Fox Mine&rdquo;), and 6.3% of the life of mine
gold produced from Primero&rsquo;s Black Fox Extension (the &ldquo;Black Fox Extension&rdquo;), which includes a portion of Primero&rsquo;s
Pike River concessions, for a per ounce cash payment equal to the lesser of $518 and the then prevailing market price of gold.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Black
Fox Mine began operating as an open pit mine and in 2010, development of an underground mine began. Both open pit and underground
operations are now running concurrently, feeding the 2,200 tonne-per-day mill.</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Current
activities at the Black Fox Mine include:</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #262626; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Primero intends on producing predominantly from the open-pit until the middle of 2015 when production from the underground
mine is expected to increase to approximately 1,000 tonnes of ore per day. The open-pit mining is expected to be completed by September
2015.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">Primero
                                         recently announced a 2015 exploration budget of $12.3 million for the Black Fox Mine.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Santa
Elena Gold Stream</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">SilverCrest
Mines Inc.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has a Gold Stream to purchase 20% of the life of mine gold produced from SilverCrest Mines Inc.&rsquo;s (&ldquo;SilverCrest&rdquo;)
open-pit and underground Santa Elena mine, located in Mexico (the &ldquo;Santa Elena Mine&rdquo;), for a per ounce cash payment
equal to the lesser of $354 and the then prevailing market price of gold until 50,000 ounces of gold have been delivered to Sandstorm,
at which time the on-going per ounce payments will increase to the lesser of $450 and the then prevailing market price of gold.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">In 2014,
SilverCrest completed their transition from both an open pit to an underground operation at the Santa Elena Mine and from a heap
leach operation to a conventional mill.</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Current
activities at the Santa Elena Mine include:</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">SilverCrest
                                         recently filed a pre-feasibility study and open pit resource update, showing 8 years
                                         of silver and gold production at the Santa Elena Mine.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Aurizona
Gold Stream</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Luna
Gold Corp.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
currently has a Gold Stream to purchase 17% of the life of mine gold produced from Luna Gold Corp.&rsquo;s (&ldquo;Luna&rdquo;)
open-pit Aurizona mine, located in Brazil (the &ldquo;Aurizona Mine&rdquo;) for a per ounce cash payment equal to the lesser of
$408 and the then prevailing market price of gold.</FONT></P>

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

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-style: normal; color: Black">Gold
Stream Restructuring</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">During the
three months ended March 31, 2015, the Company agreed to restructure the Gold Stream and loan agreement with Luna (the &ldquo;Restructuring&rdquo;).
Under the terms of the Restructuring, the Gold Stream will be terminated and replaced by two NSRs (the &ldquo;Aurizona Project
NSR&rdquo; and the &ldquo;Greenfields NSR&rdquo;) and a convertible debenture. The Aurizona Project NSR will cover the entire
Aurizona project, including the current 43-101 compliant reserves and resources, and all adjacent exploration upside that would
be processed through the Aurizona mill. The Aurizona Project NSR will be a sliding scale royalty based on the price of gold as
follows:</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">3%
                                         if the price of gold is less than or equal to $1,500 per ounce;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">4%
                                         if the price of gold is between $1,500 per ounce and $2,000 per ounce; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">5%
                                         if the price of gold is greater than $2,000 per ounce.</FONT></TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Greenfields
NSR will cover the 190,073 hectares of exploration ground held by Luna and will be a 2% NSR. Luna will have the right to purchase
one-half of the Greenfields NSR for $10 million at any time prior to commercial production. Furthermore, Sandstorm will hold a
right of first refusal on any future streams or royalties on the Aurizona Project and Greenfields.</FONT><FONT STYLE="color: Black"><BR>
<BR>
<FONT STYLE="font-size: 10pt">The debenture will be a $30 million debenture bearing interest at a rate of 5% per annum (the &ldquo;Debenture&rdquo;).
The Debenture is payable in three equal annual tranches of $10 million plus accrued interest beginning June 30, 2018. Luna will
have the right to convert principal and interest owing under the Debenture into common shares of Luna, so long as Sandstorm does
not own more than 20% of the outstanding common shares of Luna. &nbsp;</FONT></FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-style: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-style: normal; color: Black">Loan
Amendment</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Under the
loan amendment, the maturity date of the existing $20 million Luna loan will be extended from June 30, 2017 to June 30, 2021,
the interest rate will be revised to 5% per annum, payable in cash on the maturity date. In the event that Luna is in default,
the applicable rate of interest will increase to 10% per annum.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Restructuring
is subject to Luna completing an equity raise of no less than CAD$20 million, obtaining all of the necessary governmental and
regulatory approvals and the Restructuring is expected to be completed and effective on or around June 30, 2015.</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Current
activities at the Aurizona Mine include:</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">Luna
                                         is currently processing ore from a stockpile and once the stockpile has been depleted
                                         it is expected that Luna will cease milling operations for the remainder of 2015.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">Given
                                         Luna&rsquo;s current financial situation, it will likely need additional capital to continue
                                         its mining operations, meet its financial obligations and remain solvent. There can be
                                         no assurances that Luna will have access to the capital necessary to meet these requirements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Bachelor
Lake Gold Stream</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Metanor
Resources Inc.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has a Gold Stream to purchase 20% of the life of mine gold produced from Metanor Resources Inc.&rsquo;s (&ldquo;Metanor&rdquo;)
Bachelor Lake gold mine located in Quebec, Canada (the &ldquo;Bachelor Lake Mine&rdquo;), for a per ounce cash payment equal to
the lesser of $500 and the then prevailing market price of gold.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Production
at the Bachelor Lake Mine began in early 2013 and is a long hole mining operation with an operating mill and surface infrastructure.</FONT></P>

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

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Current
activities at the Bachelor Lake Mine include:</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">Metanor
                                         recently announced the completion of a CAD$3 million private placement, of which CAD$1
                                         million was used to repay a portion of its convertible debentures (CAD$9 million in principal
                                         remains outstanding). In addition, Metanor was able to extend the maturity date on the
                                         debentures by 24 months to August 22, 2017. The capital raise and maturity extension
                                         put Metanor in a better financial position as they continue to produce gold from the
                                         Bachelor Lake Mine.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Bracemac-Mcleod
Royalty</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Glencore-Xstrata
PLC</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Sandstorm
has a 3% NSR based on 100% of the production from the Bracemac-McLeod development property located in Matagami, Quebec, Canada
(&ldquo;Bracemac-McLeod&rdquo; or the &ldquo;Bracemac-McLeod Mine&rdquo;) which is owned and operated by a subsidiary of Glencore
Xstrata plc (&ldquo;Glencore&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Bracemac-McLeod
Mine is a high grade volcanogenic massive sulphide deposit located in the historical and prolific mining district of Matagami,
Quebec. Continuous mining and milling operations have been active in the Matagami district for almost fifty years with ten previously
operating mines and one other currently producing mine. The Bracemac-McLeod Mine began initial production in the second half of
2013.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Ming
Gold Stream</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Rambler
Metals &amp; Mining PLC</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has a Gold Stream to purchase approximately 25% of the first 175,000 ounces of gold produced and 12% of the life of mine gold
produced thereafter, from Rambler Metals &amp; Mining PLC&rsquo;s (&ldquo;Rambler&rdquo;) Ming Copper-Gold mine, located in Newfoundland,
Canada (the &ldquo;Ming Mine&rdquo;). There are no ongoing per ounce payments required by Sandstorm in respect of the Ming Mine
Gold Stream. In the event that the metallurgical recoveries of gold at the Ming Mine are below 85%, the percentage of gold that
Sandstorm shall be entitled to purchase shall be increased proportionally. Based on 2014 metallurgical recoveries, Sandstorm&rsquo;s
2015 gold purchase entitlement was adjusted to 31%.</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Current
activities at the Ming Mine include:</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">Rambler
                                         recently provided a reserve and resource estimate update for the Ming Mine. The reserve
                                         update shows the replacement of all tonnes mined from the 1807 Zone to-date; thereby,
                                         extending the mine life by one year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black"></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #262626; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Rambler released a favorable preliminary economic assessment that identifies the potential for an expansion of the Ming Mine
into the Lower Footwall Zone following additional value optimization studies and a feasibility study. While the improvements in
the Lower Footwall Zone resource estimate have yet to be converted into a mineral reserve; Rambler intends on initiating a pre-feasibility
study to evaluate the economic viability of this new resource and how it can be integrated into the current mine plan. The results
of this work will be announced in concert with the filing of the associated technical report which Rambler is targeting for the
middle of 2015.</TD></TR></TABLE>

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



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Other
Producing Assets</FONT></P>

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Emigrant
Springs Royalty</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Newmont
Mining Corp.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has a 1.5% NSR on the Emigrant Springs mine (the &ldquo;Emigrant Springs Mine&rdquo;) which is located in the Carlin Trend in
Nevada, U.S.A. and is owned and operated by Newmont Mining Corp. (&ldquo;Newmont&rdquo;). The Emigrant Springs Mine is an open
pit, heap leach operation. In the third quarter of 2012, construction of the mine was completed and commercial production commenced.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Mine
Waste Solutions Royalty</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Anglogold
Ashanti Ltd.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has a 1% NSR on the gold produced from Mine Waste Solutions tailings recovery operation (&ldquo;MWS&rdquo;) which is located near
Stilfontein, South Africa, and is owned and operated by AngloGold Ashanti Ltd. (&ldquo;AngloGold&rdquo;). MWS is a gold and uranium
tailings recovery operation. The operation processes multiple tailings dumps in the area through three production modules, the
last of which was commissioned in 2011.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Gualcamayo
Royalty</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Yamana
Gold Inc.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has a 1% NSR on the Gualcamayo gold mine (the &ldquo;Gualcamayo Mine&rdquo;) which is located in San Juan province, Argentina
and owned and operated by Yamana Gold Inc. (&ldquo;Yamana&rdquo;). The Gualcamayo Mine is an open pit, heap leach operation encompassing
three substantial zones of gold mineralization. An expansion of the operation is expected to increase sustainable production.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">San
Andres Royalty</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Aura
Minerals Inc.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has a 1.5% NSR on the San Andres mine (the &ldquo;San Andres Mine&rdquo;) which is located in La &Uacute;nion, Honduras and owned
and operated by Aura Minerals Inc. (&ldquo;Aura Minerals&rdquo;). The San Andres Mine is an open pit, heap leach operation. The
mine has been in production since 1983 and has well-developed infrastructure, which includes power and water supply, warehouses,
maintenance facilities, assay laboratory and on-site camp facilities.</FONT></P>

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

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

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Development
Assets</FONT></P>

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Karma
Gold Stream</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">True
Gold Mining Inc.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has a Gold Stream which entitles it to purchase 25,000 ounces of gold over a five year period and thereafter 1.625% of the gold
produced from True Gold Mining Inc.&rsquo;s (&ldquo;True Gold&rdquo;) open-pit heap leach Karma gold mine located in Burkina Faso,
West Africa (&ldquo;Karma&rdquo; or the &ldquo;Karma Project&rdquo;) for on-going per ounce cash payment equal to 20% of the spot
price of the gold.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Gold
Stream, which on a gross basis requires True Gold to deliver 100,000 ounces of gold over a five year period starting March 31,
2016 and thereafter 6.5% of the equivalent gold production at the Karma Project, is being syndicated between Franco-Nevada Corp.
(&ldquo;Franco-Nevada&rdquo;) and Sandstorm (the &ldquo;Stream Syndicate&rdquo;). Franco-Nevada will be providing 75% of the funding
and Sandstorm will be providing the remaining 25% of the funding. In consideration for acquiring the Gold Stream, the Stream Syndicate
will make a payment of $100 million. During the year ended December 31, 2014, Sandstorm remitted $14.4 million of its commitment
to fund $25 million of the upfront payment. In addition, the Stream Syndicate has provided True Gold with an 18 month option to
increase funding by up to $20 million (the &ldquo;Increase Option&rdquo;) in exchange for eight quarterly deliveries totaling
30,000 ounces of gold, or the pro-rata portion of the amount drawn thereunder, starting 18 months from when the first tranche
under the Increase Option is drawn down.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Karma
Project has five defined mineral deposits that make up the Karma Project with probable mineral reserves of 949,000 ounces of gold.
The mine is expected to produce an average of 97,000 ounces of gold per year over 8.5 years. The mining operation is planned to
employ conventional truck and shovel methods. True Gold announced that all required permits are in place to fully develop the
five deposits within the current Karma plan.</FONT></P>




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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Since True
Gold temporarily suspended operations at its Karma Project earlier in 2015, the company has engaged in productive discussions
with leaders from government, traditional authorities, religious groups, and local businesses in order to ensure strong ties with
all of its stakeholders. True Gold has been able to limit capital expenditures during the shutdown and remains fully funded to
production.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Hugo
North Extension &amp; Heruga Gold Stream</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Entr&eacute;e
Gold Inc.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Sandstorm
has a Gold Stream with Entr&eacute;e Gold Inc. (&ldquo;Entr&eacute;e&rdquo;) to purchase an amount equal to 33.8% and 25.7% of
Entr&eacute;e&rsquo;s 20% share of the gold and silver by-products produced from the Hugo North Extension and Heruga deposits
located in Mongolia, (the &ldquo;Hugo North Extension&rdquo; and &ldquo;Heruga&rdquo;, respectively) for per ounce cash payments
equal to the lesser of $220 per ounce of gold and $5 per ounce of silver and the then prevailing market price of gold and silver,
respectively. Additionally, Sandstorm has a copper stream to purchase an amount equal to 2.5% of Entr&eacute;e&rsquo;s 20% share
of the copper produced from Hugo North Extension and Heruga for per pound cash payments equal to the lesser of $0.50 per pound
of copper and the then prevailing market price of copper.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
is not required to contribute any further capital, exploration, or operating expenditures to Entr&eacute;e.</FONT></P>

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

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

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Hugo North
Extension is a rich copper-gold porphyry deposit and Heruga is a copper-gold-molybdenum porphyry deposit. Both projects are located
in the South Gobi desert of Mongolia, approximately 570 kilometers south of the capital city of Ulaanbaatar and 80 kilometers
north of the border with China. Hugo North Extension and Heruga are part of the Oyu Tolgoi mining complex and are managed by Oyu
Tolgoi LLC, a subsidiary of Turquoise Hill Resources and the Government of Mongolia, and its project manager Rio Tinto PLC. Entr&eacute;e
retains a 20% interest in the resource deposits of the Hugo North Extension and Heruga.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Bombor&eacute;
Royalty</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Orezone
Gold Corp.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">On January
27, 2015, the Company acquired a 0.45% NSR on the Bombor&eacute; gold project (&ldquo;Bombor&eacute;&rdquo; or &ldquo;Bombor&eacute;
Project&rdquo;) located in Burkina Faso, West Africa and owned by Orezone Gold Corp. (&ldquo;Orezone&rdquo;) for consideration
of $3.0 million (&ldquo;Upfront Royalty&rdquo;). In addition, Sandstorm has committed to providing up to an additional $5.0 million
in royalty financing (remittable in cash and/or shares, subject to certain conditions) to Orezone on a drawdown basis until January
27, 2017 (the &ldquo;Standby Royalty&rdquo;). The Standby Royalty, if fully exercised, would result in the granting of an additional
0.75% NSR. Orezone has granted Sandstorm a right of first refusal on any future stream or royalty financings related to the Bombor&eacute;
Project until 36 months following the achievement of commercial production at the mine. Orezone has the option to repurchase the
Upfront Royalty from Sandstorm for a period of 36 months, at a premium of 10% per year. The Standby Royalty can also be repurchased
at a premium of 10% per year if Orezone completes a gold stream financing and Sandstorm participates for no less than $30 million.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Orezone's
168 km<SUP>2 </SUP>Bombor&eacute; project is the largest undeveloped oxide gold deposit in Burkina Faso, containing 4.6 million
ounces of measured and indicated gold resources (2.0 million ounces of oxide resources and 2.6 million ounces of sulfide resources).</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Prairie
Creek Royalty</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Canadian
Zinc Corporation</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has a 1.2% NSR on the Prairie Creek project (&ldquo;Prairie Creek&rdquo; or the &ldquo;Prairie Creek Project&rdquo;) located in
the Northwest Territories, Canada and owned by Canadian Zinc Corporation (&ldquo;Canadian Zinc&rdquo;). The Prairie Creek Project
is a zinc, silver and lead project that is 100%-owned by Canadian Zinc and currently reports a proven and probable mineral reserve
of 5.2 million tonnes grading 9.4% zinc, 151 grams per tonne silver and 9.5% lead.</FONT></P>




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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Canadian
Zinc has provided Sandstorm with a right of first refusal on any future royalty or commodity stream financing for the Prairie
Creek Project.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Mt.
Hamilton Royalty</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Solitario
Exploration &amp; Royalty Corp.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has a 2.4% NSR on the Mt. Hamilton gold project (the &quot;Mt. Hamilton Project&quot;). The Mt. Hamilton Project is located in
White Pine County, Nevada, U.S.A. and is held by Mt. Hamilton LLC (&ldquo;MH-LLC&rdquo;) which is 80% owned by Solitario Exploration
&amp; Royalty Corp. (&ldquo;Solitario&rdquo;) and 20% owned by Ely Gold &amp; Minerals Inc.</FONT></P>

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

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

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">MH-LLC has
provided Sandstorm with a right of first refusal on any future royalty or gold stream financing for the Mt. Hamilton Project.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Acquisition</FONT></P>

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Gold
Royalties Corporation</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">During the
three months ended March 31, 2015, the Company entered into an arrangement agreement with Gold Royalties Corporation (&ldquo;Gold
Royalties&rdquo;), which subsequently closed on April 28, 2015, pursuant to which Sandstorm Gold acquired all of the issued and
outstanding shares (the &ldquo;Gold Royalties Shares&rdquo;) of Gold Royalties. The transaction was implemented by way of a statutory
plan of arrangement (the &ldquo;Arrangement&rdquo;). Upon completion of the Arrangement, Sandstorm Gold issued to each holder
of a Gold Royalties Share 0.045 of a common share of Sandstorm Gold.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Gold Royalties
has approximately C$2 million in cash and a portfolio of 18 royalties on 12 mining projects located in Canada, including one royalty
that is generating cash flow from gold production. Upon the closing of the Arrangement, Sandstorm&rsquo;s portfolio totaled 10
streams and 60 royalties.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Revolving
credit facility</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">On July
17, 2014, the Company amended its revolving credit agreement, extending the term to five years (the &ldquo;Revolving Loan&rdquo;).
The Revolving Loan allows the Company to borrow up to $100 million, for acquisition purposes, from a syndicate of banks including
the Bank of Nova Scotia, Bank of Montreal and National Bank of Canada. The amounts drawn on the Revolving Loan remain subject
to interest at LIBOR plus 3.00%&thinsp;&ndash;&thinsp;4.25% per annum, and the undrawn portion of the Revolving Loan remains subject
to a standby fee of 0.75%&thinsp;&ndash;&thinsp;1.05% per annum, dependent on the Company&rsquo;s leverage ratio. As at March
31, 2015, the Company had not drawn down on its credit facility and therefore, the full balance remains available for future acquisitions.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">NORMAL
COURSE ISSUER BID</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">On December
15, 2014, the Company announced that it intended to proceed with a normal course issuer bid (&ldquo;NCIB&rdquo;). Under the NCIB,
the Company may, until December 16, 2015, purchase up to 5,882,879 common shares, representing 5% of the Company&rsquo;s issued
and outstanding common shares of 117,657,587 as of December 11, 2014. The NCIB provides the Company with the option to purchase
its common shares from time to time when the Company&rsquo;s management believes that the Common Shares are undervalued by the
market.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">During the
three months ended March 31, 2015 and pursuant to the NCIB, the Company purchased an aggregate of 147,445 common shares. These
shares were returned to treasury for cancellation on March 31, 2015.</FONT></P>

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


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 15pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; color: Black">SUMMARY
OF QUARTERLY RESULTS</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">(in
accordance with IFRS)</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Quarters
Ended</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">In
    $000s</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Mar.
    31, 2015</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Dec.
    31, 2014</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Sep.
    30, 2014</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Jun.
    30, 2014</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Total revenue</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">15,285</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">12,488</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">15,559</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">13,153</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Attributable
                                 Gold Equivalent ounces sold <SUP>1</SUP>&nbsp;</FONT></P></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">12,460</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">10,424</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">12,282</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">10,149</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Gold sales</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">11,566</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">9,463</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">11,571</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">9,724</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Royalty revenue</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">3,719</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">3,025</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">3,988</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">3,429</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8.5pt; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">Average realized gold price per attributable
    ounce <B><SUP>&nbsp;1</SUP></B></FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,227</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,198</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,267</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,296</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Average cash cost
    per attributable ounce <B><SUP>1</SUP></B></FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">323</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">308</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">308</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">310</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Cash flow from operations</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">8,119</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">8,854</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">9,962</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">9,383</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Cash flow from
    operations per share (basic) <B><SUP>1</SUP></B></FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.07</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.08</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.08</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.08</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><P STYLE="font: 8.5pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Cash
                                 flow from operations per share (diluted) <B><SUP>1</SUP></B></FONT></P></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.07</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.07</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.08</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.08</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Net income</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">825</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,608</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,076</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">3,039</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">Basic income per share</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.01</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.02</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.02</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.03</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">Diluted income per
    share</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">0.01</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">0.02</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">0.02</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">0.03</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">Total
    assets</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">425,154</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">431,070</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">445,368</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">456,050</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">Total
    long-term liabilities</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">5,341</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">5,892</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">6,161</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;$</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">5,922</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8.5pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">In
    $000s</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Mar.
    31, 2014</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Dec.
    31, 2013</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Sep.
    30, 2013</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Jun.
    30, 2013</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Total revenue</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">15,295</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">15,767</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">15,352</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">13,353</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><P STYLE="font: 8.5pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Attributable
Gold Equivalent ounces sold <B><SUP>1</SUP>&nbsp;</B></FONT></P></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">11,966</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">12,415</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">11,595</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">9,430</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Gold sales</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">12,932</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">13,360</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">12,671</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">10,582</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Royalty revenue</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,363</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,407</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,681</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,771</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">Average realized gold price per ounce <B><SUP>1</SUP></B></FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,278</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,270</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,324</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,416</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">Average cash cost per ounce <B><SUP>1</SUP></B></FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">355</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">345</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">355</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">330</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Cash flow from operations</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">7,025</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">8,138</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">8,577</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">8,539</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Cash flow from operations per share
    (basic) <B><SUP>1</SUP></B></FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.07</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.08</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.09</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.09</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Cash flow from operations per share
    (diluted) <B><SUP>1</SUP></B></FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.06</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.08</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.08</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.08</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Net income (loss) attributable to</FONT><FONT STYLE="color: Black"><BR>
    <FONT STYLE="font-size: 10pt">shareholders of Sandstorm</FONT></FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">3,792</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(39,863</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(1,446</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(14,975</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Net income (loss)</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">3,792</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(39,863</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(1,917</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(15,228</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">Basic income  (loss) per share</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.04</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(0.40</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(0.02</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(0.16</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">Diluted income per share</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.03</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(0.40</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(0.02</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(0.16</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">Total
    assets</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">400,299</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">379,703</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">420,623</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">418,206</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">Total
    long-term liabilities</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">5,837</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">6,134</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">6,848</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">8,113</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: italic 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; font-style: normal; color: Black"><B>&nbsp;</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify">See non-IFRS measures section below.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Changes
in sales, net income and cash flow from operations from quarter to quarter are affected primarily by fluctuations in production
at the mines, the timing of shipments, changes in the price of gold, as well as acquisitions of Gold Stream and royalty agreements
and the commencement of operations of mines under construction. For more information refer to the quarterly commentary discussed
below.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company&rsquo;s
operating segments for the three months ended March 31, 2015 are summarized in the table below:</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8.5pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P><P STYLE="font: bold 8pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">In
                                         $000s</FONT></P></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Attributable</FONT><FONT STYLE="color: Black"><BR>
    <FONT STYLE="font-size: 10pt">ounces sold</FONT></FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Sales
    and</FONT><FONT STYLE="color: Black"><BR>
    <FONT STYLE="font-size: 10pt">royalty</FONT><BR>
    <FONT STYLE="font-size: 10pt">revenues</FONT></FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Cost
    of sales</FONT><FONT STYLE="color: Black"><BR><FONT STYLE="font-size: 10pt"> (excluding</FONT><BR>
    <FONT STYLE="font-size: 10pt">depletion)</FONT></FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Depletion</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Income
    (loss)</FONT><FONT STYLE="color: Black"><BR><FONT STYLE="font-size: 10pt"> before taxes</FONT></FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">Cash
    flow</FONT><FONT STYLE="color: Black"><BR><FONT STYLE="font-size: 10pt"> from operations</FONT></FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">Aurizona</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">3,112</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">3,857</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,263</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">368</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,226</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 10%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,594</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Bachelor Lake</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,033</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,473</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,016</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,208</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">249</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,457</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Black Fox</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,858</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,288</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">954</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,327</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">7</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,334</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Diavik Mine</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,223</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,500</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,458</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">42</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">Ming</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">202</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">240</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">242</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(2</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">240</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Santa Elena</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,224</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,708</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">786</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,354</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">568</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,922</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">Royalties</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,808</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,219</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,841</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">(622</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2,664</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">Corporate</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">(1,100</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">(2,092</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">Consolidated</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">12,460</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">15,285</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">4,019</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">8,798</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">1,368</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">8,119</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
</TABLE>



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

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">THREE
MONTHS ENDED MARCH 31, 2015</FONT><FONT STYLE="color: Black"><BR>
<FONT STYLE="font-size: 10pt">COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2014</FONT></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">For the
three months ended March 31, 2015, net income and cash flow from operations were $0.8 million and $8.1 million, respectively,
compared with net income and cash flow from operations of $3.8 million and $7.0 million for the comparable period in 2014. The
change is attributable to a combination of factors including:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">A
                                         $2.7 million increase in depletion expense largely driven by an increase in Attributable
                                         Gold Equivalent ounces sold;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">A
                                         $0.3 million increase in administration expenses largely driven by the vesting of previously
                                         granted stock based compensation;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">A
                                         $0.2 million increase in project evaluation costs resulting from increased corporate
                                         activity; partially offset by</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">A
                                         foreign exchange gain of $1.9 million largely driven by fluctuations in the foreign exchange
                                         rate and the consolidation of subsidiary entities with a different functional currency
                                         than the parent entity.</FONT></TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">For both
the three months ended March 31, 2015 and March 31, 2014, revenue was $15.3 million. There were a number of factors impacting
comparability including:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">4%
                                         increase in the number of Attributable Gold Equivalent ounces sold, due to:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">i.</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">45%
                                         increase in gold ounces sold from the Santa Elena Mine primarily attributed to a record
                                         production from the property and an improvement in the mining of underground stopes;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">ii.</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">28%
                                         increase in gold ounces sold from the Black Fox Mine primarily driven by the ramping
                                         up of operations;</FONT></TD></TR></TABLE>




<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">iii.</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">An
                                         additional 1,223 Attributable Gold Equivalent ounces arising from the Company&rsquo;s
                                         recently acquired Diavik royalty; partially offset by</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">iv.</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">26%
                                         decrease in gold ounces sold from the Bachelor Lake Mine primarily related to the mine
                                         experiencing lower feed grade largely driven by higher than expected dilution from three
                                         specific stopes. These three stopes were adjacent to openings already mined. These old
                                         workplaces were outside the mineralized structure and when the stopes were blasted, some
                                         of the non-mineralized sections associated with the old workings fell and contaminated
                                         the ore grade. Metanor considers this occurrence to be isolated and expects grades to
                                         increase in the second quarter;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">v.</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">22%
                                         decrease in gold ounces sold from the Aurizona Mine. During the three months ended March
                                         31, 2015, Luna suspended mining operations at the Aurizona Mine and began processing
                                         ore from a stockpile. Once the stockpile has been depleted it is expected that Luna will
                                         cease milling operations for the remainder of 2015; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.1pt; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">4%
                                         decrease in the average realized selling price of gold.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.1pt; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">THREE
MONTHS ENDED MARCH 31, 2015</FONT><FONT STYLE="color: Black"><BR>
<FONT STYLE="font-size: 10pt">COMPARED TO THE REMAINING QUARTERS</FONT></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">When comparing
net income of $0.8 million and cash flow from operations of $8.1 million for the three months ended March 31, 2015 with net income
and operating cash flow for the remaining quarters, the following items impact comparability of analysis:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">A
                                         one-time gain of $2.6 million recognized on the acquisition of Sandstorm Metals &amp;
                                         Energy which was recorded during the three months ended June 30, 2014;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">A
                                         non-cash impairment charge of $1.2 million relating the Company&rsquo;s Bracemac-McLeod
                                         royalty recognized during the three months ended June 30, 2014;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">A
                                         non-cash impairment charge of $52.2 million and a corresponding $13.3 million tax recovery
                                         relating to the Serra Pelada Gold Stream recognized during the three months ended December
                                         31, 2013;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">A
                                         non-cash goodwill impairment charge of $19.9 million and $15.9 million arising from the
                                         Premier Royalty business combination during the three months ended March 31, 2013 and
                                         three months ended June 30, 2013, respectively;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">A
                                         non-cash impairment charge of $3.2 million arising from the conversion of the Company&rsquo;s
                                         Bracemac-McLeod Gold Stream into a NSR recognized during the three months ended September
                                         30, 2013;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">A
                                         decrease in administration expenses when compared to previous quarters primarily driven
                                         by (i) the implementation of cost reduction programs when the Company acquired 100% of
                                         the common shares of Premier Royalty and (ii) the elimination of duplicated costs that
                                         were previously being consolidated;</FONT></TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">As
                                         a result of consolidating Premier Royalty&rsquo;s financial results, the Company began
                                         recognizing royalty revenue in the first quarter of 2013;</FONT></TD></TR></TABLE>




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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">Overall,
                                         Gold Attributable Equivalent ounces sold have increased over the course of the last three
                                         years as (i) the Aurizona Mine and the Santa Elena Mine began initial production late
                                         in 2010; (ii) the Company acquired the Diavik royalty during the three months ended March
                                         31, 2015; (iii) the Company began purchasing gold from the Black Fox Mine in 2011; and
                                         (iv) the Bachelor Lake Mine began producing from its bulk sample in 2012.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Change
in Total Assets</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Total assets
decreased by $5.9 million from December 31, 2014 to March 31, 2015 primarily resulting from (i) depletion expense; and (ii) a
decline in the fair value of investments; partially offset by operating cash flows. Total assets increased by $51.4 million from
December 31, 2013 to December 31, 2014 primarily resulting from (i) the assets acquired from the Sandstorm Metals &amp; Energy
business combination; (ii) operating cash flows and (iii) the exercise of warrants; which were partially offset by (i) depletion
expense; (ii) a decline in the fair value of investments; and (iii) by a non-cash impairment charge on the Bracemac-McLeod royalty.
The Company&rsquo;s total assets increased by $38.3 million from December 31, 2012 to December 31, 2013 primarily resulting from
(i) the assets acquired in the Premier Royalty business combination and (ii) operating cash flows; which were partially offset
by (i) the non-cash impairments described earlier and (ii) depletion expense.</FONT></P>

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Non-IFRS
Measures</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has included, throughout this document, certain non-IFRS performance measures, including (i) average cash cost per attributable
ounce; (ii) cash flow from operations per share (basic and diluted); and (iii) average realized gold price per attributable ounce.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">i.</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">Average
                                         cash cost per ounce is calculated by dividing the Company&rsquo;s cost of sales (excluding
                                         depletion) by the number of Attributable Gold Equivalent ounces sold. The Company presents
                                         average cash cost per ounce as it believes that certain investors use this information
                                         to evaluate the Company&rsquo;s performance in comparison to other companies in the precious
                                         metals mining industry who present results on a similar basis. <B>Figure 1.1</B> provides
                                         a reconciliation of average cash cost of gold on a per ounce basis.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Figure
1.1</FONT></P>

<P STYLE="font: italic 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 89%; font: 8.5pt Times New Roman, Times, Serif; margin-left: 0.75in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">3
    Months Ended</FONT><FONT STYLE="color: Black"><BR><FONT STYLE="font-size: 10pt"> March 31, 2015</FONT></FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">3
    Months Ended</FONT><FONT STYLE="color: Black"><BR><FONT STYLE="font-size: 10pt"> March 31, 2014</FONT></FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Cost of Sales (excluding
    depletion)</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">4,019</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">4,249</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; color: #548DD4; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Cash
    cost of sales is comprised of:</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Total cash cost of gold sold</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;$</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">4,019</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">4,249</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; color: #548DD4; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Divided
    by:</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Total Attributable Gold Equivalent
    ounces sold <B><SUP>1</SUP></B></FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">12,460</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">11,966</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; color: #548DD4; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">Equals:</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">Average
    cash cost of gold (per attributable ounce)</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">323</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">355</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
</TABLE>



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

<P STYLE="font: italic 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; font-style: normal; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; font-style: normal; color: Black"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s royalty income is converted to an Attributable Gold Equivalent ounce basis
by dividing the royalty income for that period by the average realized gold price per ounce from the Company&rsquo;s Gold Streams
for the same respective period. These Attributable Gold Equivalent ounces when combined with the gold ounces sold from the Company&rsquo;s
Gold Streams equal total Attributable Gold Equivalent ounces sold.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">ii.</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">Cash
                                         flows from operations per share (basic and diluted) is calculated by dividing cash generated
                                         by operating activities by the weighted average number of shares outstanding (basic and
                                         diluted). The Company presents operating cash flows per share as it believes that certain
                                         investors use this information to evaluate the Company&rsquo;s performance in comparison
                                         to other companies in the precious metals mining industry that present results on a similar
                                         basis. <B>Figure 1.2</B> provides a reconciliation of cash flow from operations per share
                                         (basic and diluted).</FONT></TD></TR></TABLE>




<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Figure
1.2</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; font: 8.5pt Times New Roman, Times, Serif; margin-left: 0.75in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">3
    Months Ended</FONT><FONT STYLE="color: Black"><BR><FONT STYLE="font-size: 10pt"> March 31, 2015</FONT></FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">3
    Months Ended</FONT><FONT STYLE="color: Black"><BR><FONT STYLE="font-size: 10pt"> March 31, 2014</FONT></FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Cash generated by operating
    activities</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">8,119</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">7,025</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; color: #548DD4; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Divided
    by:</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">Basic weighted average number of shares outstanding</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">117,478,182</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">103,031,612</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">Diluted weighted average number of shares outstanding</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">119,053,691</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">110,861,098</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; color: #548DD4; font-weight: bold"><FONT STYLE="font-size: 10pt; color: Black">Equals:</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">Operating
    cash flow per share - basic</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">0.07</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="color: #595959; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">0.07</FONT></TD><TD STYLE="color: #595959; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">Operating
    cash flow per share - diluted</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.07</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">0.06</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: italic 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; font-style: normal; color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: Black">iii.</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">Average
                                         realized gold price per ounce is calculated by dividing the Company&rsquo;s sales by
                                         the number of Attributable Gold Equivalent ounces sold. The Company presents average
                                         realized gold price per attributable ounce as it believes that certain investors use
                                         this information to evaluate the Company&rsquo;s performance in comparison to other companies
                                         in the precious metals mining industry that present results on a similar basis. <B>Figure
                                         1.3</B> provides a reconciliation of average realized gold price per ounce.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Figure
1.3</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; font: 8.5pt Times New Roman, Times, Serif; margin-left: 0.75in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">3
    Months Ended</FONT><FONT STYLE="color: Black"><BR><FONT STYLE="font-size: 10pt"> March 31, 2015</FONT></FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">3
    Months Ended</FONT><FONT STYLE="color: Black"><BR><FONT STYLE="font-size: 10pt"> March 31, 2014</FONT></FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Total revenue</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">15,285</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="width: 12%; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">15,295</FONT></TD><TD STYLE="width: 1%; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; color: #548DD4; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Divided
    by:</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Total Attributable Gold Equivalent
    ounces sold</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">12,460</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">11,966</FONT></TD><TD STYLE="color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; color: #548DD4; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">Equals:</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">Average realized
    gold price per ounce</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,227</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="color: #595959; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1,278</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; color: #595959; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has also used the non-IFRS measure of operating cash flows excluding changes in non-cash working capital. This measure is calculated
by adding back the decrease in changes in non-cash working capital to cash generated by operating activities. These non-IFRS measures
do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The presentation
of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with IFRS.</FONT></P>

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Liquidity
and Capital Resources</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">As of March
31, 2015, the Company had cash and cash equivalents of $38.3 million (December 31, 2014&thinsp;&ndash;&thinsp;$90.2 million) and
working capital of $38.4 million (December 31, 2014&thinsp;&ndash;&thinsp;$89.3 million). The Company invests surplus cash in
short-term, high credit quality, money market instruments. As described earlier, the Company has an additional $100.0 million
available under its revolving bank debt facility. In the opinion of management, cash flows, cash balances and available credit
facilities are sufficient to support the Company&rsquo;s normal operating requirements on an ongoing basis.</FONT></P>




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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">During the
three months ended March 31, 2015, the Company generated operating cash flows of $8.1 million compared with $7.0 million during
the comparable year in 2014, with the increase being primarily attributable to an increase in Attributable Gold Equivalent ounces
sold; which was partially offset by a decrease in the average realized selling price of gold.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">During the
three months ended March 31, 2015, the Company had cash outflows from investing activities of $59.2 million, which were primarily
the result of: (i) the payment of $52.5 million to IAMGOLD Corporation in connection with the Diavik royalty and $3.0 million
to Orezone in connection with the Bombor&eacute; royalty; and (ii) the acquisition of investments and other assets; partially
offset by $1.5 million in proceeds from the sale of investments. During the three months ended March 31, 2014, the Company had
cash outflows from investing activities of $13.4 million, which were primarily the result of (i) Sandstorm exercising the Santa
Elena underground mine option by making an upfront payment of $10.0 million and (ii) by providing a $2.2 million loan.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">During the
three months ended March 31, 2015, the Company had net cash outflows from financing activities of $0.5 million as a result of
the redemption of the Company&rsquo;s common shares under the NCIB. During the three months ended March 31, 2014, the Company
had net cash inflows from financing activities of $19.0 million, which were primarily comprised of the proceeds from the exercise
of warrants.</FONT></P>

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

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

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Contractual
Obligations</FONT></P>

<P STYLE="font: italic bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic bold 9pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">In
connection with its Gold Streams, the Company has committed to purchase the following:</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 18%; border-bottom: Black 1pt solid; line-height: 115%; font-size: 8pt; border-top: Black 3pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Gold
    Stream</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; line-height: 115%; font-size: 8pt; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: center; line-height: 115%; font-size: 8pt; border-top: Black 3pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>%
    of Life of Mine Gold <SUP>&nbsp;5,6,7</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; line-height: 115%; font-size: 8pt; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 30%; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>Per
                                         Ounce Cash Payment:</B></FONT><FONT STYLE="color: Black"><BR>
                                         <FONT STYLE="font-size: 10pt"><B>lesser of amount below and the then</B></FONT></FONT></P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>prevailing
        market price of gold <SUP>1, 2, 3, 4</SUP></B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Aurizona</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">17%</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">$408</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Bachelor Lake</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">20%</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">$500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Black Fox</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">8%</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">$518</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Entr&eacute;e Gold</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">6.76%
    on Hugo North Extension and 5.14% on Heruga</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">$220</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Karma</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">25,000
    ounces over 5 years and 1.625% thereafter</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">20%
    of gold spot price</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Ming</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">25%
    of the first 175,000 ounces of gold produced, and 12% thereafter</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">$nil</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Santa Elena</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">20%</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">$354</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; border-bottom: Black 2.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Summit</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%; border-bottom: Black 2.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">50%
    of the first 10,000 ounces of gold produced, and 22% thereafter</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 115%; border-bottom: Black 2.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">$400</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: italic 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; font-style: normal; color: Black"><B>&nbsp;</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">Subject to an annual inflationary adjustment except for Ming</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">For the Entr&eacute;e Gold Stream, after approximately 8.6 million ounces
of gold have been produced from the joint venture property, the price increases to $500 per gold ounce.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">For the Entr&eacute;e Silver Stream, percentage of life of mine is 6.76%
on Hugo North Extension and 5.14% on Heruga which the Company can purchase for the lesser of the prevailing market price and $5
per ounce of silver until 40.3 million ounces of silver have been produced from the entire joint venture property. Thereafter,
the purchase price will increase to the lesser of the prevailing market price and $10 per ounce of silver.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>4)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">For the Santa Elena Gold Stream, the Company can purchase for a per ounce
cash payment equal to (i) the lesser of $354 and the then prevailing market price of gold for the open-pit mine and (ii) the lesser
of $354 and the then prevailing market price of gold until 50,000 ounces of gold have been delivered to Sandstorm (inclusive of
ounces already received from open-pit production), at which time the on-going per ounce payments will increase to the lesser of
$450 and the then prevailing market price of gold for the underground mine.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>5)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">For the Entr&eacute;e Gold and Silver Stream, percentage of life of mine
is 6.76% on Hugo North Extension and 5.14% on Heruga if the minerals produced are contained below 560 metres in depth.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>6)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">For the Entr&eacute;e Gold and Silver Stream, percentage of life of mine
is 10.15% on Hugo North Extension and 7.7% on Heruga if the minerals produced are contained above 560 metres in depth.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>7)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">For the Entr&eacute;e copper stream, the Company has committed to purchase
an amount equal to 0.5% of the copper produced from the Hugo North Extension and Heruga deposits. If the minerals produced are
contained above 560 metres in depth, then the commitment increases to 0.75% for both the Hugo North Extension and Heruga deposits.
Sandstorm will make ongoing per pound cash payments equal to the lesser of $0.50 and the then prevailing market price of copper,
until 9.1 billion pounds of copper have been produced from the entire joint venture property. Thereafter, the on-going per pound
payments will increase to the lesser of $1.10 and the then prevailing market price of copper.</TD></TR></TABLE>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">In connection
with the Karma Gold Stream, the Company has agreed, subject to certain financing conditions, to provide remaining upfront payments
totaling $10.6 million. In addition, the Stream Syndicate has provided True Gold with an 18 month option to increase funding by
up to $20 million whereby Sandstorm&rsquo;s commitment would be 25% of the increase.</FONT></P>

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

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

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">In connection
with the Bombor&eacute; royalty, Sandstorm has committed to providing up to an additional $5.0 million in royalty financing (remittable
in cash and/or shares, subject to certain conditions) to Orezone on a draw down basis until January 27, 2017.</FONT></P>

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Share
Capital</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">As of May
4, 2015, the Company had 118,492,455 common shares outstanding. As disclosed previously, all funds from the issuance of share
capital have been and continue to be used to finance the acquisition of Gold Streams and royalties (recent acquisitions are described
earlier in greater detail).</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">A summary
of the Company&rsquo;s share purchase options as of May 4, 2015 are as follows:</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number outstanding</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Vested</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exercise Price per Share (C$)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Expiry Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 19, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,308,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,308,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.40</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 26, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.30</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 25, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,129,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,129,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 25, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.33</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 22, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,850</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,850</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.33</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 4, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">402,133</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">402,133</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16.35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 11, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100,002</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.78</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 21, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,875</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,875</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.31</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 19, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,625</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,625</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.62</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,375</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,375</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.89</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 13, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.03</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 16, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,737,474</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.93</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 13, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,250</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,250</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 30, 2022</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 20%; border-bottom: black 2.25pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,900,082</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: black 2.25pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,087,610</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 26%; border-bottom: black 2.25pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6.72</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 27%; border-bottom: black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>


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

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

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

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">A summary
of the Company&rsquo;s warrants as of May 4, 2015 are as follows:</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8.5pt Times New Roman, Times, Serif; color: Black">
<TR STYLE="vertical-align: bottom; color: Black">
    <TD COLSPAN="4" NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black"><BR>&#9;Number&nbsp;of<BR>
    Warrants&nbsp;on&nbsp;a<BR> Pre-consolidated<BR> Basis<FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">Pre-Consolidated<BR>
    Exercise&nbsp;Price<BR> Per&nbsp;Warrant</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">Number&nbsp;of
    <BR>&nbsp;Warrants&nbsp;on&nbsp;a <BR>Post-Consolidated&nbsp;<BR>
    Basis</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">Post-Consolidated
    <BR>Exercise&nbsp;Price&nbsp;Per <BR>Warrant</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">Shares&nbsp;to&nbsp;be<BR>Issued&nbsp;Upon<BR>Exercise&nbsp;of&nbsp;the<BR>Warrants</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">Adjusted&nbsp;Exercise<BR>
    &nbsp;Price&nbsp;Per&nbsp;Share</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid; color: Black">Expiry&nbsp;Date</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); color: Black">
    <TD NOWRAP STYLE="width: 11%; color: Black">SSL.WT.A</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; color: Black">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; color: Black">19,429,649</TD><TD STYLE="width: 1%; text-align: left; color: Black">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; color: Black">$</TD><TD STYLE="width: 8%; text-align: right; color: Black">1.00</TD><TD STYLE="width: 1%; text-align: left; color: Black">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; color: Black">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; color: Black">-</TD><TD STYLE="width: 1%; text-align: left; color: Black">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; color: Black">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; color: Black">-</TD><TD STYLE="width: 1%; text-align: left; color: Black">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; color: Black">&nbsp;</TD><TD STYLE="width: 8%; text-align: right; color: Black">3,885,930</TD><TD STYLE="width: 1%; text-align: left; color: Black">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; color: Black">$</TD><TD STYLE="width: 8%; text-align: right; color: Black">5.00</TD><TD STYLE="width: 1%; text-align: left; color: Black">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: right; color: Black">Oct. 19, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; color: Black">
    <TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">162,000</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">11.11</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">162,000</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">11.11</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: right; color: Black">Oct. 28, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); color: Black">
    <TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">83,700</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">11.11</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">83,700</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">11.11</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: right; color: Black">Nov. 29, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; color: Black">
    <TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">&nbsp;</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">88,200</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">8.89</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">88,200</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">8.89</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: right; color: Black">Dec. 6, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); color: Black">
    <TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">1,738</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">8.89</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">1,738</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">8.89</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: right; color: Black">Dec. 6, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; color: Black">
    <TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">&nbsp;</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">72,500</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">17.24</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">72,500</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">17.24</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: right; color: Black">Feb. 28, 2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); color: Black">
    <TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">32,400</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">11.11</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">32,400</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">11.11</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: right; color: Black">May 1, 2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; color: Black">
    <TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">1,155,873</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">13.79</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">1,155,873</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">C$</TD><TD STYLE="text-align: right; color: Black">13.79</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: right; color: Black">Dec. 4, 2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); color: Black">
    <TD NOWRAP STYLE="color: Black">SSL.WT.B</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">-</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">5,002,500</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">$</TD><TD STYLE="text-align: right; color: Black">14.00</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="text-align: right; color: Black">5,002,500</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: left; color: Black">$</TD><TD STYLE="text-align: right; color: Black">14.00</TD><TD STYLE="text-align: left; color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="text-align: right; color: Black">Sep. 7, 2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; color: Black">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; color: Black">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: Black">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; color: Black">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: Black">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: Black">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; color: Black">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: Black">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: Black">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; color: Black">3,000,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: Black">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: Black">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; color: Black">4.50</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: Black">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: Black">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; color: Black">3,000,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: Black">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: Black">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; color: Black">4.50</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: Black">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; color: Black">Mar. 23, 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); color: Black">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid; color: Black">19,429,649</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid; color: Black">9,598,911</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid; color: Black">13,484,841</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid; color: Black">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid; color: Black"></TD></TR>
</TABLE>




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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">On May 9, 2012, the Company completed a five-for-one consolidation (the &ldquo;Consolidation&rdquo;)
of the Company's common shares; however, the Company's listed warrants were not consolidated. Following the Consolidation, each
five (5) listed warrants of SSL.WT.A (expiring on October 19, 2015) will entitle the holder to purchase one post-Consolidation
common share at the adjusted total exercise price of $5.00.</TD></TR></TABLE>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has 628,814 Restricted Share Rights (&ldquo;RSRs&rdquo;) outstanding as at May 4, 2015.</FONT></P>

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Key
Management Personnel Compensation</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The remuneration
of directors and those persons having authority and responsibility for planning, directing and controlling activities of the Company
are as follows:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-top: Black 3pt solid; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">In
    $000s</FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: Black 3pt solid; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Three
    Months Ended<BR> March 31, 2015</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-top: Black 3pt solid; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-top: Black 3pt solid; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Three
    Months Ended<BR> March 31, 2014</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-top: Black 3pt solid; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left"><FONT STYLE="color: Black">Short-term employee salaries and benefits</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="color: Black">543</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="color: Black">527</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Share-based payments</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">561</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">358</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="color: Black">Total
    key management compensation expense</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="color: Black">1,104</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="color: Black">885</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Financial
Instruments</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black"><I>The Company&rsquo;s
financial instruments consist of cash and cash equivalents, trade receivables and other, investments, loan receivable, receivables
and other and trade and other payables. All financial instruments are initially recorded at fair value.</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Credit
Risk</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company&rsquo;s
credit risk is limited to cash and cash equivalents, trade receivables and other, loans receivable, and receivables and other
in the ordinary course of business. The Company sells gold exclusively to large corporations with strong credit ratings. The Company&rsquo;s
trade receivables and other is subject to the credit risk of the counterparties who own and operate the mines underlying Sandstorm&rsquo;s
royalty portfolio. The Company&rsquo;s $20.0 million loan to Luna and accrued interest is subject to Luna&rsquo;s credit risk
and the Company&rsquo;s ability to realize on its security.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Currency
Risk</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Financial
instruments that impact the Company&rsquo;s net income (loss) or other comprehensive (loss) income due to currency fluctuations
include: cash and cash equivalents, trade receivables and other, investments and trade and other payables denominated in Canadian
dollars. Based on the Company's Canadian dollar denominated monetary assets and monetary liabilities at March 31, 2015, a 10%
increase (decrease) of the value of the Canadian dollar relative to the United States dollar would increase (decrease) net income
(loss) by $0.3 million and other comprehensive (loss) income by $1.2 million, respectively.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Other
Risks</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Sandstorm
holds common shares, convertible debentures, and warrants of other companies with a combined market value as at March 31, 2015,
of $21.2 million (December 31, 2013 - $24.0 million). The daily exchange traded volume of these shares, including the shares underlying
the warrants, may not be sufficient for the Company to liquidate its position in a short period of time without potentially affecting
the market value of the shares. The Company is subject to default risk with respect to any debt instruments. The Company is not
subject to significant interest rate or other price risks and the Company&rsquo;s exposure to these risks has not changed significantly
from the prior year.</FONT></P>

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Risks
to Sandstorm</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black"><I>The primary
risk factors affecting the Company are set forth below. For additional discussion of risk factors, please refer to the Company&rsquo;s
annual information form dated March 17, 2015, which is available on www.sedar.com</I>.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black"><I>&nbsp;</I></FONT></P>

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

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Risks
Relating To Mineral Projects</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">To the extent
that they relate to the production of gold from, or the operation of, the Diavik Mine, the Aurizona Mine, the Serra Pelada Mine,
the Santa Elena Mine, the Karma Project, the Ming Mine, the Black Fox Mine, the Bachelor Lake Mine, the Hugo North Extension and
Heruga projects, the Mt. Hamilton Project, the Gualcamayo Mine, the Emigrant Springs Mine, MWS, the San Andres Mine, the Bombor&eacute;
Project, the Prairie Creek Project, the Bracemac-McLeod Mine or other royalties in Sandstorm&rsquo;s portfolio (the &ldquo;Mines&rdquo;),
the Company will be subject to the risk factors applicable to the operators of such Mines. Whether the Mines will be commercially
viable depends on a number of factors, including cash costs associated with extraction and processing, the particular attributes
of the deposit, such as size, grade and proximity to infrastructure, as well as metal prices which are highly cyclical and government
regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals
and environmental protection. The Mines are also subject to other risks that could lead to their shutdown and closure including
flooding and weather related events, the failure to receive permits or having existing permits revoked, collapse of mining infrastructure
including tailings pond, as well as community or social related issues. The exact effect of these factors cannot be accurately
predicted, but the combination of these factors may result in the Mines becoming uneconomic resulting in their shutdown and closure.
The Company is not entitled to purchase gold if no gold is produced from the Mines.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">No
Control Over Mining Operations</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company
has no contractual rights relating to the operation or development of the Mines. Except for any payments which may be payable
in accordance with applicable completion guarantees or cash flow guarantees, the Company will not be entitled to any material
compensation if these mining operations do not meet their forecasted gold or other production targets in any specified period
or if the Mines shut down or discontinue their operations on a temporary or permanent basis. The Mines may not commence commercial
production within the time frames anticipated, if at all, and there can be no assurance that the gold or other production from
such properties will ultimately meet forecasts or targets. At any time, any of the operators of the Mines or their successors
may decide to suspend or discontinue operations. The Company is subject to the risk that the Mines shut down on a temporary or
permanent basis due to issues including, but not limited to economics, lack of financial capital, floods, fire, mechanical malfunctions,
social unrest, expropriation and other risks. There are no guarantees the Mines will achieve commercial production, ramp-up targets
or complete expansion plans. These issues are common in the mining industry and can occur frequently.</FONT></P>

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

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

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Government
Regulations</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Mines
are subject to various foreign laws and regulations governing prospecting, exploration, development, production, exports, taxes,
labour standards, waste disposal, protection and remediation of the environment, reclamation, historic and cultural resources
preservation, mine safety and occupation health, handling, storage and transportation of hazardous substances and other matters.
It is possible that the risks of expropriation, cancellation or dispute of licenses could result in substantial costs, losses
and liabilities in the future. The costs of discovering, evaluating, planning, designing, developing, constructing, operating
and closing the Mines in compliance with such laws and regulations are significant. It is possible that the costs and delays associated
with compliance of such laws and regulations could become such that the owners or operators of the Mines would not proceed with
the development of or continue to operate the Mines. Moreover, it is possible that future regulatory developments, such as increasingly
strict environmental protection laws, regulations and enforcement policies thereunder, and claims for damages to property and
persons resulting from the Mines could result in substantial costs and liabilities in the future.</FONT></P>

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

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

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">International
Operations</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Aurizona
Mine is located in Brazil, the Santa Elena Mine is located in Mexico, the Emigrant Springs Mine and the Mt. Hamilton Project are
located in the United States of America, the Gualcamayo Mine is located in Argentina, MWS is located in South Africa, the Hugo
North Extension and Heruga projects are located in Mongolia, the Karma Project and Bombor&eacute; Project are located in Burkina
Faso, the San Andres Mine is located in Honduras and each of the Diavik Mine, the Ming Mine, the Black Fox Mine, Bachelor Lake
Mine, Prairie Creek Project and the Bracemac-McLeod Mine are located in Canada and as such, the Mines are exposed to various levels
of political, economic and other risks and uncertainties. These risks and uncertainties include, but are not limited to, terrorism,
hostage taking, military repression, crime, political instability, currency controls, extreme fluctuations in currency exchange
rates, high rates of inflation, labour unrest, the risks of war or civil unrest, expropriation and nationalization, renegotiation
or nullification of existing concessions, licenses, permits, approvals and contracts, illegal mining, changes in taxation policies,
restrictions on foreign exchange and repatriation, and changing political conditions, and governmental regulations. Changes, if
any, in mining or investment policies or shifts in political attitude in Mexico, Brazil, Mongolia, the United States of America,
Burkina Faso, Argentina, Honduras, French Guiana or Canada may adversely affect the operations or profitability of the Mines in
these countries. Operations may be affected in varying degrees by government regulations with respect to, but not limited to,
restrictions on production, price controls, export controls, currency remittance, income taxes, expropriation of property, foreign
investment, maintenance of claims, environmental legislation, land use, land claims of local people, water use, mine safety and
the rewarding of contracts to local contractors or require foreign contractors to employ citizens of, or purchase supplies from,
a particular jurisdiction. Any changes or unfavorable assessments with respect to (i) the validity, ownership or existence of
the Entr&eacute;e concessions; as well as (ii) the validity or enforceability of Entr&eacute;e&rsquo;s joint venture agreement
with Oyu Tolgoi LLC may adversely affect the Company&rsquo;s profitability or profits realized under the Entr&eacute;e Gold Stream.
The Serra Pelada royalty cash flow or profitability may be adversely impacted if the Cooperative de Mineracao dos Garimpeiros
de Serra Pelada, which hold a 25% interest in the Serra Pelada Mine, continue to take unfavorable actions. In addition, Colossus&rsquo;
Brazilian subsidiary has payables in excess of $30 million and accordingly, there is a risk that they may be unable to repay their
debts, resulting in insolvency and loss any rights to the Serra Pelada Mine. Moreover, there is no certainty that the Karma Project
will achieve its intended production and/or construction timeline, if ever. A failure to comply strictly with applicable laws,
regulations and local practices relating to mineral right applications and tenure, could result in loss, reduction or expropriation
of entitlements, or the imposition of additional local or foreign parties as joint venture partners with carried or other interests.
The occurrence of these various factors and uncertainties cannot be accurately predicted and could have an adverse effect on the
Mines.</FONT></P>

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

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

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Income
Taxes</FONT></P>

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


<P STYLE="color: #262626; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has a subsidiary in Barbados,
Sandstorm Gold Bank Limited, which entered into Gold Streams in connection with the Aurizona, Karma, and Santa Elena
transactions. No assurance can be given that new taxation rules will not be enacted or that existing rules will not be
applied in a manner which could result in the Company&rsquo;s past and future profits being subject to increased levels of
income tax. The Company&rsquo;s international transactions have not yet been reviewed by the Canada Revenue Agency, and
should such transactions be reviewed no assurances can be given that the tax matters will be resolved favorably. The
Company&rsquo;s Gold Streams and royalties in connection with Diavik, Black Fox, Ming, Hugo North Extension and Heruga, MWS,
Bachelor Lake, Mt. Hamilton, Prairie Creek, San Andres and Bracemac-McLeod transactions have been entered into directly by
Canadian based subsidiaries and will therefore, may be  subject to Canadian, and/or U.S. taxation, as the case may be. The
Gualcamayo NSR was entered into through an Argentinian subsidiary and therefore, may be subject to Canadian, and/or
Argentinian taxation, as the case may be. The Emigrant Springs NSR was entered into through a US subsidiary and therefore,
may be subject to Canadian, and/or US taxation, as the case may be.</P>





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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Gold
Prices</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The price
of the common shares, warrants, and the Company&rsquo;s financial results may be significantly adversely affected by a decline
in the price of gold. The price of gold fluctuates widely, especially in recent years, and is affected by numerous factors beyond
the Company&rsquo;s control, including but not limited to, the sale or purchase of gold by various central banks and financial
institutions, interest rates, exchange rates, inflation or deflation, fluctuation in the value of the U.S. dollar and foreign
currencies, global and regional supply and demand, and the political and economic conditions of major gold-producing countries
throughout the world. In the event that the prevailing market price of gold is less than $518 per ounce in the case of the Black
Fox Gold Stream, $500 per ounce in the case of the Bachelor Lake Gold Stream, $408 per ounce in the case of the Aurizona Gold
Stream, $354 or $450 per ounce in the case of the Santa Elena Gold Stream, and $220 per ounce in the case of the Hugo North Extension
and Heruga Gold Stream, the purchase price will be the then prevailing market price per ounce of gold and the Company will not
generate positive cash flow or earnings on those Gold Streams. Furthermore, if the gold price drops below the cost of producing
gold at the Mines, then the Mines may not produce any gold. As a result, the Company will not be entitled to purchase any gold.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Diamond
Prices and Demand for Diamonds</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The price
of the common shares, warrants, and the Company&rsquo;s financial results may be significantly adversely affected by a decline
in the price and demand for diamonds. Diamond prices fluctuate and are affected by numerous factors beyond the control of the
Company, including worldwide economic trends, worldwide levels of diamond discovery and production, and the level of demand for,
and discretionary spending on, luxury goods such as diamonds. Low or negative growth in the worldwide economy, renewed or additional
credit market disruptions, natural disasters or the occurrence of terrorist attacks or similar activities creating disruptions
in economic growth could result in decreased demand for luxury goods such as diamonds, thereby negatively affecting the price
of diamonds. Similarly, a substantial increase in the worldwide level of diamond production or the release of stocks held back
during recent periods of lower demand could also negatively affect the price of diamonds. In each case, such developments could
have a material adverse effect on the Company&rsquo;s results of operations.</FONT></P>

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

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

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Solvency
Risk</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The price
of the common shares and the Company&rsquo;s financial results may be significantly affected by the Mines operators&rsquo; ability
to continue as a going concern and have access to capital. The lack of access to capital could result in these companies entering
bankruptcy proceedings and as a result, Sandstorm may not be able to realize any value from its respective streams or royalties.</FONT></P>

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

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">Other</FONT></P>

<P STYLE="font: bold 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Critical
Accounting Estimates</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The preparation
of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect
the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial
statements, and the reported amounts of revenues and expenditures during the periods presented. Notes 2 and 4 of the Company&rsquo;s
2014 annual consolidated financial statements describes all of the significant accounting policies as well as the significant
judgment and estimates.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Disclosure
Controls and Procedures</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Disclosure
controls and procedures are designed to provide reasonable assurance that all relevant information is gathered and reported to
senior management, including the Company&rsquo;s Chief Executive Officer and the Chief Financial Officer, on a timely basis so
that appropriate decisions can be made regarding public disclosure. The Company&rsquo;s system of disclosure controls and procedures
includes, but is not limited to, the Disclosure Policy, the Code of Conduct, the Stock Trading Policy, Corporate Governance, the
effective functioning of the Audit Committee and procedures in place to systematically identify matters warranting consideration
of disclosure by the Audit Committee.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">As
at the end of the period covered by this Management&rsquo;s Discussion and Analysis, management of the Company, with the participation
of Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of the Company&rsquo;s disclosure controls
and procedures as required by applicable rules of the Canadian Securities Administrators (or Canadian securities regulatory authorities).
The evaluation included documentation review, enquiries and other procedures considered by management to be appropriate in the
circumstances. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that, as of
the end of the period covered by this management&rsquo;s discussion and analysis, the disclosure controls and procedures (as defined
in Rule 13(a)-15(e) under the Securities Exchange Act of 1934) were effective to provide reasonable assurance that information
required to be disclosed in the Company&rsquo;s interim filings and other reports filed or submitted under applicable securities
laws, is recorded, processed, summarized and reported within time periods specified by those laws and that material information
is accumulated and communicated to management of the Company, including the Chief Executive Officer and the Chief Financial Officer,
as appropriate to allow timely decisions regarding required disclosure.</FONT></P>

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

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

<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Management&rsquo;s
Report on Internal Control Over Financial Reporting</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Management
of the Company is responsible for establishing and maintaining effective internal control over financial reporting as such term
is defined in the rules of the United States Securities and Exchange Commission and the Canadian Securities Administrators. The
Company&rsquo;s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability
of the Company&rsquo;s financial reporting for external purposes in accordance with IFRS as issued by the IASB.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">The
Company&rsquo;s internal control over financial reporting includes:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">maintaining
                                         records, that in reasonable detail, accurately and fairly reflect our transactions and
                                         dispositions of the assets of the Company;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">providing
                                         reasonable assurance that transactions are recorded as necessary for preparation of the
                                         consolidated financial statements in accordance with IFRS as issued by the IASB;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">providing
                                         reasonable assurance that receipts and expenditures are made in accordance with authorizations
                                         of management and the directors of the Company; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: Black">providing
                                         reasonable assurance that unauthorized acquisition, use or disposition of Company assets
                                         that could have a material effect on the Company&rsquo;s consolidated financial statements
                                         would be prevented or detected on a timely basis.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">The
Company&rsquo;s internal control over financial reporting may not prevent or detect all misstatements because of inherent limitations.
Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because changes in conditions or deterioration in the degree of compliance with the Company&rsquo;s policies and procedures.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Changes
in Internal Controls</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">During the
three months ended March 31, 2015, there has been no change in the Company&rsquo;s internal control over financial reporting that
has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting.</FONT></P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">Limitations
of Controls and Procedures&nbsp;</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">The Company&rsquo;s
management, including the Chief Executive Officer and the Chief Financial Officer, believe that any disclosure controls and procedures
or internal controls over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that
there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent
limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if
any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making
can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by
the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design
of any systems of controls also is based in part upon certain assumptions about the likelihood of future events, and there can
be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly,
because of the inherent limitations in a cost effective control system, misstatements due to error or fraud may occur and not
be detected.</FONT></P>

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


<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 15pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">FORWARD LOOKING
STATEMENTS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>This MD&amp;A and any exhibits attached hereto
and incorporated herein, if any, contain &ldquo;forward-looking statements&rdquo;, within the meaning of the U.S. Securities Act
of 1933, as amended, the U.S. Securities exchange Act of 1934, as amended, the United States Private Securities Litigation Reform
Act of 1995, and applicable Canadian and other securities legislation, concerning the business, operations and financial performance
and condition of Sandstorm. Forward-looking information is provided as of the date of this MD&amp;A and Sandstorm does not intend,
and does not assume any obligation, to update this forward-looking information, except as required by law</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Generally, forward-looking information can be identified
by the use of forward-looking terminology such as &ldquo;plans&rdquo;, &ldquo;expects&rdquo; or &ldquo;does not expect&rdquo;,
&ldquo;is expected&rdquo;, &ldquo;budget&rdquo;, &ldquo;scheduled&rdquo;, &ldquo;estimates&rdquo;, &ldquo;forecasts&rdquo;, &ldquo;intends&rdquo;,
&ldquo;anticipates&rdquo; or &ldquo;does not anticipate&rdquo;, or &ldquo;believes&rdquo;, or variations of such words and phrases
or statements that certain actions, events or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;might&rdquo;
or &ldquo;will be taken&rdquo;, &ldquo;occur&rdquo; or &ldquo;be achieved&rdquo;. Forward-looking information is based on reasonable
assumptions that have been made by Sandstorm as at the date of such information and is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity, performance or achievements of Sandstorm to be materially
different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general
business and economic conditions; delays in the construction of the Serra Pelada Mine, Ming Mine, the Gualcamayo Mine, the Karma
Project, the Emigrant Springs Mine, MWS, the Hugo North Extension and Heruga deposits, the mines underlying the Sandstorm portfolio
of royalties, the Bachelor Lake Mine, the Diavik Mine, the Mt. Hamilton mine, the Prairie Creek Project, the San Andres Mine,
the Bombor&eacute; Project or the Bracemac-McLeod Mine; the absence of control over mining operations from which Sandstorm will
purchase gold and risks related to those mining operations, including risks related to international operations, government and
environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in
project parameters as plans continue to be refined; problems inherent to the marketability of minerals; industry conditions, including
fluctuations in the price of metals, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities
interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Sandstorm; stock market
volatility; competition; as well as those factors discussed in the section entitled &ldquo;Risks to Sandstorm&rdquo; herein and
those risks described in the section entitled &ldquo;Risk Factors&rdquo; contained in Sandstorm&rsquo;s most recent Annual Information
Form for the year ended December 31, 2014 available at www.sedar.com and www.sec.gov and incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Forward-looking information in this MD&amp;A includes,
among other things, disclosure regarding: Sandstorm&rsquo;s existing 10 Gold Streams and 60 royalties as well as its future outlook,
the mineral reserve and mineral resource estimates for each of the Diavik Mine, the Aurizona Mine, the Serra Pelada Mine, the
Gualcamayo Mine, the Emigrant Springs Mine, MWS, the Santa Elena Mine, the Ming Mine, the Black Fox Mine, the Hugo North Extension
and Heruga deposits, the Karma Project, the mines underlying the Sandstorm portfolio of royalties, the Bachelor Lake Mine, the
Mt. Hamilton Mine, the Prairie Creek Project, the San Andres Mine, the Bombor&eacute; Project and the Bracemac-McLeod Mine. Forward-looking
information is based on assumptions management believes to be reasonable, including but not limited to the continued operation
of the mining operations from which Sandstorm will purchase gold, no material adverse change in the market price of commodities,
that the mining operations will operate in accordance with their public statements and achieve their stated production outcomes,
and such other assumptions and factors as set out therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Although Sandstorm has attempted to identify important
factors that could cause actual actions, events or results to differ materially from those contained in forward-looking information,
there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be
no assurance that such information will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.</P>

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


<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SANDSTORM
GOLD LTD.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Q1 / 2015</B></FONT></P>

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


<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">CONDENSED CONSOLIDATED
INTERIM STATEMENTS OF FINANCIAL POSITION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Expressed in U.S. dollars ($000s)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">ASSETS</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Note</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">March&nbsp;31,&nbsp;2015</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">December&nbsp;31,&nbsp;2014</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 57%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">38,316</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">90,224</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Trade receivables and other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">4,171</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,746</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">42,487</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">92,970</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mineral interests and royalties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">309,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">261,882</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,193</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,989</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred financing costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,031</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,138</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loan receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,155</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred income tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,153</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Receivables and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,286</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,336</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Total assets</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">425,154</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">431,070</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">LIABILITIES</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,106</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,631</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Deferred income tax liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">5,341</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">5,892</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">9,447</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">9,523</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">EQUITY</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Share capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">456,159</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">456,670</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Reserves</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,393</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,132</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,045</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,870</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accumulated other comprehensive loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(45,800</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(38,385</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">415,707</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">421,547</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Total liabilities and equity</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">425,154</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">431,070</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Contractual
obligations (Note 11)</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Subsequent
Events (Note 4 and Note 13)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ON BEHALF OF THE BOARD:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Nolan Watson&rdquo;, Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;David
DeWitt&rdquo;, Director</P>

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

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

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


<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">condensed CONSOLIDATED
interim STATEMENTS OF INCOME</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Expressed in U.S. dollars ($000s)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Note</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2015</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2014</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 57%">Sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center">12</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">11,566</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">12,932</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Royalty revenue</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">12</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,719</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,363</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">15,285</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">15,295</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cost of sales, excluding depletion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,249</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Depletion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">8,798</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">6,101</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cost of sales</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">12,817</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">10,350</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Gross Profit</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">2,468</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">4,945</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Expenses and other (income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in"><FONT STYLE="font: 10pt Wingdings 3">&ecirc;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Administration
    expenses<FONT STYLE="font-size: 10pt"><B><SUP> 1</SUP></B></FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center">8</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,175</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Project
    evaluation</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">338</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Foreign
    exchange gain</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,945</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(984</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Loss
    on revaluation of investments</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Finance
    income</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(248</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(538</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in; padding-bottom: 1pt">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Finance
    expenses</FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">319</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">344</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Income before taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,368</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">4,032</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">543</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">240</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Net income for the period</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">825</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">3,792</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Basic earnings per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.04</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Diluted earnings per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.03</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Weighted average number of common shares outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6 (e)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,478,182</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,031,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in; border-bottom: Black 2.5pt solid">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 2.5pt solid">6 (e)</TD><TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt solid">119,053,691</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt solid">110,861,098</TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-weight: normal; font-style: normal"><SUP>1</SUP> Equity
    settled stock based compensation (a non-cash item) is included in administration expenses</FONT></TD><TD><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></TD><TD><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-weight: normal; font-style: normal">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-weight: normal; font-style: normal">678</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></TD><TD><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-weight: normal; font-style: normal">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-weight: normal; font-style: normal">421</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

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


<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">condensed CONSOLIDATED
interim STATEMENTS OF COMPREHENSIVE (loss) INCOME</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Expressed in U.S. dollars ($000s)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Note</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2015</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2014</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 57%; font-weight: bold; text-align: left; border-bottom: Black 2.25pt solid">Net income for the period</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; font-weight: bold; text-align: center; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="width: 14%; font-weight: bold; text-align: right; border-bottom: Black 2.25pt solid">825</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="width: 14%; font-weight: bold; text-align: right; border-bottom: Black 2.25pt solid">3,792</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Other comprehensive loss for the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in"><FONT STYLE="font: 10pt Wingdings 3">&ecirc;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;<I>Items
    that may subsequently be re-classified to net income (loss):</I></FONT></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Currency
    translation differences</FONT></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,993</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(3,133</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in"><FONT STYLE="font: 10pt Wingdings 3">&ecirc;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;<I>Items
    that will not subsequently be re-classified to net income (loss):</I></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in; padding-bottom: 1pt">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Unrealized
    (loss) gain on investments</FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">5</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(2,422</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">748</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
    other comprehensive loss for the period</FONT></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(7,415</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(2,385</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Total comprehensive (loss) income for the period</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">(6,590</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">)</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">1,407</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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

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

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


<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">condensed CONSOLIDATED
interim STATEMENTS OF CASH FLOWS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Expressed in U.S. dollars ($000s)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Cash&nbsp;flow&nbsp;from&nbsp;(used&nbsp;in):</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Note</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2015</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2014</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 59%; font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Net
    income for the period</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">825</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">3,792</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 0in">Items not affecting cash:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Depletion
    and depreciation and financing amortization</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Deferred
    income tax expense (recovery)</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(88</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Share-based
    payment</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">421</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Loss
    on revaluation of investments</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Unrealized
    foreign exchange gain</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,075</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(986</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Interest
    on loan receivable</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(305</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in; padding-bottom: 1pt">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Changes
    in non-cash working capital</FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt">9</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,081</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(2,173</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">8,119</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">7,025</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Acquisition
    of mineral interests and royalties</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(59,073</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(11,151</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Acquisition
    of investments and other assets</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,608</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
    from disposition of investments and other assets</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,522</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in; padding-bottom: 1pt">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Loan
    issuance</FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(2,232</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(59,159</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(13,383</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
    on exercise of warrants and options</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19,046</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Share
    issue and deferred financing costs</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in; padding-bottom: 1pt">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Redemption
    of common shares (normal course issuer bid)</FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt">6</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(485</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(485</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">19,038</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Effect of exchange rate changes on cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(383</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(652</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net (decrease) increase in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(51,908</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,028</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash and cash equivalents &ndash; beginning of the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,936</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Cash and cash equivalents &ndash; end of the period</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">38,316</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">110,964</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Cash and cash equivalents, at the end of the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash at bank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">27,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,242</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Short-term deposit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,303</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">60,722</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Supplemental
cash flow information (note 9)</P>

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

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

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


<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">CONdensed consolidated
interim STATEMENTS OF CHANGES IN EQUITY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Expressed in U.S. dollars ($000s)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 3pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Share&nbsp;Capital</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Reserves</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 3pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Note</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Number</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Amount</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Share<BR> Options</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Share<BR> Purchase&nbsp;<BR> Warrants</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Retained<BR> Earnings&nbsp;(Deficit)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Accumulated<BR> Other&nbsp;Comprehensive<BR> Income&nbsp;(Loss)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-weight: bold">At January 1, 2014</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 3%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">100,028,138</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">383,082</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">8,083</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">20,105</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">(29,385</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">(11,749</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 5%; font-weight: bold; text-align: right">370,136</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Shares issued on exercise of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">6 (c)</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,281,789</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,211</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,366</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,845</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Options exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">6 (b)</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">236</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Vesting of restricted stock rights</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(107</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Share based payment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">421</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">421</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income for the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,792</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,385</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,385</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">At March 31, 2014</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">106,418,427</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">406,636</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">8,361</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">15,739</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">(25,593</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">)</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">(14,134</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">)</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">391,009</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Shares issued on exercise of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">6 (c)</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,759,231</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,802</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,430</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,372</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Options exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">6 (b)</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">762,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(534</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,521</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Share issue costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Expiration of unexercised warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(192</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Shares issued on acquisition of Sandstorm Metals &amp; Energy Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,698,216</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,078</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Issuance of replacement equity awards</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Vesting of restricted stock rights</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,898</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">616</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(616</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Redemption of common shares (normal course issuer bid)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">6 (a)</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(222,090</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(682</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(682</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Share based payment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,675</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,675</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income for the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,723</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,723</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,251</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,251</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">At December 31, 2014</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">117,478,182</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">456,670</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">9,015</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">12,117</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">(17,870</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">)</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">(38,385</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">)</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">421,547</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Redemption of common shares (normal course issuer bid)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">6 (a)</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(147,445</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(485</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(485</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Issuance of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">6 (c)</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">583</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">583</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Share issuance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Share based payment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">678</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net income for the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">825</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">825</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,415</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,415</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">At March 31, 2015</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">117,330,737</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">456,159</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">9,693</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">12,700</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">(17,045</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">)</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">(45,800</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">)</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">415,707</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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

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

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


<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">Notes to the
Condensed Consolidated</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">Interim Financial
Statements</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">March 31, 2015</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Expressed in U.S. dollars</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Nature Of Operations</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Sandstorm Gold Ltd. was incorporated
under the Business Corporations Act of British Columbia on March 23, 2007. Sandstorm Gold Ltd. and its subsidiary entities (&quot;Sandstorm&quot;
or the &quot;Company&quot;) is a resource-based company that seeks to acquire gold and other precious metal purchase agreements
(&ldquo;Gold Streams&rdquo;) and royalties from companies that have advanced stage development projects or operating mines. In
return for making an upfront payment to acquire a Gold Stream, Sandstorm receives the right to purchase, at a fixed price per
unit, a percentage of a mine&rsquo;s production for the life of the mine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The head office, principal address and
registered office of the Company are located at Suite 1400, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">These consolidated financial statements
were authorized for issue by the Board of Directors of the Company on May 4, 2015.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Summary of Significant Accounting Policies</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">These condensed consolidated
interim financial statements, including comparatives, have been prepared in accordance with International Accounting Standards
(&ldquo;IAS&rdquo;) 34 Interim Financial Reporting using accounting policies in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards Board (&ldquo;IFRS&rdquo;). These condensed consolidated interim
financial statements have been prepared on the basis of accounting policies and methods of computation consistent with those applied
in the Company&rsquo;s annual December 31, 2014 consolidated financial statements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">These condensed consolidated interim
financial statements have been prepared on a historical cost basis except for certain financial instruments which are measured
at fair value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">These condensed consolidated interim
financial statements are presented in United States dollars, and all values are rounded to the nearest thousand except as otherwise
indicated.</P>

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


<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Financial Instruments</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The fair value hierarchy establishes
three levels to classify the inputs of valuation techniques used to measure fair value. The three levels of the fair value hierarchy
are described below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Level 1</B>&ensp;|&ensp;Unadjusted
quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Investments in common shares and warrants held that have direct listings on an exchange are classified as Level 1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Level 2</B>&ensp;|&ensp;Quoted prices
in markets that are not active, quoted prices for similar assets or liabilities in active markets, or inputs that are observable,
either directly or indirectly, for substantially the full term of the asset or liabilities. Investments in warrants and convertible
debt instruments held that are not listed on an exchange are classified as Level 2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Level 3</B>&ensp;|&ensp;Prices or
valuation techniques that require inputs that are both significant to fair value measurement and unobservable (supported by little
or no market activity).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The following table sets forth the Company's
financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at March
31, 2015. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that
is significant to the fair value measurement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">In $000s</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Quoted
    prices in active<BR> markets for identical <BR> assets<BR> (Level1)</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Significant
    other<BR> observable inputs<BR> (Level 2)</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Unobservable
    inputs<BR> (Level 3)</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="width: 32%; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Long-term
    investments <BR> &ndash; common shares held</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-size: 8pt">12,066</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-size: 8pt">12,066</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Long-term
    investments <BR> &ndash; warrants held</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">870</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">870</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Long-term
    investments <BR> &ndash; convertible debt</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">8,257</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">8,257</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">21,193</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">12,066</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">9,127</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The fair value of the Company's other
financial instruments which include cash and cash equivalents, trade receivables and other, loans receivable, receivables and
other and trade and other payables approximate their carrying values at March 31, 2015.</P>

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


<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Company&rsquo;s credit risk is limited
to cash and cash equivalents, trade receivables and other, loans receivable, and receivables and other in the ordinary course
of business. The Company sells gold exclusively to large corporations with strong credit ratings. The Company&rsquo;s trade receivables
and other is subject to the credit risk of the counterparties who own and operate the mines underlying Sandstorm&rsquo;s royalty
portfolio. The Company&rsquo;s $20.0 million loan to Luna and accrued interest is subject to Luna&rsquo;s credit risk and the
Company&rsquo;s ability to realize on its security.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Financial instruments that impact the
Company&rsquo;s net income (loss) or other comprehensive (loss) income due to currency fluctuations include: cash and cash equivalents,
trade receivables and other, investments and trade and other payables denominated in Canadian dollars. Based on the Company's
Canadian dollar denominated monetary assets and monetary liabilities at March 31, 2015, a 10% increase (decrease) of the value
of the Canadian dollar relative to the United States dollar would increase (decrease) net income (loss) by $0.3 million and other
comprehensive (loss) income by $1.2 million, respectively.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Mineral Interests and Royalties</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">As of and for the three months ended
March 31, 2015:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 8pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 3pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 3pt solid">Cost</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 3pt solid">Accumulated&nbsp;Depletion</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">In&nbsp;$000s</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Opening</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Additions</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Foreign<BR> exchange<BR> translation</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Ending</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Opening</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Depletion</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Inventory<BR> Depletion<BR> Adjustment</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Ending</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Carrying<BR> Amount</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left">Aurizona, Brazil</TD><TD STYLE="width: 1%; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">27,358</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">27,358</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">5,756</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">368</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">6,124</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">21,234</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bachelor Lake, Canada</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,671</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,208</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,666</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,005</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Black Fox, Canada</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,758</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,327</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,163</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,595</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Diavik Mine, Canada</TD><TD STYLE="font-size: 10pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,107</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,107</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,458</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,649</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Hugo North Extension and Heruga, Mongolia</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,493</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,493</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,493</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Karma Gold Project, Burkina Faso</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,456</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,456</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Ming, Canada</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,068</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,068</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,870</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,198</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Santa Elena, Mexico</TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,342</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,087</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,354</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,441</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,901</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">Royalties <B><SUP>1</SUP></B></FONT></TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,970</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,623</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,965</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">190,628</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,691</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,937</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Other <B><SUP>2</SUP></B></FONT></TD><TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,393</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,393</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">955</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,012</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,381</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Total <B><SUP>3</SUP></B></TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">390,509</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">59,730</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">(2,965</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">)</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">447,274</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">128,627</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">8,798</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">-</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">137,425</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">309,849</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify">Includes Bracemac-McLeod, Coringa, Mt. Hamilton, Paul Isnard, Prairie Creek, Ann Mason, Serra Pelada,
Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, San Francisco, Sao Vicente, Thunder Creek, and Bombor&eacute;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify">Includes Deflector, Summit and other.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify">Total mineral interest and royalties includes $125.0 million of assets located in Canada, $42.5
million in Mongolia, $39.2 million in Brazil, $32.9 million in the United States, $17.6 million in Burkina Faso, $10.9 million
in Mexico, $9.3 million in South Africa, $6.3 million in Australia, $5.1 million in French Guiana, $3.5 million in Honduras, $1.0
million in Ghana, and $16.5 million in South America.</TD></TR></TABLE>

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



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


<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">As of and for the year ended December
31, 2014:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 3pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Cost</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Accumulated&nbsp;Depletion</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">In&nbsp;$000s</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Opening</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Additions</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Foreign<BR> exchange<BR> translation</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Ending</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Opening</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Depletion</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Impairment</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Inventory<BR> Depletion<BR> Adjustment</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Ending</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Carrying<BR> Amount</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%; text-align: left"><FONT STYLE="font-size: 8pt">Aurizona, Brazil</FONT></TD><TD STYLE="width: 1%; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">25,820</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">1,538</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">27,358</FONT></TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">4,293</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">1,463</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">5,756</FONT></TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">21,602</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Bachelor Lake, Canada</FONT></TD><TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,671</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,671</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,917</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,541</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,458</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,213</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Black Fox, Canada</FONT></TD><TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">37,758</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">37,758</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,916</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,920</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,836</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19,922</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Hugo North Extension and Heruga, Mongolia</FONT></TD><TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">37,580</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,913</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42,493</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42,493</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Karma Gold Project, Burkina Faso</FONT></TD><TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,456</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,456</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,456</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Ming, Canada</FONT></TD><TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,068</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,068</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,017</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,611</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,628</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,440</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Santa Elena, Mexico</FONT></TD><TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,342</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23,342</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,731</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,356</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,087</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,255</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Royalties <B><SUP>1</SUP></B></FONT></TD><TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">169,855</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23,505</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3,390</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">189,970</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">63,885</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,807</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,215</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">76,907</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">113,063</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">Other <B><SUP>2</SUP></B></FONT></TD><TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,345</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,048</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,393</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">740</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">215</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">955</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,438</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">Total</FONT><SUP>3</SUP></TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">337,439</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">56,460</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">(3,390</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">390,509</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">99,499</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">27,913</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">1,215</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">128,627</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">261,882</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></B></FONT></TD><TD STYLE="text-align: justify">Includes Bracemac-McLeod, Coringa, Mt. Hamilton, Paul Isnard, Prairie Creek, Ann Mason, Serra Pelada,
Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, San Francisco, Sao Vicente, and Thunder Creek.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">
</FONT></B></FONT></TD><TD STYLE="text-align: justify">Includes Deflector , Summit and other.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify">Total mineral interest and royalties includes $77.4 million of assets located in Canada, $42.5
million in Mongolia, $39.6 million in Brazil, $33.3 million in the United States, $14.5 million in Burkina Faso, $12.3 million
in Mexico, $10.4 million in South Africa, $6.3 million in Australia, $5.1 million in French Guiana, $4.3 million in Honduras, $0.4
million in Ghana, and $15.8 million in South America.</TD></TR></TABLE>

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

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


<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">ACQUISITION&ensp;|&ensp;Diavik
Royalty</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">During the three months ended March
31, 2015, the Company acquired a 1% gross proceeds royalty based on the production from the Diavik mine located in Lac de Gras,
Northwest Territories,&nbsp;Canada (&ldquo;Diavik&rdquo; or the &ldquo;Diavik Mine&rdquo;) which is operated by Rio Tinto PLC
(&ldquo;Rio Tinto&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">For consideration, during the three
months ended March 31, 2015, the Company paid $52.5 million in cash and 3 million warrants of Sandstorm to IAMGOLD Corporation
(the owner of the 1% royalty). The warrants have a 5 year term, a strike price of $4.50 per Sandstorm common share and will be
exercisable following initial production from the Diavik Mine&rsquo;s A21 pipe.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In assessing the fair value of the warrants,
a probability weighted approach was used that incorporated a number of factors including the timing of production from the A21
pipe. As part of this assessment, the values of the warrants in the various scenarios was determined using the Black-Scholes model
and utilized the following assumptions: grant date share price of $3.31, exercise price of $4.50, expected volatility of 30%,
risk free interest rate of 0.49% and expected life of 5 years. The Company also utilized a discounted cash flow analysis using
a 7% discount rate and analyst price projections. Both analyses resulted in a fair value of a $0.6 million for the warrants.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">ACQUISITION&ensp;|&ensp;Bombor&eacute;
Royalty</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">On January 27, 2015, the Company acquired
a 0.45% NSR on the Bombor&eacute; gold project (&ldquo;Bombor&eacute;&rdquo; or &ldquo;Bombor&eacute; Project&rdquo;) located
in Burkina Faso, West Africa and owned by Orezone Gold Corp. (&ldquo;Orezone&rdquo;) for consideration of $3.0 million (&ldquo;Upfront
Royalty&rdquo;). In addition, Sandstorm has committed to providing up to an additional $5.0 million in royalty financing (remittable
in cash and/or shares, subject to certain conditions) to Orezone on a drawdown basis until January 27, 2017 (the &ldquo;Standby
Royalty&rdquo;). The Standby Royalty, if fully exercised, would result in the granting of an additional 0.75% NSR. Orezone has
granted Sandstorm a right of first refusal on any future stream or royalty financings related to the Bombor&eacute; Project until
36 months following the achievement of commercial production at the mine. Orezone has the option to repurchase the Upfront Royalty
from Sandstorm for a period of 36 months, at a premium of 10% per year. The Standby Royalty can also be repurchased at a premium
of 10% per year if Orezone completes a gold stream financing and Sandstorm participates for no less than $30 million.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">UPDATE | Aurizona Mine</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">During the three months ended March
31, 2015, the Company agreed to restructure the Gold Stream and loan agreement with Luna (the &ldquo;Restructuring&rdquo;). Under
the terms of the Restructuring, the Gold Stream will be terminated and replaced by two NSRs (the &ldquo;Aurizona Project NSR&rdquo;
and the &ldquo;Greenfields NSR&rdquo;) and a convertible debenture. The Aurizona Project NSR will cover the entire Aurizona project,
including the current 43-101 compliant reserves and resources, and all adjacent exploration upside that would be processed through
the Aurizona mill. The Aurizona Project NSR will be a sliding scale royalty based on the price of gold as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>3% if the price
                                         of gold is less than or equal to $1,500 per ounce;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>4% if the price
                                         of gold is between $1,500 per ounce and $2,000 per ounce; and</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>5% if the price
                                         of gold is greater than $2,000 per ounce.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Greenfields NSR will cover the 190,073
hectares of exploration ground held by Luna and will be a 2% NSR. Luna will have the right to purchase one-half of the Greenfields
NSR for $10 million at any time prior to commercial production. Furthermore, Sandstorm will hold a right of first refusal on any
future streams or royalties on the Aurizona Project and Greenfields.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The debenture will be a $30 million debenture bearing interest at a rate of 5% per annum (the &ldquo;Debenture&rdquo;).
The Debenture is payable in three equal annual tranches of $10 million plus accrued interest beginning June 30, 2018. Luna will
have the right to convert principal and interest owing under the Debenture into common shares of Luna, so long as Sandstorm does
not own more than 20% of the outstanding common shares of Luna. &nbsp;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-style: normal">Loan
Amendment</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Under the loan amendment, the maturity
date of the existing $20 million Luna loan will be extended from June 30, 2017 to June 30, 2021, the interest rate will be revised
to 5% per annum, payable in cash on the maturity date. In the event that Luna is in default, the applicable rate of interest will
increase to 10% per annum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Restructuring is subject to Luna
completing an equity raise of no less than CAD$20 million, obtaining all of the necessary governmental and regulatory approvals
and the Restructuring is expected to be completed and effective on or around June 30, 2015.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Subsequent to quarter end and as contemplated
in the gold purchase agreement, the Company provided notice to Doray Minerals Ltd. that the $6.0 million Sandstorm had advanced
under the purchase agreement would be due by October 16, 2015 (the &ldquo;Re-Payment&rdquo;).&nbsp; The Re-Payment would extinguish
both parties&rsquo; obligations under the gold purchase agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Investments</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">As of and for the three months ended
March 31, 2015:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">In&nbsp;$000s</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Fair&nbsp;Value<BR>
    December&nbsp;31,&nbsp;2014</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Net&nbsp;Additions&nbsp;(Disposals)&nbsp;<BR>
    March&nbsp;31,&nbsp;2015</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Fair&nbsp;Value&nbsp;Adjustment<BR>
    March&nbsp;31,&nbsp;2015</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Fair&nbsp;Value<BR>
    March&nbsp;31,&nbsp;2015</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%"><FONT STYLE="font-size: 8pt">Common shares</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">14,254</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">234</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">(2,422</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">12,066</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Warrants</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">70</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">870</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Convertible debt instrument</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">9,665</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(147</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(1,261</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">8,257</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">23,989</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">87</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(2,883</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">21,193</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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


<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">As of and for the three months ended
March 31, 2014:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">In $000s</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Fair
    Value<BR> December 31, 2013</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Net
    Additions (Disposals) <BR> March 31, 2014</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Fair
    Value Adjustment <BR> March 31, 2014</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">Fair
    Value<BR> March 31, 2014</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; border-top: Black 3pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%"><FONT STYLE="font-size: 8pt">Common shares</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">8,804</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">748</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">9,552</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Convertible debt instrument</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">4,185</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(85</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">4,100</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">12,989</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">663</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">13,652</FONT></TD><TD STYLE="border-bottom: Black 2.25pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD>Share Capital and Reserves</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Company is authorized to issue an
unlimited number of common shares without par value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">On December 15, 2014, the Company announced
that it intended to proceed with a normal course issuer bid (&ldquo;NCIB&rdquo;). Under the NCIB, the Company may, until December
16, 2015, purchase up to 5,882,879 common shares, representing 5% of the Company&rsquo;s issued and outstanding common shares
of 117,657,587 as of December 11, 2014. The NCIB provides the Company with the option to purchase its common shares from time
to time when the Company&rsquo;s management believes that the Common Shares are undervalued by the market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">During the three months ended March
31, 2015 and pursuant to the NCIB, the Company purchased an aggregate of 147,445 common shares. These shares were returned to
treasury for cancellation on March 31, 2015.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD>Stock Options of the Company</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Company has an incentive stock option
plan (the &ldquo;Option Plan&rdquo;) whereby the Company may grant share options to eligible employees, officers, directors and
consultants at an exercise price, expiry date, and vesting conditions to be determined by the Board of Directors. The maximum
expiry date is five years from the grant date. All options are equity settled. The Option Plan permits the issuance of options
which, together with the Company's other share compensation arrangements, may not exceed 10% of the Company&rsquo;s issued common
shares as at the date of the grant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">A summary of the Company&rsquo;s options
and the changes for the period are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; height: 0.25in; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Options</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Weighted&nbsp;Average<BR> Exercise&nbsp;Price&nbsp;(C$)</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; font-weight: bold">Options outstanding at December 31, 2013</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-weight: bold; text-align: right">3,987,133</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-weight: bold; text-align: right">5.70</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,762,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.95</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(862,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.25</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Forfeited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6.31</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Options outstanding at December 31, 2014 and March 31, 2015</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">6,852,607</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">4.69</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 40; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">A summary of the Company&rsquo;s share
purchase options as of March 31, 2015 is as follows:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number&nbsp;outstanding</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exercisable</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exercise&nbsp;Price&nbsp;per&nbsp;Share&nbsp;(C$)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 3pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Expiry&nbsp;Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 19, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,308,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,308,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.40</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 26, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.30</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 25, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,129,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,129,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 25, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">402,133</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">402,133</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16.35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 11, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100,002</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.78</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 21, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,875</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,875</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.31</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 19, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,625</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,625</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.62</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.03</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 16, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,737,474</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.93</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 13, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-bottom: black 2.25pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,852,607</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 2.25pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,040,135</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 27%; border-top: black 1pt solid; border-bottom: black 2.25pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6.58</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 35%; border-top: black 1pt solid; border-bottom: black 2.25pt solid; text-align: center">&nbsp;</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">A summary of the Company&rsquo;s warrants
and the changes for the period are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Warrants</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Shares&nbsp;to&nbsp;be&nbsp;Issued&nbsp;Upon<BR> Exercise&nbsp;of&nbsp;the&nbsp;Warrants</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; font-weight: bold">Warrants outstanding at December 31, 2013</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-weight: bold; text-align: right">83,305,390</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-weight: bold; text-align: right">22,490,095</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,205,100</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,041,020</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Expired unexercised</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(2,331,018</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,223,522</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Warrants outstanding at December 31, 2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25,769,272</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,225,553</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Issued (note 4 (b))</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Expired unexercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(108,750</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(108,750</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Warrants outstanding at March 31, 2015</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">28,660,522</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">13,116,803</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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

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


<!-- Field: Page; Sequence: 41; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">A summary of the Company&rsquo;s warrants
as of March 31, 2015 are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 8pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Number&nbsp;of<BR> Warrants&nbsp;on&nbsp;a<BR> Pre-consolidated<BR> Basis</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Pre-Consolidated<BR> Exercise<BR> Price<BR> Per&nbsp;Warrant</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;<BR> Warrants&nbsp;on&nbsp;a&nbsp;<BR> Post-<BR> Consolidated&nbsp;<BR> Basis</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Post-<BR> Consolidated<BR> Exercise&nbsp;Price<BR> Per&nbsp;Warrant</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Shares&nbsp;to&nbsp;be<BR> Issued&nbsp;Upon<BR> Exercise&nbsp;of<BR> the<BR> Warrants</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Adjusted<BR> Exercise<BR> Price&nbsp;Per<BR> Share</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Expiry&nbsp;Date</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%; font-weight: bold">SSL.WT.A</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">19,429,649</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,885,930</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; text-align: right">Oct. 19, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,155,873</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13.79</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,155,873</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13.79</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">Dec. 4, 2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17.24</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">C$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17.24</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">Feb. 28, 2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">SSL.WT.B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,002,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,002,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">Sep. 7, 2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">Mar. 23, 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">19,429,649</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">9,230,873</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">13,116,803</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">D.</TD><TD>Restricted Share Rights (&ldquo;RSRs&rdquo;)</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Company has a restricted share plan
(the &ldquo;Restricted Share Plan&rdquo;) whereby the Company may grant restricted share rights to eligible employees, officers,
directors and consultants at an expiry date to be determined by the Board of Directors. Each restricted share right entitles the
holder to receive a common share of the Company without any further consideration. The Restricted Share Plan permits the issuance
of up to a maximum of 2,800,000 RSRs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">During the period ended March 31, 2015,
the Company granted 50,480 RSRs with a fair value of $0.2 million, a three year vesting term, and a weighted average grant date
fair value of C$4.16 per unit.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">E.</TD><TD>Diluted Earnings Per Share</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Diluted earnings per share is calculated
based on the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">In&nbsp;$000s</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2015</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2014</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">Net income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">825</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">3,792</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Basic weighted average number of shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,478,182</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,031,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Effect of dilutive securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Stock
    options</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,575,509</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,132,289</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Warrants</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,669,898</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Restricted
    share rights</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,299</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Diluted weighted average number of common shares</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">119,053,691</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">110,861,098</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 42; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The following table lists the number
of stock options, warrants and RSRs excluded from the computation of diluted earnings per share because the exercise prices exceeded
the average market value of the common shares of C$4.43 during the period ended March 31, 2015 (March 31, 2014- C$5.90):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2015</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2014</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">Stock Options</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">1,786,633</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">1,796,633</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,225,553</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,286,270</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.25pt solid">RSRs</TD><TD STYLE="border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.25pt solid">578,334</TD><TD STYLE="text-align: left; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.25pt solid">314,666</TD><TD STYLE="text-align: left; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD>Income Taxes</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The income tax expense differs from
the amount that would result from applying the federal and provincial income tax rate to the net income before income taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Income tax recognized in net income
is comprised of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">In&nbsp;$000s</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2015</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2014</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">Current income tax expense related to foreign jurisdictions</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">257</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">317</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred income tax expense (recovery)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">286</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(77</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Income tax expense</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">543</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">240</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">These differences result from the following
items:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">In&nbsp;$000s</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2015</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2014</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">Income before income taxes</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">1,368</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">4,032</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Canadian federal and provincial income tax rates</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">26.0</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">26.0</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Income tax expense&nbsp;&nbsp;based on the above rates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,048</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Increase (decrease) due to:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Non-deductible
    expenses</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Difference
    between statutory and foreign tax rates</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(591</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(714</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">601</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(204</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Income tax expense</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">543</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">240</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 43; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD>Administration Expenses</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The administration expenses for the
Company are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">In&nbsp;$000s</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2015</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2014</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">Corporate administration</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">408</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">563</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Employee benefits and salaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">832</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">695</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">203</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">Depreciation</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">54</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">47</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Administration expenses before share based compensation</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,497</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,428</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Equity settled share based compensation<BR> (a non-cash expense)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">421</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Total administration expenses</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">2,175</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">1,849</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD>Supplemental Cash Flow Information</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">In&nbsp;$000s</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2015</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2014</TD><TD STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Change in non-cash working capital:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Trade
    receivables and other</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">(1,546</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">(2,755</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Wingdings 3; text-align: left; text-indent: -0.15in; padding-left: 0.35in">&ecirc;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Trade
    and other payables</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">465</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">582</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Net decrease in cash</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">(1,081</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">)</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">(2,173</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">Issuance of warrants for Diavik royalty acquisition </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">(note 4 (b))</FONT></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">583</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 44; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD>Key Management Compensation</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The remuneration of directors and those
persons having authority and responsibility for planning, directing and controlling activities of the Company are as follows:</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">In&nbsp;$000s</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2015</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> March&nbsp;31,&nbsp;2014</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%; text-align: left">Short-term employee salaries and benefits</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">543</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">527</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Share-based payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">561</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">358</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Total key management compensation expense</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">1,104</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">885</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 45; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD>Contractual Obligations</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In connection with its Gold Streams,
the Company has committed to purchase the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
<TR>
    <TD STYLE="vertical-align: bottom; width: 20%; text-align: left; font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Gold&nbsp;Stream</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center; font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 48%; text-align: center; font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">%&nbsp;of&nbsp;Life&nbsp;of&nbsp;Mine&nbsp;Gold&nbsp;<SUP>&nbsp;5,6,7</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center; font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 28%; text-align: center; font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Per&nbsp;Ounce&nbsp;Cash&nbsp;Payment:<BR>
    lesser&nbsp;of&nbsp;amount&nbsp;below&nbsp;and&nbsp;the&nbsp;then<BR>
    prevailing&nbsp;market&nbsp;price&nbsp;of&nbsp;gold&nbsp;<SUP>1,&nbsp;2,&nbsp;3,&nbsp;4</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Aurizona</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$408</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Bachelor Lake</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">20%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$500</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Black Fox</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$518</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Entr&eacute;e Gold</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.76% on Hugo North Extension and 5.14% <BR>
    on Heruga</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$220</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Karma</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">25,000 ounces over 5 years and 1.625% <BR>
    thereafter</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">20% of gold spot price</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Ming</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">25% of the first 175,000 ounces of gold <BR>
    produced, and 12% thereafter</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$nil</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Santa Elena</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">20%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$354</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt">Summit</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt">50% of the first 10,000 ounces
    of gold <BR>
    produced, and 22% thereafter</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt">$400</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">Subject to an annual inflationary adjustment except for Ming</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">For the Entr&eacute;e Gold Stream, after approximately 8.6 million ounces
of gold have been produced from the joint venture property, the price increases to $500 per gold ounce.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">For the Entr&eacute;e Silver Stream, percentage of life of mine is 6.76%
on Hugo North Extension and 5.14% on Heruga which the Company can purchase for the lesser of the prevailing market price and $5
per ounce of silver until 40.3 million ounces of silver have been produced from the entire joint venture property. Thereafter,
the purchase price will increase to the lesser of the prevailing market price and $10 per ounce of silver.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>4)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">For the Santa Elena Gold Stream, the Company can purchase for a per ounce
cash payment equal to (i) the lesser of $354 and the then prevailing market price of gold for the open-pit mine and (ii) the lesser
of $354 and the then prevailing market price of gold until 50,000 ounces of gold have been delivered to Sandstorm (inclusive of
ounces already received from open-pit production), at which time the on-going per ounce payments will increase to the lesser of
$450 and the then prevailing market price of gold for the underground mine.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>5)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">For the Entr&eacute;e Gold and Silver Stream, percentage of life of mine
is 6.76% on Hugo North Extension and 5.14% on Heruga if the minerals produced are contained below 560 metres in depth.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>6)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">For the Entr&eacute;e Gold and Silver Stream, percentage of life of mine
is 10.15% on Hugo North Extension and 7.7% on Heruga if the minerals produced are contained above 560 metres in depth.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>7)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt">For the Entr&eacute;e copper stream, the Company has committed to purchase
an amount equal to 0.5% of the copper produced from the Hugo North Extension and Heruga deposits. If the minerals produced are
contained above 560 metres in depth, then the commitment increases to 0.75% for both the Hugo North Extension and Heruga deposits.
Sandstorm will make ongoing per pound cash payments equal to the lesser of $0.50 and the then prevailing market price of copper,
until 9.1 billion pounds of copper have been produced from the entire joint venture property. Thereafter, the on-going per pound
payments will increase to the lesser of $1.10 and the then prevailing market price of copper.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 46; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In connection with the Karma Gold Stream,
the Company has agreed, subject to certain financing conditions, to provide remaining upfront payments totaling $10.6 million.
In addition, the Stream Syndicate has provided True Gold with an 18 month option to increase funding by up to $20.0 million whereby
Sandstorm&rsquo;s commitment would be 25% of the increase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In connection with the Bombor&eacute;
royalty, Sandstorm has committed to providing up to an additional $5.0 million in royalty financing (remittable in cash and/or
shares, subject to certain conditions) to Orezone on a draw down basis until January 27, 2017.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">12.</TD><TD>Segmented Information</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Company&rsquo;s reportable operating
segments, which are components of the Company&rsquo;s business where separate financial information is available and which are
evaluated on a regular basis by the Company&rsquo;s Chief Executive Officer, who is the Company&rsquo;s chief operating decision
maker, for the purpose of assessing performance, are summarized in the tables below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">For the three months ended March 31,
2015</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>In&nbsp;$000s</B></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Sales</B></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Royalty</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>revenue</B></FONT></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cost&nbsp;of&nbsp;sales</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(excluding</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>depletion)</B></FONT></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Depletion</B></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Income&nbsp;(loss)</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>before&nbsp;taxes</B></FONT></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash&nbsp;from</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>operations</B></FONT></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-size: 10pt">Aurizona, Brazil</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">3,857</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">1,263</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">368</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">2,226</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">2,594</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Bachelor Lake, Canada</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,473</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,016</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,208</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">249</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,457</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Black Fox, Canada</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,288</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">954</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,327</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,334</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Diavik Mine, Canada</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,458</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Ming, Canada</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">240</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">242</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">240</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Santa Elena, Mexico</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,708</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">786</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,354</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">568</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,922</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Royalties<B><SUP> 1</SUP></B></FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,219</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,841</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(622</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,664</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Corporate</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(2,092</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated</B></FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>11,566</B></FONT></TD><TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>3,719</B></FONT></TD><TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>4,019</B></FONT></TD><TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>8,798</B></FONT></TD><TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>1,368</B></FONT></TD><TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>8,119</B></FONT></TD><TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify">Includes royalty revenue from Bracemac-McLeod, Gualcamayo, Emigrant Springs, Mine Waste Solutions,
San Andres, and Thunder Creek. Includes royalty revenue from royalty interests located in Canada of $0.8 million, in the United
States of $0.5 million, and other of $0.9 million.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 47; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">For the three months ended March 31,
2014</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>In
    $000s</B></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Sales</B></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Royalty</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>revenue</B></FONT></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cost
    of sales</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(excluding depletion)</B></FONT></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Depletion</B></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Income
    (loss) </B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>before taxes</B></FONT></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash
    from</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>operations </B>&nbsp;</FONT></FONT></TD><TD NOWRAP STYLE="border-top: Black 3pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-size: 10pt">Aurizona, Brazil</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">5,056</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">1,607</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">473</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">2,976</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">895</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Bachelor Lake, Canada</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,531</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,370</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,628</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">533</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,161</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Black Fox, Canada</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,845</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">737</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,035</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">73</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,108</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Ming, Canada</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">521</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">367</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">155</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">521</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Santa Elena, Mexico</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,979</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">535</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">931</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">513</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,444</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Royalties<B><SUP> 1</SUP></B></FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,363</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,667</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">695</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,352</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Corporate</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(913</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,456</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated</B></FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>12,932</B></FONT></TD><TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>2,363</B></FONT></TD><TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>4,249</B></FONT></TD><TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>6,101</B></FONT></TD><TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>4,032</B></FONT></TD><TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>7,025</B></FONT></TD><TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify">Includes Bracemac-McLeod, Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, San Francisco,
Sao Vicente, and Thunder Creek. Includes royalty revenue from royalty interests located in Canada of $0.5 million, in the United
States of $0.4 million, and other of $1.5 million.</TD></TR></TABLE>

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

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



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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-top: Black 3pt solid; border-bottom: Black 1pt solid">In&nbsp;$000s</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">March&nbsp;&nbsp;31,&nbsp;2015</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-top: Black 3pt solid; border-bottom: Black 1pt solid">December&nbsp;31,&nbsp;2013</TD><TD NOWRAP STYLE="font-weight: bold; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%">Aurizona</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">21,223</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">21,602</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bachelor Lake</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,005</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,213</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Black Fox</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,595</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,922</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Diavik Mine</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Entr&eacute;e</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,493</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,493</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Karma</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,456</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Ming</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,198</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,440</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Santa Elena</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,901</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,255</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Royalties <SUP>1</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Other <SUP>2</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,438</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Corporate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,131</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">Consolidated</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">425,154</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">431,070</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4F81BD; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify">Includes Bracemac-McLeod, Coringa, Mt. Hamilton, Paul Isnard, Prairie Creek, Ann Mason, Serra Pelada,
Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, San Francisco, Sao Vicente, Thunder Creek and Bombor&eacute;.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal"><B>2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD><TD STYLE="text-align: justify">Includes Deflector, Summit and other</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 48; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">13.</TD><TD>Subsequent event</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">During the three months
ended March 31, 2015, the Company entered into an arrangement agreement with Gold Royalties Corporation (&ldquo;Gold Royalties&rdquo;),
which subsequently closed on April 28, 2015, pursuant to which Sandstorm Gold acquired all of the issued and outstanding shares
(the &ldquo;Gold Royalties Shares&rdquo;) of Gold Royalties. The transaction was implemented by way of a statutory plan of arrangement
(the &ldquo;Arrangement&rdquo;). Upon completion of the Arrangement, Sandstorm Gold issued to each holder of a Gold Royalties
Share 0.045 of a common share of Sandstorm Gold, for a total of 1,161,720 common shares issued by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Gold Royalties has
approximately C$2 million in cash and a portfolio of 18 royalties on 12 mining projects located in Canada, including one royalty
that is generating cash flow from gold production. Upon the closing of the Arrangement, Sandstorm&rsquo;s portfolio totaled 10
streams and 60 royalties.</P>

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


<!-- Field: Page; Sequence: 49; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>v409399_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Form
52-109F2</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><I>Certification
of Interim Filings</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><I>Full
Certificate</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">I, <B>NOLAN
WATSON</B>, Chief Executive Officer of <B>SANDSTORM GOLD LTD.</B>, certify the following:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Review:
                                         </I></B>I have reviewed the interim financial report and interim MD&amp;A (together,
                                         the &ldquo;<B>Interim Filings</B>&rdquo;) of <B>SANDSTORM GOLD LTD.</B> (the &ldquo;<B>Issuer</B>&rdquo;)
                                         for the interim period ended <B>MARCH 31, 2015.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>No
                                         misrepresentations:</I> </B>Based on my knowledge, having exercised reasonable diligence,
                                         the Interim Filings do not contain any untrue statement of a material fact or omit to
                                         state a material fact required to be stated or that is necessary to make a statement
                                         not misleading in light of the circumstances under which it was made, with respect to
                                         the period covered by the Interim Filings.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Fair
                                         presentation:</I> </B>Based on my knowledge, having exercised reasonable diligence, the
                                         interim financial report together with the other financial information included in the
                                         Interim Filings fairly present in all material respects the financial condition, financial
                                         performance and cash flows of the Issuer, as of the date of and for the periods presented
                                         in the Interim Filings.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Responsibility:
                                         </I></B>The Issuer&rsquo;s other certifying officer(s) and I are responsible for establishing
                                         and maintaining disclosure controls and procedures (DC&amp;P) and internal control over
                                         financial reporting (ICFR), as those terms are defined in National Instrument 52-109
                                         <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings,</I> for
                                         the Issuer.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Design:
                                         </I></B>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the
                                         Issuer&rsquo;s other certifying officer(s) and I have, as at the end of the period covered
                                         by the Interim Filings</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">designed
                                         DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance
                                         that</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">material
                                         information relating to the Issuer is made known to us by others, particularly during
                                         the period in which the Interim Filings are being prepared; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">information
                                         required to be disclosed by the Issuer in its annual filings, interim filings or other
                                         reports filed or submitted by it under securities legislation is recorded, processed,
                                         summarized and reported within the time periods specified in securities legislation;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">designed
                                         ICFR, or caused it to be designed under our supervision, to provide reasonable assurance
                                         regarding the reliability of financial reporting and the preparation of financial statements
                                         for external purposes in accordance with the Issuer&rsquo;s GAAP.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Control
                                         framework:</I></B> The control framework the Issuer&rsquo;s other certifying officer(s)
                                         and I used to design the Issuer&rsquo;s ICFR is <I>Internal Control &ndash; Integrated
                                         Framework</I> (2013) issued by the Committee of Sponsoring Organizations of the Treadway
                                         Commission.<B><I> </I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>ICFR
                                         &ndash; material weakness relating to design: </I></B>N/A.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">5.3</FONT></TD><TD><FONT STYLE="font-size: 10pt"><B><I>Limitation on scope
of design:</I></B> N/A</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Reporting
                                         changes in ICFR:</I> </B>The Issuer has disclosed in its interim MD&amp;A any change
                                         in the Issuer&rsquo;s ICFR that occurred during the period beginning on January 1, 2015
                                         and ended on March 31, 2015 that has materially affected, or is reasonably likely to
                                         materially affect, the Issuer&rsquo;s ICFR.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Date: &#9;MAY
5, 2015.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&ldquo;Nolan
    Watson&rdquo;</I></FONT></TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOLAN WATSON</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 2; Options: NewSection Last; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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 -->2<!-- Field: /Sequence --> -</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>v409399_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.3</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Form
52-109F2</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><I>Certification
of Interim Filings</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><I>Full
Certificate</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">I, <B>ERFAN
KAZEMI</B>, Chief Financial Officer of <B>SANDSTORM GOLD LTD.</B>, certify the following:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Review:
                                         </I></B>I have reviewed the interim financial report and interim MD&amp;A (together,
                                         the &ldquo;<B>Interim Filings</B>&rdquo;) of <B>SANDSTORM GOLD LTD.</B> (the &ldquo;<B>Issuer</B>&rdquo;)
                                         for the interim period ended <B>MARCH 31, 2015.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>No
                                         misrepresentations:</I> </B>Based on my knowledge, having exercised reasonable diligence,
                                         the Interim Filings do not contain any untrue statement of a material fact or omit to
                                         state a material fact required to be stated or that is necessary to make a statement
                                         not misleading in light of the circumstances under which it was made, with respect to
                                         the period covered by the Interim Filings.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Fair
                                         presentation:</I> </B>Based on my knowledge, having exercised reasonable diligence, the
                                         interim financial report together with the other financial information included in the
                                         Interim Filings fairly present in all material respects the financial condition, financial
                                         performance and cash flows of the Issuer, as of the date of and for the periods presented
                                         in the Interim Filings.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Responsibility:
                                         </I></B>The Issuer&rsquo;s other certifying officer(s) and I are responsible for establishing
                                         and maintaining disclosure controls and procedures (DC&amp;P) and internal control over
                                         financial reporting (ICFR), as those terms are defined in National Instrument 52-109
                                         <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings,</I> for
                                         the Issuer.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Design:
                                         </I></B>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the
                                         Issuer&rsquo;s other certifying officer(s) and I have, as at the end of the period covered
                                         by the Interim Filings</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">designed
                                         DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance
                                         that</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">material
                                         information relating to the Issuer is made known to us by others, particularly during
                                         the period in which the Interim Filings are being prepared; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">information
                                         required to be disclosed by the Issuer in its annual filings, interim filings or other
                                         reports filed or submitted by it under securities legislation is recorded, processed,
                                         summarized and reported within the time periods specified in securities legislation;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">designed
                                         ICFR, or caused it to be designed under our supervision, to provide reasonable assurance
                                         regarding the reliability of financial reporting and the preparation of financial statements
                                         for external purposes in accordance with the Issuer&rsquo;s GAAP.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Control
                                         framework:</I></B> The control framework the Issuer&rsquo;s other certifying officer(s)
                                         and I used to design the Issuer&rsquo;s ICFR is <I>Internal Control &ndash; Integrated
                                         Framework</I> (2013) issued by the Committee of Sponsoring Organizations of the Treadway
                                         Commission.<B><I> </I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>ICFR
                                         &ndash; material weakness relating to design: </I></B>N/A.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">5.3</FONT></TD><TD><FONT STYLE="font-size: 10pt"><B><I>Limitation on scope
of design:</I></B> N/A</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Reporting
                                         changes in ICFR:</I> </B>The Issuer has disclosed in its interim MD&amp;A any change
                                         in the Issuer&rsquo;s ICFR that occurred during the period beginning on January 1, 2015
                                         and ended on March 31, 2015 that has materially affected, or is reasonably likely to
                                         materially affect, the Issuer&rsquo;s ICFR.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Date: &#9;MAY
5, 2015.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&ldquo;Erfan
    Kazemi&rdquo;</I></FONT></TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ERFAN KAZEMI</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>



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

<!-- Field: Page; Sequence: 2; Options: NewSection Last; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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 -->2<!-- Field: /Sequence --> -</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
