<SEC-DOCUMENT>0001217160-15-000348.txt : 20151119
<SEC-HEADER>0001217160-15-000348.hdr.sgml : 20151119
<ACCEPTANCE-DATETIME>20151119163501
ACCESSION NUMBER:		0001217160-15-000348
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20151109
FILED AS OF DATE:		20151119
DATE AS OF CHANGE:		20151119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FORTUNA SILVER MINES INC
		CENTRAL INDEX KEY:			0001341335
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35297
		FILM NUMBER:		151244011

	BUSINESS ADDRESS:	
		STREET 1:		200 BURRARD ST
		STREET 2:		SUITE 650
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L6
		BUSINESS PHONE:		604-484-4085

	MAIL ADDRESS:	
		STREET 1:		200 BURRARD ST
		STREET 2:		SUITE 650
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L6
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>fortunaq32015fs6k.htm
<DESCRIPTION>FORTUNA 6-K FOR NOVEMBER 2015
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>Fortuna Silver Mines Form 6-K</TITLE>
<META NAME="author" CONTENT="SGT">
<META NAME="date" CONTENT="11/18/2015">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; padding-left:48px; padding-right:48px" align=center><B>UNITED STATES </B></P>
<P style="margin:0px; padding-left:48px; padding-right:48px" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px; padding-left:48px; padding-right:48px" align=center>Washington, D.C. &nbsp;20549</P>
<P style="margin:0px; padding-left:48px; padding-right:48px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; padding-left:48px; padding-right:48px" align=center><B>FORM 6-K</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; padding-right:48px" align=center><B>REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 AND 15d-16 UNDER THE </B></P>
<P style="margin:0px; padding-left:48px; padding-right:48px" align=center><B>SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:144px; padding-right:48px">For the Month of &nbsp;&nbsp;<U>November 2015</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:144px; padding-right:48px">File No. &nbsp;&nbsp;<U>001-35297</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; padding-right:48px; font-size:16pt" align=center><B><U>Fortuna Silver Mines Inc.</U></B></P>
<P style="margin:0px; padding-left:48px; padding-right:48px" align=center>(Name of Registrant)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; padding-left:48px; padding-right:48px" align=center><U>200 Burrard Street, Suite 650, Vancouver, British Columbia, Canada V6C 3L6</U></P>
<P style="margin:0px; padding-left:48px; padding-right:48px" align=center>(Address of principal executive offices)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; padding-right:48px" align=justify>Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:318px; float:left">FORM 20-F &nbsp;&nbsp;<FONT style="font-family:Wingdings">&#168;</FONT></P>
<P style="margin:0px; padding-left:48px; padding-right:48px; text-indent:-2px">FORM 40-F &nbsp;&nbsp;<FONT style="font-family:Wingdings"><B>x</B></FONT></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; padding-left:48px; padding-right:48px">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): &nbsp;<FONT style="font-family:Wingdings">&#168;</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; padding-right:48px">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></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; padding-right:48px" align=center><B>SIGNATURE</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; padding-right:48px" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Form 6-K to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; padding-right:48px"><U>Fortuna Silver Mines Inc.</U></P>
<P style="margin:0px; padding-left:48px; padding-right:48px">(Registrant)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=567.2 /><TD width=295.2 /></TR>
<TR><TD style="margin-top:0px" valign=top width=567.2><P style="margin:0px; padding-left:48px; font-size:9.5pt">Dated: &nbsp;<U>November 9, 2015</U> </P>
</TD><TD style="margin-top:0px" valign=top width=295.2><P style="margin:0px; font-size:9.5pt">By: &nbsp;<U>/s/ &nbsp;&quot;</U><I><U>Jorge Ganoza Durant</U></I><U>&quot;</U></P>
<P style="margin:0px; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jorge Ganoza Durant </P>
<P style="margin:0px; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and CEO</P>
<P style="margin:0px; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; font-size:11pt"><B>Exhibits:</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:120px; width:168px; font-size:11pt; float:left"><B>99.1</B></P>
<P style="margin:0px; padding-left:168px; text-indent:-2px; font-size:11pt"><B>Interim Financial Statements for the period ended September 30, 2015</B></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:120px; width:168px; font-size:11pt; clear:left; float:left"><B>99.2</B></P>
<P style="margin:0px; padding-left:168px; text-indent:-2px; font-size:11pt"><B>Management Discussion and Analysis</B></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:120px; width:168px; font-size:11pt; clear:left; float:left"><B>99.3</B></P>
<P style="margin:0px; padding-left:168px; text-indent:-2px; font-size:11pt"><B>Certification of CEO</B></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:120px; width:168px; font-size:11pt; clear:left; float:left"><B>99.4</B></P>
<P style="margin:0px; padding-left:168px; text-indent:-2px; font-size:11pt"><B>Certification of CFO</B></P>
<P style="margin:0px; clear:left"><BR></P>
</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>fortunaq32015_fs.htm
<DESCRIPTION>INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER 30, 2015
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Interim Financial Statements</TITLE>
<META NAME="author" CONTENT="Grace Soo">
<META NAME="date" CONTENT="11/18/2015">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:12.2px"><BR></P>
<P style="margin:0px"><img src="fortunaq32015_fs002.gif" alt="[fortunaq32015_fs002.gif]" align=top height=84 width=384></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:20pt">Fortuna<FONT style="color:#7F7F00"> </FONT>Silver<FONT style="color:#7F7F00"> </FONT>Mines Inc.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:20pt">September 30, 2015</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:20pt">Condensed Interim Consolidated Financial Statements</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt"><B>November 9, 2015</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:9pt" align=center>The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements</P>
<P style="margin:0px; font-size:11pt" align=right>Page 1</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
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<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=347.667 /><TD width=66.467 /><TD width=25.867 /><TD width=90.533 /><TD width=25.867 /><TD width=85.867 /><TD width=25.867 /><TD width=92.533 /><TD width=25.867 /><TD width=88.533 /></TR>
<TR><TD style="margin-top:0px" valign=top width=875.067 colspan=10><P style="margin:0px" align=center><B>FORTUNA SILVER MINES INC.</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=875.067 colspan=10><P style="margin:0px" align=center><B>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET INCOME</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=875.067 colspan=10><P style="margin:0px" align=center><B>(Unaudited) (Expressed in thousands of US Dollars, except for share and per share amounts)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=875.067 colspan=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=347.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=228.133 colspan=4><P style="margin:0px" align=right><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=206.933 colspan=3><P style="margin:0px" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=347.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66.467><P style="margin:0px" align=center><B>Notes</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90.533><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.867><P style="margin:0px" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.533><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=88.533><P style="margin:0px" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=347.667><P style="margin:0px">Sales</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=66.467><P style="margin:0px" align=center><B>15</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>39,041</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>46,384</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>117,716</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>136,183</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=347.667><P style="margin:0px">Cost of sales</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>28,708</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>29,664</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>84,400</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>85,982</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=347.667><P style="margin:0px"><B>Mine operating earnings</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>10,333</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>16,720</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>33,316</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>50,201</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=347.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=85.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=347.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=90.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=92.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=88.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=347.667><P style="margin:0px"><B>Other expenses</B></P>
</TD><TD style="margin-top:0px" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=85.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=347.667><P style="margin:0px; padding-left:16.8px">Selling, general and administrative expenses</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=66.467><P style="margin:0px" align=center><B>8 a), 8 b)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>2,277</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>3,599</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>13,237</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>20,268</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=347.667><P style="margin:0px; padding-left:16.8px">Exploration and evaluation costs</P>
</TD><TD style="margin-top:0px" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>54</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>207</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=347.667><P style="margin:0px; padding-left:16.8px">Foreign exchange loss (gain)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>1,691</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.867><P style="margin:0px" align=right>(132)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>808</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=88.533><P style="margin:0px" align=right>(252)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=347.667><P style="margin:0px; padding-left:16.8px">Other operating expenses</P>
</TD><TD style="margin-top:0px" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>212</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>52</P>
</TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>229</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>88</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=347.667><P style="margin:0px"><B>Operating income</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>6,099</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>13,201</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>18,835</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>30,097</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=347.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=85.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=347.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=90.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=92.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=88.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=347.667><P style="margin:0px"><B>Finance items</B></P>
</TD><TD style="margin-top:0px" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=85.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=347.667><P style="margin-top:3.333px; margin-bottom:0px; padding-left:16.8px">Interest income</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=90.533><P style="margin-top:3.333px; margin-bottom:0px; padding-right:4.8px" align=right><B>89</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.867><P style="margin-top:3.333px; margin-bottom:0px; padding-right:4.8px" align=right>71</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=92.533><P style="margin-top:3.333px; margin-bottom:0px; padding-right:4.8px" align=right><B>299</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=88.533><P style="margin-top:3.333px; margin-bottom:0px; padding-right:4.8px" align=right>196</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=347.667><P style="margin:0px; padding-left:16.8px">Interest expense</P>
</TD><TD style="margin-top:0px" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90.533><P style="margin:0px" align=right><B>(626)</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=85.867><P style="margin:0px" align=right>(310)</P>
</TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.533><P style="margin:0px" align=right><B>(1,112)</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88.533><P style="margin:0px" align=right>(842)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=347.667><P style="margin:0px"><B>Net finance expense</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=90.533><P style="margin:0px" align=right><B>(537)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=85.867><P style="margin:0px; padding-right:0.933px" align=right>(239)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=92.533><P style="margin:0px" align=right><B>(813)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=top width=88.533><P style="margin:0px; padding-right:0.933px" align=right>(646)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=347.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=88.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=347.667><P style="margin:0px"><B>Income before tax</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>5,562</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>12,962</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>18,022</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>29,451</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=347.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=85.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=347.667><P style="margin:0px">Income taxes</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=90.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=92.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=88.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=347.667><P style="margin:0px; padding-left:16.2px">Current income tax</P>
</TD><TD style="margin-top:0px" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>2,429</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>5,835</P>
</TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>8,677</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>11,395</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=347.667><P style="margin:0px; padding-left:16.2px">Deferred income tax</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>541</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=85.867><P style="margin:0px" align=right>(697)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>2,663</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>2,511</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=347.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>2,970</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>5,138</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>11,340</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>13,906</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=347.667><P style="margin:0px"><B>Net income for the period</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>2,592</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>7,824</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>6,682</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>15,545</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=347.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=85.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=347.667><P style="margin:0px"><B>Earnings per share - Basic </B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=66.467><P style="margin:0px; padding-left:5.267px"><B>12 f) i</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>0.02</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>0.06</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>0.05</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>0.12</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=347.667><P style="margin:0px"><B>Earnings per share - Diluted</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=66.467><P style="margin:0px; padding-left:5.267px"><B>12 f) ii</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>0.02</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>0.06</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>0.05</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding-right:4.8px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>0.12</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=347.667><P style="margin:0px"><B>Weighted average number of shares outstanding - Basic</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=66.467><P style="margin:0px; padding-left:5.267px"><B>12 f) i</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>129,078,741</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>127,097,274</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>128,956,708</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>126,479,083</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=347.667><P style="margin:0px"><B>Weighted average number of shares outstanding - Diluted</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=66.467><P style="margin:0px; padding-left:5.267px"><B>12 f) ii</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90.533><P style="margin:0px; padding-right:4.8px" align=right><B>129,554,022</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=85.867><P style="margin:0px; padding-right:4.8px" align=right>128,730,609</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=92.533><P style="margin:0px; padding-right:4.8px" align=right><B>129,755,731</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=88.533><P style="margin:0px; padding-right:4.8px" align=right>127,798,081</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:11pt"><B>&nbsp;&nbsp;</B><FONT style="font-family:Calibri,Times New Roman">&nbsp;</FONT></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:9pt" align=center>The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements</P>
<P style="margin:0px; font-size:11pt" align=right>Page 2</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=26.667 /><TD width=84.333 /><TD width=26.6 /><TD width=96.267 /><TD width=30.133 /><TD width=82.933 /><TD width=30.133 /><TD width=87.467 /></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=9><P style="margin:0px; font-size:11pt" align=center><B>FORTUNA SILVER MINES INC.</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=9><P style="margin:0px; font-size:11pt" align=center><B>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=9><P style="margin:0px; font-size:11pt" align=center><B>(Unaudited) (Expressed in thousands of US Dollars)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=9><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=233.867 colspan=4><P style="margin:0px" align=center><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=230.667 colspan=4><P style="margin:0px" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84.333><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96.267><P style="margin:0px" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=30.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.933><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=30.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=87.467><P style="margin:0px" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px"><B>Net income for the period</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=26.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=84.333><P style="margin:0px; padding-right:4.8px" align=right><B>2,592</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=26.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=96.267><P style="margin:0px; padding-right:4.8px" align=right>7,824</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=30.133><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=82.933><P style="margin:0px; padding-right:4.8px" align=right><B>6,682</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=30.133><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=87.467><P style="margin:0px; padding-right:4.8px" align=right>15,545</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px"><B>Other comprehensive loss</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=26.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=30.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=30.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.467><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px"><B>Items that may be classified subsequently to net income</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=84.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=26.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=96.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=30.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=82.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=30.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.467><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:40.8px">Net change in fair value of hedging instruments, net of nil</P>
<P style="margin:0px; padding-left:40.8px">taxes</P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=84.333><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><B>(405)</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.267><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=30.133><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=82.933><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><B>(747)</B></P>
</TD><TD style="margin-top:0px" valign=top width=30.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.467><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding-left:40.8px">Unrealized (loss) on translation of net investment, net of nil</P>
<P style="margin:0px; padding-left:40.8px">taxes</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=84.333><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=26.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=96.267><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right>(123)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=30.133><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=82.933><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><B>(2,324)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=30.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.467><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right>(1,821)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding-left:40.8px">Unrealized gain (loss) on translation to presentation</P>
<P style="margin:0px; padding-left:40.8px">currency on foreign operations, net of nil taxes</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84.333><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=26.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.267><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right>(332)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30.133><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=82.933><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>1,430</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.467><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px" align=right>1,176</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=84.333><P style="margin:0px" align=right><B>(405)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=26.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=96.267><P style="margin:0px" align=right>(456)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=30.133><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=82.933><P style="margin:0px" align=right><B>(1,641)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=30.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=87.467><P style="margin:0px" align=right>(646)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom><P style="margin:0px"><B>Total comprehensive income for the period</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84.333><P style="margin:0px; padding-right:4.8px" align=right><B>2,187</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.6><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96.267><P style="margin:0px; padding-right:4.8px" align=right>7,368</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=30.133><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.933><P style="margin:0px; padding-right:4.8px" align=right><B>5,041</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=30.133><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=87.467><P style="margin:0px; padding-right:4.8px" align=right>14,899</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:9pt" align=center>The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements</P>
<P style="margin:0px; font-size:11pt" align=right>Page 3</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=48.8 /><TD width=23.733 /><TD width=76.133 /><TD width=25.067 /><TD width=86.6 /><TD width=23.8 /><TD width=81.533 /><TD width=25.067 /><TD width=87.733 /></TR>
<TR><TD style="margin-top:0px" valign=top colspan=10><P style="margin:0px" align=center><B>FORTUNA SILVER MINES INC.</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top colspan=10><P style="margin:0px" align=center><B>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top colspan=10><P style="margin:0px" align=center><B>(Unaudited) (Expressed in thousands of US Dollars)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top colspan=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=211.533 colspan=4><P style="margin:0px; font-size:9.5pt" align=right><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=218.133 colspan=4><P style="margin:0px; font-size:9.5pt" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=48.8><P style="margin:0px; font-size:9.5pt" align=center><B>Notes</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=76.133><P style="margin:0px; font-size:9.5pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.6><P style="margin:0px; font-size:9.5pt" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=81.533><P style="margin:0px; font-size:9.5pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.733><P style="margin:0px; font-size:9.5pt" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding-left:4.8px; font-size:9.5pt"><B>OPERATING ACTIVITIES</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:16.8px; font-size:9.5pt">Net income for the period</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,592</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>7,824</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>6,682</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>15,545</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding-left:16.8px; font-size:9.5pt">Items not involving cash</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Depletion and depreciation</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>6,632</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>6,236</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>19,476</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>17,938</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Accretion of provisions</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>177</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>207</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>126</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>537</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,970</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>5,138</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>11,340</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>13,906</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Share-based (recoveries) payments</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(1,461)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(799)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(225)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>4,128</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Impairment of inventories</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>212</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>212</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Loss on disposal of mineral properties, plant and equipment</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>52</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>17</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>88</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Accrued interest on long term loans receivable and payable</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(6)</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>39</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(23)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Other</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=76.133><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(1)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>3</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>4</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>11</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>11,120</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>18,655</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>37,671</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>52,130</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding-left:16.8px; font-size:9.5pt">Changes in non-cash working capital items</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Accounts receivable and other assets</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>6,070</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>699</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>4,592</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(5,673)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Prepaid expenses</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>341</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>578</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>560</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>748</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Inventories</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>313</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>113</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>1,566</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>400</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Trade and other payables</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>3,600</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>657</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>5,221</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>5,791</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Provisions</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=76.133><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(94)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.6><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(88)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=81.533><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(114)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(164)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:4.8px; font-size:9.5pt"><B>Cash provided by operating activities before interest and income taxes</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>21,350</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>20,614</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>49,496</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>53,232</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Income taxes paid</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(3,120)</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(929)</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(17,479)</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(2,527)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Interest expense paid</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(421)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(693)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(4)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:28.8px; font-size:9.5pt">Interest income received</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>91</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>58</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>268</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>188</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:4.8px; font-size:9.5pt"><B>Net cash provided by operating activities</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>17,900</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>19,743</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>31,592</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>50,889</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding-left:4.8px; font-size:9.5pt"><B>INVESTING ACTIVITIES</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:16.8px; font-size:9.5pt">Purchase of short term investments</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(7,924)</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(15,461)</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(81,735)</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(43,258)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding-left:16.8px; font-size:9.5pt">Redemptions of short term investments</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>34,351</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>12,882</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>72,603</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>28,428</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:16.8px; font-size:9.5pt">Expenditures on mineral properties, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(14,746)</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(8,393)</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(31,510)</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(31,452)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding-left:16.8px; font-size:9.5pt">Advances of deposits on long term assets</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(5,632)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(1,091)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(11,537)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(4,489)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:16.8px; font-size:9.5pt">Receipts of deposits on long term assets</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,364</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>1,505</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>4,034</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>5,497</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:16.8px; font-size:9.5pt">Proceeds on disposal of mineral properties, plant and equipment</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>14</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>12</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>31</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:4.8px; font-size:9.5pt"><B>Net cash provided by (used in) investing activities</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>8,413</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.6><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(10,544)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=81.533><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(48,133)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(45,243)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:4.8px; font-size:9.5pt"><B>FINANCING ACTIVITIES</B></P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding-left:16.8px; font-size:9.5pt">Proceeds from bank loan</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(22)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>39,421</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:16.8px; font-size:9.5pt">Net proceeds on issuance of common shares</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>5</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>1,035</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>1,864</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>3,627</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:16.8px; font-size:9.5pt">Repayment of finance lease obligations</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=86.6><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(42)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=87.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(204)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding-left:4.8px; font-size:9.5pt"><B>Net cash (used in) provided by financing activities</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=76.133><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(17)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>993</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=81.533><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>41,285</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>3,423</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:4.8px; font-size:9.5pt">Effect of exchange rate changes on cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(295)</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(370)</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(271)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:4.8px; font-size:9.5pt"><B>INCREASE IN CASH AND CASH EQUIVALENTS</B></P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>26,296</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>10,192</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>24,744</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>9,069</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=76.133><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=86.6><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=81.533><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=87.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:4.8px; font-size:9.5pt">Cash and cash equivalents - beginning of period</P>
</TD><TD style="margin-top:0px" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>40,945</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>30,605</P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>42,867</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>31,704</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=76.133><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=86.6><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=81.533><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=25.067><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=top width=87.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding-left:4.8px; font-size:9.5pt"><B>CASH AND CASH EQUIVALENTS - END OF PERIOD</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=48.8><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=23.733><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=76.133><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>67,241</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.067><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=86.6><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>40,502</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=23.8><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=81.533><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>67,241</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.067><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=87.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>40,502</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:9pt" align=center>The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements</P>
<P style="margin:0px; font-size:11pt" align=right>Page 4</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=66.933 /><TD width=34.267 /><TD width=95.2 /><TD width=32 /><TD width=98.533 /></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=6><P style="margin:0px" align=center><B>FORTUNA SILVER MINES INC.</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=6><P style="margin:0px" align=center><B>CONDENDSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=6><P style="margin:0px" align=center><B>(Unaudited) (Expressed in thousands of US Dollars)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=66.933><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Notes</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=129.467 colspan=2><P style="margin:0px" align=right><B>September 30,</B></P>
<P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=130.533 colspan=2><P style="margin:0px" align=right>December 31,</P>
<P style="margin:0px" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>ASSETS</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=95.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=98.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>CURRENT ASSETS</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding-left:4.8px">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=34.267><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=95.2><P style="margin:0px" align=right><B>67,241</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=32><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=98.533><P style="margin:0px" align=right>42,867</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Short term investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px" align=right><B>42,636</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px" align=right>34,391</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding-left:4.8px">Accounts receivable and other assets</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=66.933><P style="margin:0px" align=center><B>4</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=95.2><P style="margin:0px" align=right><B>15,698</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=98.533><P style="margin:0px" align=right>19,905</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Income tax receivable</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px" align=right><B>2,833</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px" align=right>680</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding-left:4.8px">Prepaid expenses</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=95.2><P style="margin:0px" align=right><B>999</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=98.533><P style="margin:0px" align=right>1,592</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Inventories</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px" align=center><B>5</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px" align=right><B>12,917</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px" align=right>14,937</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=bottom><P style="margin:0px; padding-left:4.8px">Total current assets</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=bottom width=95.2><P style="margin:0px" align=right><B>142,324</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-top:1px solid #000000" valign=bottom width=98.533><P style="margin:0px" align=right>114,372</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>NON-CURRENT ASSETS</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding-left:4.8px">Deposits on long term assets</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=66.933><P style="margin:0px" align=center><B>4</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=95.2><P style="margin:0px" align=right><B>9,963</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=98.533><P style="margin:0px" align=right>1,963</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Deferred income tax assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px" align=right><B>181</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px" align=right>126</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding-left:4.8px">Mineral properties, plant and equipment</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=66.933><P style="margin:0px" align=center><B>6</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=95.2><P style="margin:0px" align=right><B>246,180</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=98.533><P style="margin:0px" align=right>233,849</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>Total assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=34.267><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=95.2><P style="margin:0px" align=right><B>398,648</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=32><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=98.533><P style="margin:0px" align=right>350,310</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=95.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=98.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>LIABILITIES AND EQUITY</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>CURRENT LIABILITIES</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=95.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=98.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Trade and other payables</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px" align=center><B>7, 8 c)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px" align=right><B>26,087</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px" align=right>21,467</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding-left:4.8px">Derivative liabilities</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=66.933><P style="margin:0px" align=center><B>3</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=95.2><P style="margin:0px" align=right><B>791</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=98.533><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Provisions</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px" align=center><B>11</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px" align=right><B>949</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px" align=right>809</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding-left:4.8px">Income tax payable</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=95.2><P style="margin:0px" align=right><B>1,925</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=98.533><P style="margin:0px" align=right>9,745</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Total current liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px" align=right><B>29,752</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px" align=right>32,021</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>NON-CURRENT LIABILITIES</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=95.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=98.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Bank loan</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px" align=center><B>9</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px" align=right><B>39,487</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding-left:4.8px">Other liabilities</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=66.933><P style="margin:0px" align=center><B>10</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=95.2><P style="margin:0px" align=right><B>4,353</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=98.533><P style="margin:0px" align=right>4,661</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Provisions</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px" align=center><B>11</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px" align=right><B>11,574</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px" align=right>11,889</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding-left:4.8px">Deferred income tax liabilities</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=95.2><P style="margin:0px" align=right><B>32,915</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=98.533><P style="margin:0px" align=right>29,026</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Total liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px" align=right><B>118,081</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px" align=right>77,597</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>EQUITY</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=95.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=98.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Share capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px" align=right><B>203,674</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px" align=right>201,057</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding-left:4.8px">Equity reserve</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=95.2><P style="margin:0px" align=right><B>13,996</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=98.533><P style="margin:0px" align=right>13,800</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px">Accumulated other comprehensive income</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px" align=right><B>369</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px" align=right>2,010</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding-left:4.8px">Retained earnings</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=95.2><P style="margin:0px" align=right><B>62,528</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=98.533><P style="margin:0px" align=right>55,846</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding-left:4.8px">Total equity</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=95.2><P style="margin:0px" align=right><B>280,567</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=98.533><P style="margin:0px" align=right>272,713</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>Total liabilities and equity</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=66.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=34.267><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=95.2><P style="margin:0px" align=right><B>398,648</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=32><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=98.533><P style="margin:0px" align=right>350,310</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>Contingencies and capital commitments</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.933><P style="margin:0px" align=center><B>16</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=98.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; padding-left:4.8px"><B>Subsequent events</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=66.933><P style="margin:0px" align=center><B>17</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=34.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=95.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=98.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=417 /><TD width=320.267 /></TR>
<TR><TD style="margin-top:0px" valign=top width=417><P style="margin:0px">APPROVED BY THE DIRECTORS</P>
</TD><TD style="margin-top:0px" valign=top width=320.267><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=417><P style="margin:0px; padding-left:48px; font-size:11pt">&quot;<I><U>Jorge Ganoza Durant</U></I>&quot;, Director</P>
</TD><TD style="margin-top:0px" valign=top width=320.267><P style="margin:0px; padding-left:42px; font-size:11pt">&quot;<I><U>Robert R. Gilmore</U></I>&quot; , Director</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=417><P style="margin:0px">Jorge Ganoza Durant</P>
</TD><TD style="margin-top:0px" valign=top width=320.267><P style="margin:0px">Robert R. Gilmore</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:9pt" align=center>The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements</P>
<P style="margin:0px; font-size:11pt" align=right>Page 5</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=76.267 /><TD width=63.733 /><TD width=63.533 /><TD width=63.533 /><TD width=63.533 /><TD width=78.533 /><TD width=76.733 /><TD width=0.667 /><TD width=72.867 /></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=10><P style="margin:0px; font-size:8pt" align=center><B>FORTUNA SILVER MINES INC.</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=10><P style="margin:0px; font-size:8pt" align=center><B>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=10><P style="margin:0px; font-size:8pt" align=center><B>(Unaudited) (Expressed in thousands of US Dollars, except for share amounts)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom colspan=10><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=559.4 colspan=9><P style="margin:0px; font-size:8pt" align=center><B>Attributable to equity holders of the Company</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=140 colspan=2><P style="margin:0px; font-size:8pt" align=center><B>Share Capital</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=205.6 colspan=3><P style="margin:0px; font-size:8pt" align=center><B>Accumulated Other Comprehensive</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Income (Loss) (&#147;AOCI&#148;)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=77.4 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.267><P style="margin:0px; font-size:8pt" align=right><B>Number of</B></P>
<P style="margin:0px; font-size:8pt" align=right><B>Shares</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=right><B>Amount</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:8pt" align=right><B>Equity</B></P>
<P style="margin:0px; font-size:8pt" align=right><B>Reserve</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=63.533><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:8pt" align=right><B>Hedging</B></P>
<P style="margin:0px; font-size:8pt" align=right><B>Reserve</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:8pt" align=right><B>Foreign</B></P>
<P style="margin:0px; font-size:8pt" align=right><B>Currency</B></P>
<P style="margin:0px; font-size:8pt" align=right><B>Reserve</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=78.533><P style="margin:0px; font-size:8pt" align=right><B>Total</B></P>
<P style="margin:0px; font-size:8pt" align=right><B>Accumulated</B></P>
<P style="margin:0px; font-size:8pt" align=right><B>Other</B></P>
<P style="margin:0px; font-size:8pt" align=right><B>Comprehensive</B></P>
<P style="margin:0px; font-size:8pt" align=right><B>Income (Loss)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.733><P style="margin:0px; font-size:8pt" align=right><B>Retained</B></P>
<P style="margin:0px; font-size:8pt" align=right><B>Earnings</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.533 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:8pt" align=right><B>Total Equity</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; font-size:8pt">Balance - December 31, 2014</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>128,537,742</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;201,057</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;13,800</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,010</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,010</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;55,846</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;272,713</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-size:8pt">Exercise of stock options</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>580,860</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,864</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>.</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,864</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; font-size:8pt">Cancellation of treasury shares</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.267><P style="margin:0px; font-size:8pt" align=right>(38,035)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-size:8pt">Transfer of stock option and warrant reserve on exercise of stock options</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>753</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; font-size:8pt" align=right>(753)</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; font-size:8pt">Share-based payments expense</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>948</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>.</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>948</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-size:8pt">Net income for the period</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>.</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>6,682</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>6,682</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; font-size:8pt">Net change in fair value of hedging instruments</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; font-size:8pt" align=right>(747)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=78.533><P style="margin:0px; font-size:8pt" align=right>(747)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=73.533 colspan=2><P style="margin:0px; font-size:8pt" align=right>(747)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-size:8pt">Unrealized loss on translation of net investment</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; font-size:8pt" align=right>(2,324)</P>
</TD><TD style="margin-top:0px" valign=bottom width=78.533><P style="margin:0px; font-size:8pt" align=right>(2,324)</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.533 colspan=2><P style="margin:0px; font-size:8pt" align=right>(2,324)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; font-size:8pt">Unrealized gain on translation to presentation currency on foreign operations</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,430</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,430</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,430</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; font-size:8pt">Total comprehensive loss for the period</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px; font-size:8pt" align=right>(747)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px; font-size:8pt" align=right>(894)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78.533><P style="margin:0px; font-size:8pt" align=right>(1,641)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>6,682</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>5,041</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom><P style="margin:0px; font-size:8pt"><B>Balance &#150; September 30, 2015</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>129,080,567</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>$ &nbsp;203,674</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>$ &nbsp;&nbsp;13,996</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=63.533><P style="margin:0px; font-size:8pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(747)</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;1,115</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>$ &nbsp;&nbsp;&nbsp;62,528</B></P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>$ &nbsp;&nbsp;280,567</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=76.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=78.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=76.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; font-size:8pt">Balance - December 31, 2013</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>125,973,966</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;189,092</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;15,200</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;3,124</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,124</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;40,244</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;247,660</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-size:8pt">Exercise of stock options</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,180,877</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>3,627</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>3,627</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; font-size:8pt">Transfer of stock option and warrant reserve on exercise of stock options</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,599</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; font-size:8pt" align=right>(1,599)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-size:8pt">Share-based payments expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,681</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,681</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom><P style="margin:0px; font-size:8pt">Net income for the period</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>15,545</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>15,545</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom><P style="margin:0px; font-size:8pt">Unrealized loss on translation of net investment</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.533><P style="margin:0px; font-size:8pt" align=right>(1,821)</P>
</TD><TD style="margin-top:0px" valign=bottom width=78.533><P style="margin:0px; font-size:8pt" align=right>(1,821)</P>
</TD><TD style="margin-top:0px" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.533 colspan=2><P style="margin:0px; font-size:8pt" align=right>(1,821)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; font-size:8pt">Unrealized gain on translation to presentation currency on foreign operations</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,176</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,176</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:1px solid #000000" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,176</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom><P style="margin:0px; font-size:8pt">Total comprehensive loss for the period</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.533><P style="margin:0px; font-size:8pt" align=right>(646)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78.533><P style="margin:0px; font-size:8pt" align=right>(646)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>15,545</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>14,899</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom><P style="margin:0px; font-size:8pt">Balance &#150; September 30, 2014</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=76.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>127,154,843</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=63.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;194,318</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;15,282</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=63.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;2,478</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=78.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,478</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=76.733><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;&nbsp;55,789</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3; border-bottom:2px solid #000000" valign=bottom width=73.533 colspan=2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>$ &nbsp;&nbsp;267,867</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:9pt" align=center>The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements</P>
<P style="margin:0px; font-size:11pt" align=right>Page 6</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>1.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><B>Corporate Information</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">Fortuna Silver Mines Inc. (&#147;Fortuna&#148; or the &#147;Company&#148;) is engaged in silver mining and related activities in Latin America, including exploration, extraction, and processing. The Company operates the Caylloma silver, lead, and zinc mine (&#147;Caylloma&#148;) in southern Peru and the San Jose silver and gold mine (&#147;San Jose&#148;) in southern Mexico. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Fortuna is a publicly traded company incorporated and domiciled in Canada. Its common shares are listed on the New York Stock Exchange under the trading symbol FSM, on the Toronto Stock Exchange under the trading symbol FVI, and on the Frankfurt Stock Exchange under the trading symbol F4S.F.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s registered office is located at Suite 650, 200 Burrard Street, Vancouver, British Columbia, Canada, V6C 3L6.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>2.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Basis of Consolidation and Summary of Significant Accounting Policies</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Statement of Compliance </B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>These unaudited condensed interim consolidated financial statements (&#147;Financial Statements&#148;) have been prepared in accordance with the International Accounting Standard 34 <I>Interim Financial Reporting </I>(&#147;IAS 34&#148;) as issued by the International Accounting Standards Board (&#147;IASB&#148;). &nbsp;The policies applied in these Financial Statements are based on International Financial Reporting Standards (&#147;IFRS&#148;) issued and effective as at September 30, 2015. &nbsp;The Board of Directors approved these financial statements for issue on November 9, 2015. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Financial Statements of the Company for the three and nine month periods ended September 30, 2015 have been prepared by management. &nbsp;The Financial Statements do not include all of the information required for full annual financial statements. &nbsp;The Financial Statements should be read in conjunction with the Company&#146;s audited consolidated financial statements for the year ended December 31, 2014, which includes information necessary or useful to understanding the Company&#146;s business and financial presentation. &nbsp;In particular, the Company&#146;s significant accounting policies were presented in Note 2 of the consolidated financial statements for the year ended December 31, 2014, and have been consistently applied in the preparation of these Financial Statements. &nbsp;The exception is the change in the functional currency of the parent entity and certain holding companies which had a Canadian dollar functional currency were determined to have a United States dollar functional currency described below in Note 2 g). &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Share-Based Payments</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The fair value method of accounting is used for share-based payment transactions. &nbsp;Under this method, the cost of stock options and other equity-settled share-based payment arrangements are recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. &nbsp;Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed in the period the forfeiture occurs.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 7</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>2.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Basis of Consolidation and Summary of Significant Accounting Policies (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Share-Based Payments (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Share-based payment expense relating to cash-settled awards, including deferred and restricted share units is accrued over the vesting period of the units based on the quoted market value of Company&#146;s common shares. As these awards will be settled in cash, the expense and liability are adjusted each reporting period for changes in the underlying share price.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B><I>i.</I></B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt" align=justify><B><I>Stock Option Plan </I></B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company applies the fair value method of accounting for all stock option awards. Under this method, the Company recognizes a compensation expense for all stock options awarded to employees, based on the fair value of the options on the date of grant which is determined by using the Black-Scholes option pricing model. &nbsp;The fair value of the options is expensed over the graded vesting period of the options. &nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>ii.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify><B><I>Deferred Share Unit (&#147;DSU&#148;) Plan </I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s DSUs are cash settled. &nbsp;The DSU compensation liability is accounted for based on the number of DSUs outstanding and the quoted market value of the Company&#146;s common shares at the financial position date.&nbsp; The year-over-year change in the DSU compensation liability is recognized in income.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>iii.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify><B><I>Share Unit Plan</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s amended and restated share unit plan (the &#147;SU Plan&#148;) covers all restricted share units (&#147;RSUs&#148;) and performance share units (&#147;PSUs&#148;) granted by the Company on and after March 1, 2015.&nbsp; All RSUs granted prior to March 1, 2015, are governed under the restricted share unit plan dated November 12, 2010.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>RSUs &nbsp;</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s RSUs are settled in cash. &nbsp;The RSUs compensation liability is accounted for based on the number of RSUs outstanding and the quoted market value of the Company&#146;s common shares at the financial position date.&nbsp; The Company recognizes a compensation cost in operating income on a graded vesting basis for each RSUs granted equal to the quoted market value of the Company&#146;s common shares at the date of which RSUs are awarded to each participant prorated over a specified period of time and adjusts for changes in the fair value until the end of the term of the RSUs.&nbsp; The cumulative effect of the change in fair value is recognized in income in the period of change.<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </I></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 8</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>2.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Basis of Consolidation and Summary of Significant Accounting Policies (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Share-Based Payments (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>iii)</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Share Unit Plan (continued)</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>PSUs &nbsp;</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s PSUs are settled in cash. &nbsp;The fair value of the estimated number of PSUs awarded that will eventually vest, determined as of the date of grant, is recognized as share-based compensation expense within selling, general and administrative expenses in the consolidated statement of income over the vesting period, with a corresponding amount recorded as a liability. &nbsp;Until the liability is settled, the fair value of the PSUs is re-measured at the end of each reporting period and at the date of settlement, with changes in fair value recognized as share-based compensation expense or recovery over the vesting period. &nbsp;The fair value of PSUs are estimated on a graded vesting basis for each PSUs granted equal to the quoted market value, up to a maximum of two times the grant price, of the Company&#146;s common shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Financial Instruments</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>i.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Financial Assets</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company classifies all financial assets as either fair value through profit or loss (&#147;FVTPL&#148;), held-to-maturity (&#147;HTM&#148;), loans and receivables, or available-for-sale &#147;(AFS&#148;). &nbsp;The classification is determined at initial recognition and depends on the nature and purpose of the financial asset. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Financial Assets at Fair Value Through Profit or Loss</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Financial assets are classified as FVTPL when the financial asset is held-for-trading or it is a designated FVTPL on initial recognition. &nbsp;A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. &nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Financial assets classified as FVTPL are stated at fair value with any resulting gain or loss recognized in income or loss in the period in which they arise. &nbsp;Transaction costs related to financial assets classified as FVTPL are recognized immediately in net income (loss). </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Held-to-Maturity (&#147;HTM&#148;)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>HTM investments are recognized on a trade-date basis and are initially measured at fair value, including transaction costs. &nbsp;The Company does not have any assets classified as HTM investments.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Loans and Receivables</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are initially measured at fair value, net of transaction costs and are classified as current or non-current assets based on their maturity date. &nbsp;They are carried at amortized cost less any impairment. &nbsp;The impairment loss of receivables is based on a review of all outstanding amounts at each reporting period. &nbsp;Interest income is recognized by applying the effective interest rate, except for short term receivables when the recognition of interest would not be significant.</P>
<P style="margin:0px" align=justify><BR></P>
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<P style="margin:0px" align=justify><BR></P>
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<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>2.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Basis of Consolidation and Summary of Significant Accounting Policies (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Financial Instruments (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>i.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Financial Assets (continued)</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>d)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Available-For-Sale (&#147;AFS&#148;) Assets</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>AFS financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>AFS financial assets are measured at fair value, determined by published market prices in an active market, except for investments in equity instruments that do not have quoted market prices in an active market which are measured at cost. Changes in fair value are recorded in other comprehensive income (loss) until realized through disposal or impairment. Investments classified as available-for-sale are written down to fair value through income whenever it is necessary to reflect prolonged or significant decline in the value of the assets. Realized gains and losses on the disposal of available-for-sale securities are recognized in the consolidated statement of income. &nbsp;The Company does not have any assets classified as AFS.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>e)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Impairment of Financial Assets</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt">Financial assets, other than those at FVTPL, are assessed for indicators of impairment at each reporting period. Financial assets are impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">For financial assets carried at amortized cost, the amount of the impairment is the difference between the asset&#146;s carrying amount and the present value of the estimated future cash flows, discounted at the financial asset&#146;s original effective interest rate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The carrying amount of all financial assets at amortized cost, excluding trade receivables, is directly reduced by the impairment loss. &nbsp;The carrying amount of trade receivables is reduced through the use of an allowance account. &nbsp;When a trade receivable is considered uncollectable, it is written off against the allowance account. &nbsp;Subsequent recoveries of amounts previously written off are credited against the allowance account. &nbsp;Changes in the carrying amount of the allowance account are recognized in income or loss.</P>
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<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin-top:0px; margin-bottom:12.2px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>2.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Basis of Consolidation and Summary of Significant Accounting Policies (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Financial Instruments (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>i.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Financial Assets (continued)</I></B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>e)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify><B>Impairment of Financial Assets (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>With the exception of AFS equity instruments, if in a subsequent period, the amount of the impairment loss decreases and the decrease relates to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed through income or loss. &nbsp;On the date of impairment reversal, the carrying amount of the financial asset cannot exceed its amortized cost had an impairment not been recognized.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>f)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Derecognition of Financial Assets</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>A financial asset is derecognized when:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt">the contractual right of the asset&#146;s cash flows expire; or</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt">if the Company transfers the financial asset and substantially all risks and reward of ownership to another entity.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>ii.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Financial Liabilities</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Long term debt and other financial liabilities are recognized initially at the fair value, net of transaction costs incurred, and are subsequently stated at amortized cost. &nbsp;Any difference between the amounts originally received (net of transaction costs) and the redemption value is recognized in the consolidated statement of income over the period to maturity using the effective interest method.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B><I>iii.</I></B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B><I>Derivative Instruments</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Derivatives instruments are recorded at fair value, including those derivatives that are embedded in financial or non-financial contracts that are not closely related to the host contracts. &nbsp;Changes in the fair values of derivative instruments are recognized in the consolidated statement of income with exception of derivatives designated as effective cash flow hedges.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Derivatives not being accounted for as hedges and are categorized as held-for-trading. &nbsp;Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Fair value of the Company&#146;s recognized commodity-based derivatives are based on the forward prices of the associated market index. &nbsp;Gains or losses are recorded in the consolidated statement of income.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For cash flow hedges that qualify under the hedging requirements of IAS 39 Financial Instruments: Recognition and Measurement (&#147;IAS 39&#148;), the effective portion of any gain or loss on the hedging instrument is recognized in other comprehensive income (&#147;OCI&#148;) and the ineffective portion is reported as a gain (loss) on derivatives in the consolidated statement of income.</P>
<P style="margin:0px" align=justify><BR></P>
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<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>2.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Basis of Consolidation and Summary of Significant Accounting Policies (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Financial Instruments (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>iii.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Derivative Instruments (continued)</I></B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Hedge accounting is discontinued prospectively when:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the hedge instrument expires or is sold, terminated, or exercised;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the hedge no longer meets the criteria for hedge accounting; and,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the Company revokes the designation.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company considers derecognition of a cash flow hedge when the related forecast transaction is no longer expected to occur. &nbsp;If the Company revokes the designation, the cumulative gain or loss on the hedging instrument that has been recognized in OCI from the period when the hedge was effective remains separately in equity until the forecast transaction occurs or is no longer expected to occur. &nbsp;Otherwise, the cumulative gain or loss on the hedge instrument that has been recognized in OCI from the period when the hedge was effective is reclassified from equity to profit or loss.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>iv.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Classification and Subsequent Measurements</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company has designated each of its significant categories of financial instruments as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=40.333 /><TD width=289.667 /><TD width=192 /><TD width=187.533 /></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; font-size:11pt" align=justify><U>Financial Instrument</U></P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:11pt" align=justify><U>Classification</U></P>
</TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; font-size:11pt" align=justify><U>Measurement</U></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; font-size:11pt" align=justify>Cash and Cash Equivalents</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:11pt" align=justify>FVTPL</P>
</TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; font-size:11pt" align=justify>Fair value</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; font-size:11pt" align=justify>Short Term Investments</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:11pt" align=justify>FVTPL</P>
</TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; font-size:11pt" align=justify>Fair value</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; font-size:11pt" align=justify>Derivative Assets</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:11pt" align=justify>FVTPL</P>
</TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; font-size:11pt" align=justify>Fair value</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; font-size:11pt" align=justify>Trade Receivable from Concentrate Sales</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:11pt" align=justify>FVTPL</P>
</TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; font-size:11pt" align=justify>Fair value</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; font-size:11pt" align=justify>Income Tax Receivable</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:11pt" align=justify>Loans and receivables</P>
</TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; font-size:11pt" align=justify>Amortized cost</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; font-size:11pt" align=justify>Other Accounts Receivables</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:11pt" align=justify>Loans and receivables</P>
</TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; font-size:11pt" align=justify>Amortized cost</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; font-size:11pt" align=justify>Long Term Receivables</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:11pt" align=justify>Loans and receivables</P>
</TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; font-size:11pt" align=justify>Amortized cost</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; font-size:11pt" align=justify>Trade and Other Payables</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:11pt" align=justify>Other liabilities</P>
</TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; font-size:11pt" align=justify>Amortized cost</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; font-size:11pt" align=justify>Bank Loan</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:11pt" align=justify>Other Liabilities</P>
</TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; font-size:11pt" align=justify>Amortized cost</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; font-size:11pt" align=justify>Derivative Liabilities</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:11pt" align=justify>FVTPL</P>
</TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; font-size:11pt" align=justify>Fair value</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; font-size:11pt" align=justify>Income Tax Payable</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:11pt" align=justify>Other liabilities</P>
</TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; font-size:11pt" align=justify>Amortized cost</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=40.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=289.667><P style="margin:0px; font-size:11pt" align=justify>Lease and Long Term Liabilities</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:11pt" align=justify>Other liabilities</P>
</TD><TD style="margin-top:0px" valign=top width=187.533><P style="margin:0px; font-size:11pt" align=justify>Amortized cost</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>v.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Effective Interest Method</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The effective interest method calculates the amortized cost of a financial instrument and allocates interest income or expense over the corresponding period. &nbsp;The effective interest rate is the rate that discounts estimated future cash receipts or payments over the expected life of the financial instrument, or where appropriate, a shorter period, to the net carrying amount on initial recognition. &nbsp;Income or expense is recognized on an effective interest basis for instruments other than those financial instruments classified as FVTPL.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 12</P>
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<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>2.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Basis of Consolidation and Summary of Significant Accounting Policies (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>d)</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt" align=justify><B>Fair Value Measurement</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions (an exit price) regardless of whether that price is directly observable or estimated using another valuation technique. &nbsp;The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. &nbsp;Refer to Note 14. a).</P>
<P style="margin:0px"><BR></P>
<A NAME="para_42"></A><A NAME="IFRS_5.18_(2012)"></A><A NAME="para_43"></A><A NAME="IFRS_5.19_(2012)"></A><P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>e)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify><B>Significant Accounting Judgments and Estimates</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The preparation of these Financial Statements requires management to make judgments and estimates that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these judgments and estimates. The Financial Statements include judgments and estimates which, by their nature, are uncertain. The impacts of such judgments and estimates are pervasive throughout the Financial Statements, and may require accounting adjustments based on future occurrences. &nbsp;Revisions to accounting estimates are recognized in the period in which the estimate is revised and the revision affects both current and future periods. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Significant assumptions about the future and other sources of judgments and estimates that management has made at the statement of financial position date, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>i.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Critical Judgments</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>The analysis of the functional currency for each entity of the Company. &nbsp;In concluding that the United States dollar functional currency for its Canadian, Peruvian, Mexican, and Barbados entities, &nbsp;management considered the currency that mainly influences the sales and costs of providing goods and services in each jurisdiction in which the Company operates. &nbsp;As no single currency was clearly dominant the Company also considered secondary indicators including the currency in which funds from financing activities are denominated and the currency in which funds are retained.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>In concluding when commercial production has been achieved, the Company considered the following factors:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>all major capital expenditures to bring the mine to the condition necessary for it to be capable of operating in the manner intended by management have been completed;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>the mine or mill is operating as per design capacity and metallurgical recoveries were achieved; and,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt">the ability to sustain ongoing production of ore at a steady or increasing level.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>The identification of reportable segments, basis for measurement and disclosure of the segmented information. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>The determination of estimated useful lives and residual values of tangible and long lived assets and the measurement of depreciation expense.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>The identification of impairment indicators, cash generating units and determination of carrying value or fair value less cost to sell and the write down of tangible and long lived assets.</P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 13</P>
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<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>2.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Basis of Consolidation and Summary of Significant Accounting Policies (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>e)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Significant Accounting Judgments and Estimates (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>i.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Critical Judgments (continued)</I></B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>Measurement of financial instruments involve significant judgments related to interpretation of the terms of the instrument, identification, classification, impairment and the overall measurement to approximate fair values.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>ii.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Estimates</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the recoverability of amounts receivable which are included in the consolidated statements of financial position;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the estimation of assay grades of metal concentrates sold in the determination of the carrying value of accounts receivable which are included in the consolidated statements of financial position and included as sales in the consolidated statements of income;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the determination of net realizable value of inventories on the consolidated statements of financial position;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the estimated useful lives of property, plant and equipment which are included in the consolidated statements of financial position and the related depreciation included in the consolidated statements of income;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the determination of mineral reserves and the portion of mineral resources expected to be extracted economically, carrying amount of mineral properties, and depletion of mineral properties included in the consolidated statements of financial position and the related depletion included in the consolidated statements of income;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the review of tangible and intangible assets carrying value, the determination of whether these assets are impaired and the measurement of impairment charges or reversals which are included in the consolidated statements of income;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the assessment of indications of impairment of each mineral property and related determination of the net realizable value and write-down of those properties where applicable;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the determination of the fair value of financial instruments and derivatives included in the consolidated statements of financial position;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the fair value estimation of share-based awards included in the consolidated statements of financial position and the inputs used in accounting for share-based compensation expense in the consolidated statements of income; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the provision for income taxes which is included in the consolidated statements of income and composition of deferred income tax asset and liabilities included in the consolidated statement of financial position;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the recognition of deferred income tax assets, amounts recorded for uncertain tax positions, the measurement of income tax expense and indirect taxes included in the consolidated statement of financial position;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the inputs used in determining the net present value of the liability for provisions related to decommissioning and restoration included in the consolidated statements of financial position; and,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:0px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>the inputs used in determining the various commitments and contingencies accrued in the consolidated statements of financial position.</P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 14</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>2.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Basis of Consolidation and Summary of Significant Accounting Policies (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>f)</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>New Accounting Standards</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>There were no significant accounting standards or interpretations along with any consequential amendments required for the Company to adopt for the period ended September 30, 2015.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company is currently assessing the impact of adopting the following new accounting standards, noted below, on the Company&#146;s Financial Statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IFRS 10, Consolidated Financial Statements, and IAS 28, Investments in Associates and Joint Ventures (2011) (Amendment)</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>On September 11, 2014, the IASB issued narrow-scope amendments to IFRS 10, <I>Consolidated Financial Statements</I>, and IAS 28, <I>Investments in Associates and Joint Ventures</I> (2011). The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28 (2011), in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. The amendments will be effective from annual periods commencing on or after January 1, 2016.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IFRS 11 Joint Arrangements</I></B> <B><I>(Amendment)</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>The amendment to IFRS 11 <I>Joint Arrangements</I> adds new guidance on how to account for the acquisition of an interest in a joint operation that constitutes a business. The amendments specify the appropriate accounting treatment for such acquisitions. &nbsp;The amendments are effective for annual periods beginning on or after January 1, 2016, with earlier application permitted. &nbsp;Transactions before the adoption date are grandfathered.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B><I>IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets (Amendment)</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>The amendment to IAS 16 <I>Property, plant and equipment</I> and IAS 38 <I>Intangible assets</I> on depreciation and amortisation clarifies that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset. The amendment also clarified that revenue is generally presumed to be an inappropriate basis for measuring the consumption of the economic benefits embodied in an intangible asset. The amendment is effective for annual period starting on or after January 1, 2016, with earlier application permitted. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B><I>IFRS 15 Revenue from Contracts with Customers</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>IFRS 15, <I>Revenue from Contracts with Customers </I>specifies how and when revenue should be recognized as well as requiring more informative and relevant disclosures. The standard supersedes IAS 18 Revenue, IAS 11 Construction Contracts and a number of revenue-related interpretations. Application of the standard is mandatory and it applies to nearly all contracts with customers: the main exceptions are leases, financial instruments and insurance contracts. &nbsp;&nbsp;IFRS 15 is effective for annual periods starting on or after January 1, 2017, with earlier application permitted. &nbsp;On July 22, 2015, the IASB has amended the start date to January 1, 2018. </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 15</P>
</TD></TR>
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<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>2.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Basis of Consolidation and Summary of Significant Accounting Policies (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>f)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>New Accounting Standards (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IFRS 9 Financial Instruments - Classification and Measurement</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>IFRS 9<I>, Financial Instruments: </I>IFRS 9 introduces the new requirements for the classification, measurement and de-recognition of financial assets and financial liabilities. &nbsp;The amendments are effective for annual periods beginning on or after January 1, 2018, with earlier application permitted.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (Amendment) </I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>The amendment to IFRS 9 <I>Financial Instruments</I> which includes the new hedge accounting requirements and some related amendments to IAS 39 <I>Financial Instruments; Recognition and Measurement </I>and IFRS 7 <I>Financial Instruments; Disclosures. &nbsp;</I>IFRS 9 (2013) also replicates the amendments in IAS 39 in respect of novations. The amendments allow for early adoption of the requirement to present fair value changes due to own credit on liabilities designated as at fair value through profit or loss to be presented in other comprehensive income. The amendments are effective for annual periods beginning on or after January 1, 2018, with earlier application permitted.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IFRS 9 Financial Instruments - Expected Credit Losses</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>On 24 July 2014, the International Accounting Standards Board (IASB) issued the final version of IFRS 9 <I>Financial Instruments</I>, bringing together the classification and measurement, impairment and hedge accounting phases of the IASB&#146;s project to replace IAS 39 <I>Financial Instruments: Recognition and Measurement </I>and all previous versions of IFRS 9. The amendments are effective for annual periods beginning on or after January 1, 2018. &nbsp;Entities will also have the option to early apply the accounting for own credit risk-related fair value gains and losses arising on financial liabilities designated at fair value through profit or loss without applying the other requirements of IFRS 9.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>g)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Foreign Currency Translation</B></P>
<P style="margin:0px; font-size:11pt; clear:left" align=justify><BR>
The presentation currency of the Company is the United States Dollar (&#147;US$&#148;). </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Prior to April 1, 2015, the functional currency of each of the entities in the group was the US$, with the exception of the parent entity and certain holding companies which had a Canadian dollar functional currency.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>On April 1, 2015, the functional currency of the parent entity and certain holding companies which had a Canadian dollar functional currency were determined to have a US$ functional currency. &nbsp;The change was primarily a result of the currency in which funds from financing activities are generated and in particular, a loan denominated and drawn down in US$. This change has been prospectively applied from the date of change, April 1, 2015.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 16</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>2.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Basis of Consolidation and Summary of Significant Accounting Policies (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>g)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Foreign Currency Translation (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at April 1, 2015, the parent entity and certain holding companies have translated all monetary assets and liabilities into the US$ functional currency using the exchange rate at the date of the change. &nbsp;Non-monetary assets and liabilities were translated into the US$ functional currency using the historical exchange rates at the date of the initial transaction. Revenues and expenses were translated at the average rate of exchange for the period. &nbsp;Foreign exchange differences arising from the translation of a foreign operation previously recognized in other comprehensive income are not reclassified from equity to profit or loss until disposal of the operation.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Prior to April 1, 2015, for entities with a functional currency different from the presentation currency of the Company, translation to the presentation currency is required. &nbsp;Assets and liabilities are translated at the rate of exchange at the financial position date. &nbsp;Revenue and expenses are translated at the average rate for the period. All resulting exchange differences are recognized in other comprehensive income. &nbsp;These previously recognized foreign exchange differences are not reclassified from equity to profit or loss until disposal of the operations.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Transactions in foreign currencies are initially recorded in the functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange at each financial position date. &nbsp;Foreign exchange gains or losses on translation to the functional currency of an entity are recorded in income. &nbsp;Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>h)</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Comparative Figures</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Certain comparative figures have been reclassified to conform to the presentation adopted for the current three months and nine months ended September 30, 2015 and 2014. &nbsp;Foreign exchange loss (gain) is now reported separate from selling, general and administrative expenses.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=384 /><TD width=24 /><TD width=90 /><TD width=25.533 /><TD width=82.467 /><TD width=30.133 /><TD width=77.867 /><TD width=26.067 /><TD width=81.933 /></TR>
<TR><TD style="margin-top:0px" valign=top width=384><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=222 colspan=4><P style="margin:0px" align=right><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=216 colspan=4><P style="margin:0px" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=384><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114 colspan=2><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108 colspan=2><P style="margin:0px" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108 colspan=2><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108 colspan=2><P style="margin:0px" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=384><P style="margin:0px">Selling, general and administrative expenses, as previously reported</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px" align=right><B>3,968</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.533><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=82.467><P style="margin:0px; padding-right:3.867px" align=right>3,467</P>
</TD><TD style="margin-top:0px" valign=top width=30.133><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=77.867><P style="margin:0px; padding-right:3.867px" align=right><B>14,045</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=81.933><P style="margin:0px; padding-right:3.867px" align=right>20,016</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=384><P style="margin:0px">less: foreign exchange loss (gain)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px" align=right><B>1,691</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=25.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=82.467><P style="margin:0px" align=right>(132)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=30.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=77.867><P style="margin:0px; padding-right:3.867px" align=right><B>808</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=26.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=81.933><P style="margin:0px" align=right>(252)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=384><P style="margin:0px">Selling, general and administrative expenses</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px" align=right><B>2,277</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.533><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.467><P style="margin:0px; padding-right:3.867px" align=right>3,599</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=30.133><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=77.867><P style="margin:0px; padding-right:3.867px" align=right><B>13,237</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=81.933><P style="margin:0px; padding-right:3.867px" align=right>20,268</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>3.</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Derivative Assets and Derivative Liabilities</B></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=127.667 /><TD width=95.533 /><TD width=90 /><TD width=90 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=127.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=185.533 colspan=2><P style="margin:0px; font-size:11pt" align=center><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=180 colspan=2><P style="margin:0px; font-size:11pt" align=center>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=127.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=95.533><P style="margin:0px; font-size:11pt" align=center><B>Assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; font-size:11pt" align=center><B>Liabilities</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; font-size:11pt" align=center>Assets</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; font-size:11pt" align=center>Liabilities</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=127.667><P style="margin:0px; font-size:11pt">Interest rate swap</P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=95.533><P style="margin:0px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=90><P style="margin:0px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=90><P style="margin:0px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=90><P style="margin:0px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 17</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>3.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Derivative Assets and Derivative Liabilities (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Under interest rate swaps contracts, the Company agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. &nbsp;The interest rate swap contract enables the Company to mitigate the risk of changing interest rates on the drawn variable rate debt. &nbsp;The fair value of interest rate swaps at the end of the reporting period is determined by discounting future cash flows using the curves at the end of the reporting period and credit risk inherent in the contract, and is disclosed below. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>On March 26, 2015, the Company entered into an interest rate swap of $40 million, effective date of April 1, 2015, and expires on March 25, 2019 matching the maturity of the bank loan (refer to Note 9). &nbsp;The interest rate swap was entered into to hedge the variable interest rate risk on the bank loan. &nbsp;The interest rate swap is designated as a cash flow hedge for forecasted variable interest rate payments.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The fixed rate on the interest rate swap is 1.52% and the floating amount is based on the one month LIBOR rate. &nbsp;The interest rate swap is settled on a monthly basis and the settlement is the difference between the fixed and floating interest rate on a net basis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The interest rate swap will be carried on the balance sheet at fair value, with periodic changes in the fair value being recorded in other comprehensive income, to the extent that it is determined to be an effective hedge with the gain or loss being recorded to income for the ineffective portion. Interest expense on the bank loan will be recorded to income.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at September 30, 2015, the interest rate swap mark-to-market fair value of $791 includes $44 of accrued interest on the bank loan and as the hedge is effective, the remaining $747 mark-to-market fair value loss has been recognized in other comprehensive income. </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>4.</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Accounts Receivable and Other Assets and Deposits on Long Term Assets</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">The current accounts receivables and other assets are comprised of the following:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=342 /><TD width=24 /><TD width=132 /><TD width=24 /><TD width=124.2 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=342><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=156 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=148.2 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=342><P style="margin:0px; padding-left:4.8px; font-size:11pt">Trade receivables from concentrate sales</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>13,908</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=124.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>16,573</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=342><P style="margin:0px; padding-left:4.8px; font-size:11pt">Current portion of long term receivables</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=124.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>209</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=342><P style="margin:0px; padding-left:4.8px; font-size:11pt">Current portion of borrowing costs</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=124.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>244</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=342><P style="margin:0px; padding-left:4.8px; font-size:11pt">Advances and other receivables</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,364</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=124.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,226</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=342><P style="margin:0px; padding-left:4.8px; font-size:11pt">GST and value added tax receivable</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>396</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=124.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>653</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=342><P style="margin:0px; padding-left:4.8px; font-size:11pt">Accounts receivable and other assets</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=132><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>15,698</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=124.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>19,905</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 18</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>4.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Accounts Receivable and Other Assets and Deposits on Long Term Assets (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">Deposits on long term assets are comprised of the following:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=341.867 /><TD width=24.067 /><TD width=128.4 /><TD width=24.067 /><TD width=128.4 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=341.867><P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=152.467 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=152.467 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=341.867><P style="margin:0px; padding-left:4.8px; font-size:11pt">Long term receivables and borrowing costs</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=128.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>58</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24.067><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=128.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>542</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=341.867><P style="margin:0px; padding-left:4.8px; font-size:11pt">Less: current portion of long term receivables</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=128.4><P style="margin:0px; font-size:11pt" align=right><B>(30)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=128.4><P style="margin:0px; padding-right:0.933px; font-size:11pt" align=right>(209)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=341.867><P style="margin:0px; padding-left:4.8px; font-size:11pt">Less: current portion of long term borrowing costs</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=128.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=24.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=128.4><P style="margin:0px; padding-right:0.933px; font-size:11pt" align=right>(244)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=341.867><P style="margin:0px; padding-left:4.8px; font-size:11pt">Non-current portion of long term receivables</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=128.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>28</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=128.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>28</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=341.867><P style="margin:0px; padding-left:4.8px; font-size:11pt">Non-current portion of borrowing costs</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=128.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=128.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>61</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=341.867><P style="margin:0px; padding-left:4.8px; font-size:11pt">Deposits on equipment</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=128.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>9,061</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=128.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>516</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=341.867><P style="margin:0px; padding-left:4.8px; font-size:11pt">Deposits paid to contractors</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=128.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>874</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=24.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=128.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,358</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=341.867><P style="margin:0px; padding-left:4.8px; font-size:11pt">Deposits on long term assets</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24.067><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=128.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>9,963</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=24.067><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=128.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,963</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at September 30, 2015, the Company had $nil trade receivables (2014: $nil) which were over 90 days and with no impairment. &nbsp;The Company&#146;s allowance for doubtful accounts is $nil for all reporting periods. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at September 30, 2015, the unamortized borrowing costs of $305, associated with the April 23, 2013 amended and restated credit agreement with the Bank of Nova Scotia, has been written off to selling, general and administrative expenses as the Company has entered into an amended and restated credit agreement effective March 25, 2015.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt">The aging analysis of these trade receivables from concentrate sales is as follows:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=306 /><TD width=30 /><TD width=126 /><TD width=24 /><TD width=126 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=306><P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=156 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=150 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">0-30 days</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>13,515</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>16,157</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">31-60 days</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>393</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>416</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=306><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=30><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>13,908</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>16,573</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>5.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify><B>Inventories</B></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=306 /><TD width=30 /><TD width=126 /><TD width=24 /><TD width=126 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=306><P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=156 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=150 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">Concentrate stock piles</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,894</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,575</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">Ore stock piles</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3,254</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,992</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">Materials and supplies</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>7,769</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>8,370</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=306><P style="margin:0px; padding-left:4.8px; font-size:11pt">Total inventories</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>12,917</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>14,937</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For the three and nine months ended September 30, 2015, $19,183 and $56,956 (2014: $19,337 and $56,857) of inventory was expensed in cost of sales and for both periods $212 (2014: $nil) of materials were written down to net realizable value and recorded as an impairment of inventories.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 19</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>6.</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Mineral Properties, Plant and Equipment</B></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=234 /><TD width=19.733 /><TD width=84.267 /><TD width=19.733 /><TD width=91.867 /><TD width=24.067 /><TD width=58.533 /><TD width=19.733 /><TD width=66.933 /><TD width=19.733 /><TD width=66 /><TD width=19.733 /><TD width=65.467 /><TD width=21.667 /><TD width=52.8 /><TD width=19.733 /><TD width=54.067 /><TD width=19.733 /><TD width=62.2 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=234><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=104 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center><B>Mineral Properties</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Non-Depletable</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>(Tlacolula)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=111.6 colspan=2><P style="margin:0px; font-size:8pt" align=center><B>Mineral Properties</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Depletable</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>(Caylloma and San Jose)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.6 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center><B>Machinery</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>and</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Equipment</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667 colspan=2><P style="margin:0px; font-size:8pt" align=center><B>Land,</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Buildings, and</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Leasehold</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Improvements</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=85.733 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center><B>Furniture</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>and Other</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Equipment</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=85.2 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center><B>Transport</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Units</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.467 colspan=2><P style="margin:0px; font-size:8pt" align=center><B>Equipment</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>under</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Finance</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Lease</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.8 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center><B>Capital</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Work in</B></P>
<P style="margin:0px; font-size:8pt" align=center><B>Progress</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.933 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt"><B>Period ended September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.467><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Opening carrying amount, January 1, 2015</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=84.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,348</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=91.867><P style="margin:0px; padding-right:4.8px; font-size:8pt" align=right>139,191</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>13,345</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>67,678</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>8,009</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.467><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>151</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>876</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>3,251</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=62.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>233,849</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Additions</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>183</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.867><P style="margin:0px; padding-right:4.8px; font-size:8pt" align=right>12,403</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>901</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>38</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,506</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.467><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>179</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>90</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>16,113</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>31,413</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Disposals</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.867><P style="margin:0px; padding-right:4.8px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; font-size:8pt" align=right>(15)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; font-size:8pt" align=right>(6)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.467><P style="margin:0px; font-size:8pt" align=right>(2)</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; font-size:8pt" align=right>(6)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.2><P style="margin:0px; font-size:8pt" align=right>(29)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Depreciation</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>- </P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.867><P style="margin:0px; font-size:8pt" align=right>(10,310)</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; font-size:8pt" align=right>(2,129)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; font-size:8pt" align=right>(5,142)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; font-size:8pt" align=right>(907)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.467><P style="margin:0px; font-size:8pt" align=right>(92)</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; font-size:8pt" align=right>(299)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.2><P style="margin:0px; font-size:8pt" align=right>(18,879)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Reclassification</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>129</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>61</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.467><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; font-size:8pt" align=right>(190)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Adjustment on currency translation</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=91.867><P style="margin:0px; font-size:8pt" align=right>(166)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66.933><P style="margin:0px; font-size:8pt" align=right>(7)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin:0px; font-size:8pt" align=right>(1)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.467><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.2><P style="margin:0px; font-size:8pt" align=right>(174)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt"><B>Closing carrying amount, September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>1,531</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=91.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>141,118</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24.067><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>12,102</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=66.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>62,690</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=66><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>8,668</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.467><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>236</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>661</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>19,174</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>246,180</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.467><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt"><B>As at September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.467><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Cost</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=84.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,531</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=91.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>208,046</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>26,477</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>86,094</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>12,783</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.467><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>727</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>3,470</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>19,174</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=62.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>358,302</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Accumulated depreciation</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=84.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=91.867><P style="margin:0px; font-size:8pt" align=right>(66,928)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=58.533><P style="margin:0px; font-size:8pt" align=right>(14,375)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=66.933><P style="margin:0px; font-size:8pt" align=right>(23,404)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=66><P style="margin:0px; font-size:8pt" align=right>(4,115)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.467><P style="margin:0px; font-size:8pt" align=right>(491)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=52.8><P style="margin:0px; font-size:8pt" align=right>(2,809)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.2><P style="margin:0px; font-size:8pt" align=right>(112,122)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt"><B>Closing carrying amount, September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84.267><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>1,531</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=91.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>141,118</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24.067><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>12,102</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>62,690</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>8,668</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.467><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>236</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>661</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>19,174</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.2><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>246,180</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at September 30, 2015, the non-depletable mineral property includes the Tlacolula property (2014: Tlacolula property). </P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 20</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>6.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Mineral Properties, Plant and Equipment (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=234 /><TD width=19.733 /><TD width=84.4 /><TD width=19.733 /><TD width=91.933 /><TD width=24.067 /><TD width=58.533 /><TD width=19.733 /><TD width=66.933 /><TD width=19.733 /><TD width=66.067 /><TD width=19.733 /><TD width=65.533 /><TD width=21.667 /><TD width=52.8 /><TD width=19.733 /><TD width=54.067 /><TD width=19.733 /><TD width=61.867 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=234><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=104.133 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center>Mineral Properties</P>
<P style="margin:0px; font-size:8pt" align=center>Non-Depletable</P>
<P style="margin:0px; font-size:8pt" align=center>(Tlacolula)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=111.667 colspan=2><P style="margin:0px; font-size:8pt" align=center>Mineral Properties</P>
<P style="margin:0px; font-size:8pt" align=center>Depletable</P>
<P style="margin:0px; font-size:8pt" align=center>(Caylloma and San Jose)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.6 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center>Machinery</P>
<P style="margin:0px; font-size:8pt" align=center>and</P>
<P style="margin:0px; font-size:8pt" align=center>Equipment</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667 colspan=2><P style="margin:0px; font-size:8pt" align=center>Land,</P>
<P style="margin:0px; font-size:8pt" align=center>Buildings, and</P>
<P style="margin:0px; font-size:8pt" align=center>Leasehold</P>
<P style="margin:0px; font-size:8pt" align=center>Improvements</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=85.8 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center>Furniture</P>
<P style="margin:0px; font-size:8pt" align=center>and Other</P>
<P style="margin:0px; font-size:8pt" align=center>Equipment</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=85.267 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center>Transport</P>
<P style="margin:0px; font-size:8pt" align=center>Units</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.467 colspan=2><P style="margin:0px; font-size:8pt" align=center>Equipment</P>
<P style="margin:0px; font-size:8pt" align=center>under</P>
<P style="margin:0px; font-size:8pt" align=center>Finance</P>
<P style="margin:0px; font-size:8pt" align=center>Lease</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.8 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center>Capital</P>
<P style="margin:0px; font-size:8pt" align=center>Work in</P>
<P style="margin:0px; font-size:8pt" align=center>Progress</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.6 colspan=2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:8pt" align=center>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Year ended December 31, 2014</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=61.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Opening carrying amount, January 1, 2014</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=84.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,277</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=91.933><P style="margin:0px; padding-right:4.8px; font-size:8pt" align=right>127,141</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>14,301</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>55,574</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=66.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>5,215</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>197</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,406</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>11,850</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=61.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>216,961</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Additions</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>71</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.933><P style="margin:0px; padding-right:4.8px; font-size:8pt" align=right>21,016</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,297</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>228</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,147</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>60</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>16,516</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=61.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>40,335</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Disposals</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.933><P style="margin:0px; padding-right:4.8px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; font-size:8pt" align=right>(69)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; font-size:8pt" align=right>(28)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.067><P style="margin:0px; font-size:8pt" align=right>(1)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.533><P style="margin:0px; font-size:8pt" align=right>(7)</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; font-size:8pt" align=right>(28)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding-right:4.8px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=61.867><P style="margin:0px; font-size:8pt" align=right>(133)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Depreciation</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>- </P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.933><P style="margin:0px; font-size:8pt" align=right>(13,395)</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; font-size:8pt" align=right>(2,602)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; font-size:8pt" align=right>(5,619)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.067><P style="margin:0px; font-size:8pt" align=right>(883)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.533><P style="margin:0px; font-size:8pt" align=right>(99)</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; font-size:8pt" align=right>(502)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding-right:4.8px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=61.867><P style="margin:0px; font-size:8pt" align=right>(23,100)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Reclassification</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>4,633</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>418</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>17,531</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>2,533</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; font-size:8pt" align=right>(25,115)</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=61.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Adjustment on currency translation</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=91.933><P style="margin:0px; font-size:8pt" align=right>(204)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66.933><P style="margin:0px; font-size:8pt" align=right>(8)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66.067><P style="margin:0px; font-size:8pt" align=right>(2)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=61.867><P style="margin:0px; font-size:8pt" align=right>(214)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Closing carrying amount, December 31, 2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>1,348</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=91.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>139,191</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24.067><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>13,345</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=66.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>67,678</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=66.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>8,009</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>151</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>876</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>3,251</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=61.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>233,849</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=61.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">As at December 31, 2014</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=91.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.533><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=61.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Cost</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=84.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>1,348</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=91.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>196,093</P>
</TD><TD style="margin-top:0px" valign=top width=24.067><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>25,768</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=66.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>85,947</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=66.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>11,220</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>627</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>3,991</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>3,251</P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=61.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>328,245</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Accumulated depreciation</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=84.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=91.933><P style="margin:0px; font-size:8pt" align=right>(56,902)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=24.067><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=58.533><P style="margin:0px; font-size:8pt" align=right>(12,423)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=66.933><P style="margin:0px; font-size:8pt" align=right>(18,269)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=66.067><P style="margin:0px; font-size:8pt" align=right>(3,211)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.533><P style="margin:0px; font-size:8pt" align=right>(476)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=52.8><P style="margin:0px; font-size:8pt" align=right>(3,115)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=19.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=61.867><P style="margin:0px; font-size:8pt" align=right>(94,396)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=234><P style="margin:0px; padding-left:1.933px; font-size:8pt">Closing carrying amount, December 31, 2014</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84.4><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>1,348</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=91.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>139,191</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24.067><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=58.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>13,345</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66.933><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>67,678</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>8,009</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.533><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>151</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=52.8><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>876</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.067><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>3,251</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.733><P style="margin:0px; font-size:8pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=61.867><P style="margin:0px; padding-right:2.867px; font-size:8pt" align=right><B>233,849</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Tlacolula Property </B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Pursuant to an agreement dated September 14, 2009, as amended December 18, 2012 and November 10, 2014, the Company, through its wholly owned subsidiary, Cuzcatlan, holds an option (the &#147;Option&#148;) to acquire a 60% interest (the &#147;Interest&#148;) in the Tlacolula silver project (&#147;property&#148;) located in the State of Oaxaca, Mexico, from Radius Gold Inc.&#146;s wholly owned subsidiary, Radius (Cayman) Inc. (&#147;Radius&#148;) (a related party by way of directors in common with the Company described further in Note 8. a)). </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company can earn the Interest by spending $2,000 on exploration of the property, which includes a commitment to drill 1,500 meters within 12 months after Cuzcatlan has received a permit to drill the property, by making staged payments totalling $300 in cash, and by providing $250 in common shares of the Company to Radius according to the following schedule:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Wingdings; font-size:11pt; float:left">&#216;</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-size:11pt">$20 in cash and $20 cash equivalent in shares upon stock exchange approval;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Wingdings; font-size:11pt; clear:left; float:left">&#216;</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-size:11pt">$30 in cash and $30 cash equivalent in shares by January 15, 2011;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Wingdings; font-size:11pt; clear:left; float:left">&#216;</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-size:11pt">$50 in cash and $50 cash equivalent in shares by January 15, 2012;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Wingdings; font-size:11pt; clear:left; float:left">&#216;</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-size:11pt">$50 in cash and $50 cash equivalent in shares by January 15, 2013;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Wingdings; font-size:11pt; clear:left; float:left">&#216;</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-size:11pt">$50 in cash by January 19, 2015; and,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Wingdings; font-size:11pt; clear:left; float:left">&#216;</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-size:11pt">$100 in cash and $100 cash equivalent in shares within 90 days after Cuzcatlan has completed the first 1,500 meters of drilling on the property of which has not occurred.</P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 21</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>6.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Mineral Properties, Plant and Equipment (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Tlacolula Property (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Upon completion of the cash payments and share issuances and incurring the exploration expenditures as set forth above, the Company will be deemed to have exercised the Option and to have acquired a 60% interest in the property, whereupon a joint venture will be formed to further develop the property on the basis of the Company owning 60% and Radius 40%. &nbsp;Radius has the right to terminate the agreement if the option is not exercised by January 31, 2017.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at September 30, 2015, the Company had issued an aggregate of 34,589 (2014: 34,589) common shares of the Company to Radius, with a fair market value of $150 (2014: $150), and paid $200 (2014: $150) in cash according to the terms of the option agreement. &nbsp;Refer to Note 8. a). &nbsp;Joint venture has not been formed as of yet.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>7.</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Trade and Other Payables</B></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=300 /><TD width=24 /><TD width=120 /><TD width=22.733 /><TD width=121.267 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=300><P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=144 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=144 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Trade accounts payable</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=120><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>16,902</B></P>
</TD><TD style="margin-top:0px" valign=top width=22.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=121.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10,105</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Payroll payable</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=120><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>5,961</B></P>
</TD><TD style="margin-top:0px" valign=top width=22.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=121.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>8,005</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Mining royalty</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=120><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>351</B></P>
</TD><TD style="margin-top:0px" valign=top width=22.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=121.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>487</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">VAT payable</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=120><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>257</B></P>
</TD><TD style="margin-top:0px" valign=top width=22.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=121.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>70</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Due to related party (Note 8. c))</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=120><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>17</B></P>
</TD><TD style="margin-top:0px" valign=top width=22.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=121.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>9</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Restricted share unit payable</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=120><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>609</B></P>
</TD><TD style="margin-top:0px" valign=top width=22.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=121.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,386</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Performance share unit payable</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=120><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>315</B></P>
</TD><TD style="margin-top:0px" valign=top width=22.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=121.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Refundable deposits to contractors</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=120><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,141</B></P>
</TD><TD style="margin-top:0px" valign=top width=22.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=121.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>780</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Other payables</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>534</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=22.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=121.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>625</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=300><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=120><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>26,087</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=22.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=121.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>21,467</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>8.</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Related Party Transactions</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Purchase of Goods and Services</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">The Company entered into the following related party transactions:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=300 /><TD width=24 /><TD width=84 /><TD width=25.533 /><TD width=82.467 /><TD width=30.133 /><TD width=77.867 /><TD width=26.067 /><TD width=81.933 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=216 colspan=4><P style="margin:0px; font-size:9pt" align=right><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=216 colspan=4><P style="margin:0px; font-size:9pt" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; font-size:9pt"><B>Transactions with related parties</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108 colspan=2><P style="margin:0px; font-size:9pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108 colspan=2><P style="margin:0px; font-size:9pt" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108 colspan=2><P style="margin:0px; font-size:9pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108 colspan=2><P style="margin:0px; font-size:9pt" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; font-size:9pt">Salaries and wages <SUP>1,2</SUP></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>31</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.533><P style="margin:0px; font-size:9pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=82.467><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>17</P>
</TD><TD style="margin-top:0px" valign=top width=30.133><P style="margin:0px; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=77.867><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>94</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.067><P style="margin:0px; font-size:9pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=81.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>68</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; font-size:9pt">Other general and administrative expenses <SUP>2</SUP></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>33</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.533><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.467><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>15</P>
</TD><TD style="margin-top:0px" valign=top width=30.133><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=77.867><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>110</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.067><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>92</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=300><P style="margin:0px; font-size:9pt">Computer equipment <SUP>2</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=25.533><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=82.467><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=30.133><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=77.867><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=26.067><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=81.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=300><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>73</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.533><P style="margin:0px; font-size:9pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.467><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>32</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=30.133><P style="margin:0px; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=77.867><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>213</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px; font-size:9pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=81.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>160</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 22</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>8.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Related Party Transactions (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Purchase of Goods and Services (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:8pt"><SUP>1 </SUP>Salaries and wages includes employees&#146; salaries and benefits charged to the Company based on a percentage of the estimated hours worked for the Company.</P>
<P style="margin:0px; font-size:8pt" align=justify><SUP>2 </SUP>Radius Gold Inc. (&#147;Radius&#148;) has directors in common with the Company and shares office space, and is reimbursed for general overhead costs incurred on behalf of the Company. Gold Group Management Inc. (&#147;Gold Group&#148;), which is owned by a director in common with the Company, provides various administrative, management, and other related services.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>In 2015, the Company paid $50 in cash to Radius under the option to acquire a 60% interest in the Tlacolula silver project located in the State of Oaxaca, Mexico. &nbsp;Refer to Note 6. a).</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify><B>Key Management Compensation</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Key management includes all persons named or performing the duties of Vice-President, Chief Financial Officer, President, Chief Executive Officer, and non-executive Directors of the Company. &nbsp;The compensation paid and payable to key management for services is shown below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=324 /><TD width=30 /><TD width=84 /><TD width=30 /><TD width=84 /><TD width=30 /><TD width=84 /><TD width=30 /><TD width=78 /></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=228 colspan=4><P style="margin:0px" align=right><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=222 colspan=4><P style="margin:0px" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114 colspan=2><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114 colspan=2><P style="margin:0px" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114 colspan=2><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108 colspan=2><P style="margin:0px" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px">Salaries and other short term employee benefits</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right><B>843</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right>765</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right><B>3,071</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:4.8px" align=right>3,536</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px">Directors fees</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right><B>90</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right>89</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right><B>276</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:4.8px" align=right>293</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px">Consulting fees</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right><B>34</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right>41</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right><B>107</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:4.8px" align=right>123</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px">Share-based payments</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px" align=right><B>(1,415)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px" align=right>(854)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right><B>442</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; padding-right:4.8px" align=right>4,741</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px" align=right><B>(448)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right>41</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right><B>3,896</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; padding-right:4.8px" align=right>8,693</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Consulting fees includes fees paid to two non-executive directors in both 2015 and 2014.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Period End Balances Arising From Purchases of Goods/Services</B></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=324 /><TD width=21.733 /><TD width=134.267 /><TD width=21.733 /><TD width=122.267 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=324><P style="margin:0px; font-size:11pt"><B>Amounts due to related party</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=156 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=144 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=324><P style="margin:0px; font-size:11pt">Owing to a company with common directors <FONT style="font-size:9pt"><SUP>3</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=134.267><P style="margin:0px; font-size:11pt" align=right><B>17</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=122.267><P style="margin:0px; font-size:11pt" align=right>9</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><SUP>3</SUP> <FONT style="font-size:9pt">Owing to Gold Group Management Inc. (&#147;Gold Group)&#148; who has a director in common with the Company.</FONT></P>
<A NAME="OLE_LINK12"></A><P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 23</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>9.</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Bank Loan</B></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=205.2 /><TD width=21.733 /><TD width=107.2 /><TD width=107.8 /><TD width=21.733 /><TD width=107.2 /><TD width=21.733 /><TD width=108 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=205.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=107.2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right><B>Par Value</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=107.8><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right><B>Maturity</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=107.2><P style="margin:0px; font-size:11pt" align=right><B>September 30,</B></P>
<P style="margin:0px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=108><P style="margin:0px; font-size:11pt" align=right>December 31,</P>
<P style="margin:0px; font-size:11pt" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=205.2><P style="margin:0px; font-size:11pt">Bank loan</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=107.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>40,000</B></P>
</TD><TD style="margin-top:0px" valign=top width=107.8><P style="margin:0px; font-size:11pt" align=right>April 1, 2019</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=107.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>40,000</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=205.2><P style="margin:0px; font-size:11pt">Unamortized transaction costs</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=107.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=107.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=107.2><P style="margin:0px; font-size:11pt" align=right><B>(513)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=205.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=107.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=107.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=107.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>39,487</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=205.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=107.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=107.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=107.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=205.2><P style="margin:0px; font-size:11pt">Non-Current</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=107.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=107.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=107.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>39,487</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=108><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>On March 25, 2015, the Company entered into an amended and restated credit agreement with the Bank of Nova Scotia for a $60 million senior secured financing (&#147;credit facility&#148;) consisting of a $40 million term credit facility with a 4 year term and a $20 million revolving credit facility for a two year period. &nbsp;The credit facility is secured by a first ranking lien on Bateas, Cuzcatlan, Continuum, and Barbados, and their assets and bears interest and fees at prevailing market rates. In the event that utilization under the credit facility is less than $10 million, a commitment fee of 1.0% per annum is payable quarterly on the unutilized portion of the available credit facility. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>On April 1, 2015, the $40 million term credit facility was drawn down. Interest on the term credit facility is calculated from the one, two, three, or six month LIBOR plus a graduated margin based on the Company&#146;s leverage ratio and interest is payable one month in arrears. The term credit facility bears a 4 year term and is repayable with a balloon payment on maturity date of April 1, 2019. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>While the term credit facility remains unpaid, the Company is required to maintain the following financial covenants:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Total debt to EBITDA of not greater than 3:1 calculated on a rolling four fiscal quarter basis and measured at the end of each fiscal quarter of the Company; and,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Minimum tangible net worth in an amount equal to the sum of (a) 85% of the tangible net worth as at June 30, 2014, plus (b) 50% of positive quarterly net income earned after June 30, 2014 plus (c) 50% of the value of any equity interests issued by the Company after June 30, 2014.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Unamortized transaction costs are comprised of legal fees and upfront commitment fee in connection with the amended and restated credit agreement with the Bank of Nova Scotia on March 25, 2015.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following is a schedule of long-term bank loan principal repayments, during each of the five years ended December 31:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=511.2 /><TD width=26.4 /><TD width=72 /></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=511.2><P style="margin:0px; font-size:11pt" align=justify>2015</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=26.4><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=72><P style="margin:0px; font-size:11pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=511.2><P style="margin:0px; font-size:11pt" align=justify>2016</P>
</TD><TD style="margin-top:0px" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; font-size:11pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=511.2><P style="margin:0px; font-size:11pt" align=justify>2017</P>
</TD><TD style="margin-top:0px" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; font-size:11pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=511.2><P style="margin:0px; font-size:11pt" align=justify>2018</P>
</TD><TD style="margin-top:0px" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; font-size:11pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=511.2><P style="margin:0px; font-size:11pt" align=justify>2019</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=72><P style="margin:0px; font-size:11pt" align=right><B>40,000</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=511.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.4><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=72><P style="margin:0px; font-size:11pt" align=right><B>40,000</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 24</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>10.</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Other Liabilities</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">Other liabilities are comprised of the following:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=324 /><TD width=24 /><TD width=96 /><TD width=24 /><TD width=96 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=324><P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=120 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>September 30,</B></P>
<P style="margin:0px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=120 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31,</P>
<P style="margin:0px; font-size:11pt" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding-left:4.8px; font-size:11pt">Obligations under finance lease (a)</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:11pt" align=right><B>887</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding-left:4.8px; font-size:11pt">Long term liabilities (a)</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:11pt" align=right><B>42</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>38</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding-left:4.8px; font-size:11pt">Deferred share units (Note 12. c))</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:11pt" align=right><B>2,221</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3,762</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding-left:4.8px; font-size:11pt">Restricted share units (Note 12. d))</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:11pt" align=right><B>1,313</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>861</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding-left:4.8px; font-size:11pt">Performance share units (Note 12. e))</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:11pt" align=right><B>814</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-size:11pt" align=right><B>5,277</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,661</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding-left:4.8px; font-size:11pt">Less: current portion</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding-left:4.8px; font-size:11pt">Restricted share units</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:11pt" align=right><B>609</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px; padding-left:4.8px; font-size:11pt">Performance share units</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-size:11pt" align=right><B>315</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=324><P style="margin:0px; padding-left:4.8px; font-size:11pt">Less: current portion of other liabilities</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; font-size:11pt" align=right><B>924</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=324><P style="margin:0px; padding-left:4.8px; font-size:11pt">Other liabilities, non-current</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; font-size:11pt" align=right><B>4,353</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,661</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><B>Long Term Liabilities</B></P>
<P style="margin:0px; font-size:11pt; clear:left" align=justify><BR>
The Company&#146;s Mexican operation is required to provide a seniority premium to all employees as required under Mexican labor law. &nbsp;The seniority premium, equal to 12 days of salary for each year of services rendered and is subject to a salary limitation of up to twice the minimum wage, is payable to employees who: (i) voluntarily leave their employment after completing 15 years of service; (ii) leave their employment for just cause; (iii) are dismissed by the Company with or without just cause; or (iv) die during the labor relationship, in such event their beneficiaries must receive such premium. In addition, an employee dismissed without cause has the option to be reinstated to his or her former job instead of receiving the seniority payment, provided the employee does not work in a white-collar position.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt">A summary of the Company&#146;s long term liabilities for seniority premium are presented below:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=319.2 /><TD width=26.4 /><TD width=126 /></TR>
<TR><TD style="margin-top:0px; border-top:1.333px solid #000000" valign=top width=319.2><P style="margin:0px; font-size:11pt"><B>At September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-top:1.333px solid #000000" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1.333px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=319.2><P style="margin:0px; font-size:11pt">Discount rate</P>
</TD><TD style="margin-top:0px" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; font-size:11pt" align=right><B>7.5%</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=319.2><P style="margin:0px; font-size:11pt">General wage increase &#150; Regular employees</P>
</TD><TD style="margin-top:0px" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; font-size:11pt" align=right><B>5.0%</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=319.2><P style="margin:0px; font-size:11pt">General wage increase &#150; Unionized employees</P>
</TD><TD style="margin-top:0px" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; font-size:11pt" align=right><B>4.5%</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=319.2><P style="margin:0px; font-size:11pt">Increase in minimum wage</P>
</TD><TD style="margin-top:0px" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; font-size:11pt" align=right><B>4.0%</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=319.2><P style="margin:0px; font-size:11pt">Long term inflation rate</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=126><P style="margin:0px; font-size:11pt" align=right><B>4.0%</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=319.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=319.2><P style="margin:0px; font-size:11pt">Total seniority premium &#150; December 31, 2013</P>
</TD><TD style="margin-top:0px" valign=top width=26.4><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>27</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=319.2><P style="margin:0px; font-size:11pt">Seniority premium expense</P>
</TD><TD style="margin-top:0px" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>18</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=319.2><P style="margin:0px; font-size:11pt">Foreign exchange differences</P>
</TD><TD style="margin-top:0px" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; font-size:11pt" align=right>(5)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=319.2><P style="margin:0px; font-size:11pt">Cash payments</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=126><P style="margin:0px; font-size:11pt" align=right>(2)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=319.2><P style="margin:0px; font-size:11pt">Total seniority premium &#150; December 31, 2014</P>
</TD><TD style="margin-top:0px" valign=top width=26.4><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>38</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=319.2><P style="margin:0px; font-size:11pt">Seniority premium expense</P>
</TD><TD style="margin-top:0px" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>11</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=319.2><P style="margin:0px; font-size:11pt">Foreign exchange differences</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=26.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=126><P style="margin:0px; font-size:11pt" align=right><B>(7)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=319.2><P style="margin:0px; font-size:11pt"><B>Total seniority premium &#150; September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.4><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>42</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 25</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>11.</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Provisions</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">A summary of the Company&#146;s provisions for decommissioning and restoration liabilities are presented below:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=300 /><TD width=17.8 /><TD width=102.2 /><TD width=17.8 /><TD width=96.2 /><TD width=24 /><TD width=84 /></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=342 colspan=6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Decommissioning and Restoration Liabilities</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=300><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=120 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>Caylloma Mine</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>San Jose Mine</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=108 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt"><B>At September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Anticipated settlement date to</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; font-size:11pt" align=right><B>2027</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; font-size:11pt" align=right><B>2026</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Undiscounted value of estimated cash flow</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>8,597</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>6,727</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>15,324</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Estimated mine life (years)</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; font-size:11pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; font-size:11pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Discount rate</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; font-size:11pt" align=right><B>4.40%</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; font-size:11pt" align=right><B>6.04%</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Inflation rate</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102.2><P style="margin:0px; font-size:11pt" align=right><B>2.00%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.2><P style="margin:0px; font-size:11pt" align=right><B>3.46%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Total provisions &#150; December 31, 2013</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>6,758</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=96.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3,976</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10,734</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Increase to existing provisions</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>695</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,863</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,558</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Accretion of provisions</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>398</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>345</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>743</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Foreign exchange differences</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; font-size:11pt" align=right>(553)</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; font-size:11pt" align=right>(613)</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:11pt" align=right>(1,166)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Cash payments</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102.2><P style="margin:0px; font-size:11pt" align=right>(111)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.2><P style="margin:0px; font-size:11pt" align=right>(60)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; font-size:11pt" align=right>(171)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Total provisions &#150; December 31, 2014</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7,187</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5,511</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>12,698</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Less: current portion</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102.2><P style="margin:0px; font-size:11pt" align=right>(256)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.2><P style="margin:0px; font-size:11pt" align=right>(553)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; font-size:11pt" align=right>(809)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Non current &#150; December 31, 2014</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>6,931</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,958</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>11,889</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Total provisions &#150; December 31, 2014</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>7,187</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>5,511</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>12,698</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Increase to existing provisions</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>965</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>137</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,102</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Accretion of provisions</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>247</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; font-size:11pt" align=right><B>(122)</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>125</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Foreign exchange differences</P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; font-size:11pt" align=right><B>(614)</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; font-size:11pt" align=right><B>(675)</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:11pt" align=right><B>(1,289)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt">Cash payments</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102.2><P style="margin:0px; font-size:11pt" align=right><B>(24)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.2><P style="margin:0px; font-size:11pt" align=right><B>(89)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; font-size:11pt" align=right><B>(113)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt"><B>Total provisions &#150; September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>7,761</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=96.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>4,762</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>12,523</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt"><B>Less: current portion</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102.2><P style="margin:0px; font-size:11pt" align=right><B>(340)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.2><P style="margin:0px; font-size:11pt" align=right><B>(609)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; font-size:11pt" align=right><B>(949)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=300><P style="margin:0px; padding-left:4.8px; font-size:11pt"><B>Non current &#150; September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>7,421</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=17.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>4,153</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>11,574</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>In view of the uncertainties concerning environmental reclamation, the ultimate cost of reclamation activities could differ materially from the estimated amount recorded. &nbsp;The estimate of the Company&#146;s decommissioning and restoration liability relating to the Caylloma and San Jose mines are subject to change based on amendments to laws and regulations and as new information regarding the Company&#146;s operations becomes available.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Future changes, if any, to the estimated liability as a result of amended requirements, laws, regulations, operating assumptions, estimated timing and amount of obligations may be significant and would be recognized prospectively as a change in accounting estimate. &nbsp;Any such change would result in an increase or decrease to the liability and a corresponding increase or decrease to the mineral properties, plant and equipment balance.<FONT style="font-size:10.5pt"> Adjustments to the carrying amounts of the related mineral properties, plant and equipment balance can result in a change to the future depletion expense.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 26</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="para_136"></A><P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>12.</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Share Capital</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Unlimited Common Shares Without Par Value</B></P>
<P style="margin:0px; font-size:11pt; clear:left" align=justify><BR>
Pursuant to the Combination Agreement (the &#147;Combination Agreement&#148;) dated October 29, 2008 between the Company and Continuum Resources Ltd. (&#147;Continuum&#148;), the Company acquired all of the issued and outstanding common shares of Continuum pursuant to a plan of arrangement under section 288 of the <I>Business Corporations Act</I> (British Columbia) (the &#147;Arrangement&#148;). &nbsp;The Combination Agreement provided that any certificate formerly representing Continuum common shares not duly surrendered on or prior to the sixth anniversary of the effective date of the Arrangement shall cease to represent a claim or interest of any kind or nature against the Company or Continuum by a former holder, and that on such anniversary date, all common shares in the capital of the Company to which the former holders of such certificates were entitled (the &#147;Surrendered Shares&#148;) shall be deemed to have been surrendered to the Company. On June 18, 2015, the Company cancelled and returned to treasury 38,035 common shares of the Company registered in the name of Computershare in trust for Continuum holders pursuant to a Depositary Agreement between among the Company and Computershare Investor Services dated February 22, 2009. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Stock Options</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s Stock Option Plan (the &#147;Plan&#148;) dated April 11, 2011 was approved by the shareholders at the Company&#146;s annual general meeting held on May 26, 2011.&nbsp; On April 21, 2015 the Board approved amendments to the Plan which do not require shareholder approval. &nbsp;The Plan provides that from May 9, 2011, the number of common shares of the Company issuable under the Plan, together with all of the Company&#146;s other previously established or proposed share compensation arrangements, may not exceed 12,200,000 shares, which equaled 9.92% of the total number of issued and outstanding common shares of the Company as at April 11, 2011.&nbsp; As at September 30, 2015, the number of common shares available for issuance under the Plan is 2,817,098. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Option pricing models require the input of highly subjective assumptions including the estimate of the share price volatility, risk-free interest rate and expected life of the options. &nbsp;Changes in the subjective input assumptions can materially affect the fair value estimate. The following is a summary of share option transactions: &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 27</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>12.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Share Capital (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Stock Options (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=282 /><TD width=90 /><TD width=24 /><TD width=84 /><TD width=90 /><TD width=24 /><TD width=84 /></TR>
<TR><TD style="margin-top:0px" valign=top width=282><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=198 colspan=3><P style="margin:0px; font-size:11pt" align=center><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=198 colspan=3><P style="margin:0px; font-size:11pt" align=center>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=282><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:11pt" align=center><B>Shares</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(in 000&#146;s)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108 colspan=2><P style="margin:0px; font-size:11pt" align=center><B>Weighted</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>average</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>exercise price</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>(CAD$)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:11pt" align=center>Shares</P>
<P style="margin:0px; font-size:11pt" align=center>(in 000's)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108 colspan=2><P style="margin:0px; font-size:11pt" align=center>Weighted</P>
<P style="margin:0px; font-size:11pt" align=center>average</P>
<P style="margin:0px; font-size:11pt" align=center>exercise price</P>
<P style="margin:0px; font-size:11pt" align=center>(CAD$)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=282><P style="margin:0px; font-size:11pt">Outstanding at beginning of the period</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,944</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3.25</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>6,437</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.42</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=282><P style="margin:0px; font-size:11pt">Granted</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>902</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>4.79</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>828</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4.30</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=282><P style="margin:0px; font-size:11pt">Exercised</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:11pt" align=right><B>(581)</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3.96</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:11pt" align=right>(2,564)</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.68</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=282><P style="margin:0px; font-size:11pt">Forfeited</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:11pt" align=right>(70)</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5.26</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=282><P style="margin:0px; font-size:11pt">Expired</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; font-size:11pt" align=right>(1,687)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4.55</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=282><P style="margin:0px; font-size:11pt">Outstanding at end of the period</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3,265</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3.55</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,944</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.25</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=282><P style="margin:0px; font-size:11pt">Vested and exercisable at end of the period</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,034</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2.88</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,776</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2.80</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015, 901,969 stock options with a term of five years were granted with an exercise price of CAD$4.79, vesting 50% after one year and 100% after two years from the grant date.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015, 580,860 stock options with an exercise prices ranging from CAD$0.85 to CAD$4.03 per share were exercised.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015, the expiry date for 75,000 stock options with an exercise price of CAD$4.03 was extended from May 29, 2015 to June 12, 2015.&nbsp; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015, the Company recorded a share-based payment charge of $948 (2014: $1,681) in respect to options granted and vested.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The assumptions used to estimate the fair value of the stock options granted during the nine months ended September 30, 2015 and 2014 were as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=223.2 /><TD width=132 /><TD width=132 /></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=264 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; font-size:11pt" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; font-size:11pt" align=justify>Risk-free interest rate</P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>0.45%</B></P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right>1.19%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; font-size:11pt" align=justify>Expected stock price volatility</P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>61.22%</B></P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right>59.29%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; font-size:11pt" align=justify>Expected term in years</P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; font-size:11pt" align=justify>Expected dividend yield</P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>0%</B></P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right>0%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; font-size:11pt" align=justify>Expected forfeiture rate</P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>5.25%</B></P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right>4.15%</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The expected volatility assumption is based on the historical volatility of the Company&#146;s Canadian dollar common share price on the Toronto Stock Exchange. The weighted average fair value per stock option was CAD$4.86 (2014: CAD$4.30).</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 28</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>12.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><B>Share Capital (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><B>Stock options (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">The following table summarizes information related to stock options outstanding and exercisable at June 30, 2015:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=138 /><TD width=126 /><TD width=132.4 /><TD width=24.733 /><TD width=102.8 /><TD width=106.067 /><TD width=27.2 /><TD width=95 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=138><P style="margin:0px; font-size:11pt">Exercise price</P>
<P style="margin:0px; font-size:11pt">in CAD$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=126><P style="margin:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>Number of</P>
<P style="margin:0px; font-size:11pt" align=right>outstanding</P>
<P style="margin:0px; font-size:11pt" align=right>stock options</P>
<P style="margin:0px; font-size:11pt" align=right>(in 000's)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=132.4><P style="margin:0px; font-size:11pt" align=right>Weighted</P>
<P style="margin:0px; font-size:11pt" align=right>average</P>
<P style="margin:0px; font-size:11pt" align=right>remaining</P>
<P style="margin:0px; font-size:11pt" align=right>contractual life</P>
<P style="margin:0px; font-size:11pt" align=right>of outstanding</P>
<P style="margin:0px; font-size:11pt" align=right>stock options (years)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=127.533 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>Weighted average</P>
<P style="margin:0px; font-size:11pt" align=right>exercise price on</P>
<P style="margin:0px; font-size:11pt" align=right>outstanding stock options CAD$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=106.067><P style="margin:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>Exercisable</P>
<P style="margin:0px; font-size:11pt" align=right>stock options</P>
<P style="margin:0px; font-size:11pt" align=right>(in 000's)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=122.2 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>Weighted average</P>
<P style="margin:0px; font-size:11pt" align=right>exercise price on</P>
<P style="margin:0px; font-size:11pt" align=right>exercisable stock options CAD$</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-size:11pt">$0.85 to $0.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>262</P>
</TD><TD style="margin-top:0px" valign=bottom width=132.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.0</P>
</TD><TD style="margin-top:0px" valign=bottom width=24.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=102.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.85</P>
</TD><TD style="margin-top:0px" valign=bottom width=106.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>262</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.2><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.85</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-size:11pt">$1.00 to $1.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>274</P>
</TD><TD style="margin-top:0px" valign=bottom width=132.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.5</P>
</TD><TD style="margin-top:0px" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.44</P>
</TD><TD style="margin-top:0px" valign=bottom width=106.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>274</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.44</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-size:11pt">$2.00 to $2.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>250</P>
</TD><TD style="margin-top:0px" valign=bottom width=132.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.3</P>
</TD><TD style="margin-top:0px" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2.22</P>
</TD><TD style="margin-top:0px" valign=bottom width=106.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>250</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2.22</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-size:11pt">$3.00 to $3.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>869</P>
</TD><TD style="margin-top:0px" valign=bottom width=132.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.7</P>
</TD><TD style="margin-top:0px" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.38</P>
</TD><TD style="margin-top:0px" valign=bottom width=106.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>869</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.38</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-size:11pt">$4.00 to $4.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,561</P>
</TD><TD style="margin-top:0px" valign=bottom width=132.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.2</P>
</TD><TD style="margin-top:0px" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4.58</P>
</TD><TD style="margin-top:0px" valign=bottom width=106.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>330</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4.30</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=138><P style="margin:0px; font-size:11pt">$6.00 to $6.67</P>
</TD><TD style="margin-top:0px" valign=bottom width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>49</P>
</TD><TD style="margin-top:0px" valign=bottom width=132.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.4</P>
</TD><TD style="margin-top:0px" valign=bottom width=24.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>6.67</P>
</TD><TD style="margin-top:0px" valign=bottom width=106.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>49</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>6.67</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=138><P style="margin:0px; font-size:11pt">$0.85 to $6.67</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=126><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3,265</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=132.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2.1</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=102.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.55</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=106.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,034</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=27.2><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=95><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2.88</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">The weighted average remaining life of vested share purchase options at September 30, 2015 was 1.2 years (December 31, 2014: 1.5 years).</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><B>DSUs </B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt; clear:left" align=justify>&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify>During 2010, the Company implemented a DSU plan which allows for up to 1% of the number of shares outstanding from time to time to be granted to eligible directors. &nbsp;All grants under the plan are fully vested upon credit to an eligible directors&#146; account. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015, the Company granted 187,890 (2014: 244,188) DSU with a market value of CAD$900 (2014: CAD$1,050), at the date of grants, to non-executive directors. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015, the Company paid $nil (2014: $514) on nil (2014: 127,063) DSU to a former director of the Company.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at September 30, 2015, there are 1,016,419 (2014: 828,529) DSU outstanding with a fair value of $2,221 (2014: $3,762). &nbsp;Refer to Note 10.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>d)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>RSUs </B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s SU Plan covers all RSUs and PSUs granted by the Company on and after March 1, 2015.&nbsp; All RSUs granted prior to March 1, 2015, are governed under the restricted share unit plan dated November 12, 2010.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 29</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>12.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Share Capital (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>d)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>RSUs (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The RSUs entitle employees or officers to cash payments which vest and are payable in installments over a period of up to three years following the date of the award.&nbsp; The RSUs payment will be an amount equal to the fair market value of the Company&#146;s common share on the five trading days immediately prior to vesting date multiplied by the number of RSUs held.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015, the Company granted 385,740 (2014: 424,425) RSU with a market value of CAD$1,848 (2014: CAD$1,825), at the date of grant, to an executive director and officer (151,651), officers (205,185), and employees (28,904), vesting and payable 20% after one year, 30% after two years, and the remaining 50% after three years from the date of grant. &nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015, the Company cancelled nil (2014: 42,232) RSU and paid $nil (2014: $205) on nil (2014: 52,842) RSU to a former officer of the Company, and $739 (2014: $404) on 192,519 (2014: 102,813) RSU to an executive director and officer, and officers and employees. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at September 30, 2015, there were 1,015,846 (2014: 822,625) RSUs outstanding with a fair value of $1,313 (2014: $2,247). &nbsp;Refer to Note 7 and Note 10.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>e)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>PSUs</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The cash settled PSUs are performance-based awards for the achievement of specified performance metrics by specified deadlines, which vest in installments over a three year period.&nbsp; Any PSUs for which the performance metrics have not been achieved shall automatically be forfeited and cancelled.&nbsp; The PSUs for which the performance metrics have been achieved will vest and the PSU payment will be an amount equal to the fair market value of the Company&#146;s common share on the five trading days immediately prior to the vesting date multiplied by the number of PSUs held.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015, the Company granted 1,236,620 (2014: nil) PSU with a market value of CAD$5,923 (2014: $nil), at the date of grant, to an executive director and officer (758,255) and officers (478,365), vesting and payable 20% after one year, 30% after two years, and the remaining 50% after three years from the date of grant if certain performance metrics are achieved. &nbsp;For PSUs that vest under this grant, the payout will be paid up to a maximum of two times the grant price. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at September 30, 2015, a total of 1,236,620 (2014: nil) PSUs are outstanding with a fair value of $814 (2014: $nil).</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>f)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Earnings per Share</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>i.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Basic</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">Basic earnings per share is calculated by dividing the net income for the period by the weighted average number of shares outstanding during the period.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">The following table sets forth the computation of basic earnings per share:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 30</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>12.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Share Capital (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>f)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Earnings per Share (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>i.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Basic (continued)</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">The following table sets forth the computation of basic earnings per share:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=324.067 /><TD width=21.733 /><TD width=111.733 /><TD width=21.733 /><TD width=96.733 /><TD width=21.733 /><TD width=111.733 /><TD width=23.867 /><TD width=94.6 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=324.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=251.933 colspan=4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=251.933 colspan=4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=324.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=133.467 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=118.467 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=133.467 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=118.467 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=324.067><P style="margin:0px; font-size:11pt">Income available to equity owners</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=111.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,592</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7,824</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=111.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>6,682</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.867><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=94.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>15,545</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=324.067><P style="margin:0px; font-size:11pt">Weighted average number of shares (in '000's)</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>129,079</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>127,097</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>128,957</B></P>
</TD><TD style="margin-top:0px" valign=top width=23.867><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=94.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>126,479</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=324.067><P style="margin:0px; font-size:11pt">Earnings per share - basic</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=111.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>0.02</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=96.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.06</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=111.733><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>0.05</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=23.867><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=94.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.12</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>ii.</I></B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt"><B><I>Diluted</I></B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all potentially dilutive shares. &nbsp;The following table sets forth the computation of diluted earnings per share:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=360.067 /><TD width=23.733 /><TD width=104.533 /><TD width=23.733 /><TD width=104.6 /><TD width=23.733 /><TD width=103.6 /><TD width=0.933 /><TD width=23.8 /><TD width=104.533 /></TR>
<TR><TD style="margin-top:0px" valign=top width=360.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=256.6 colspan=4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=256.6 colspan=5><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=360.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=128.267 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=128.333 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=127.333 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=129.267 colspan=3><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=360.067><P style="margin:0px; font-size:11pt">Income available to equity owners</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,592</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7,824</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.533 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>6,682</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>15,545</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=360.067><P style="margin:0px; font-size:11pt">Weighted average number of shares ('000's)</P>
</TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>129,079</B></P>
</TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>127,097</P>
</TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.533 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>128,957</B></P>
</TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>126,479</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=360.067><P style="margin:0px; font-size:11pt">Incremental shares from share options</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>475</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,634</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.533 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>799</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,319</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=360.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.533 colspan=2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=360.067><P style="margin:0px; font-size:11pt">Weighted average diluted shares outstanding (&#145;000&#146;s)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>129,554</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>128,731</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.533 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>129,756</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>127,798</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=360.067><P style="margin:0px; font-size:11pt">Earnings per share - diluted</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>0.02</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.06</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.533 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>0.05</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=23.8><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.12</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For the three and nine months ended September 30, 2015, excluded from the calculation were 1,610,435 and 693,348 (2014: 49,084 and 49,084) anti-dilutive options, respectively with exercise prices ranging from CAD$ 4.30 to CAD$6.67, and CAD$4.79 to CAD$6.67, respectively (2014: CAD$6.67).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>13.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify><B>Capital Disclosure</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s objectives when managing capital are to provide shareholder returns through maximization of the profitable growth of the business and to maintain a degree of financial flexibility relevant to the underlying operating and metal price risks while safeguarding the Company&#146;s ability to continue as a going concern. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The capital of the Company consists of equity and available credit facility, net of cash. &nbsp;The Board of Directors has not established a quantitative return on capital criteria for management. &nbsp;The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 31</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>13.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Capital Disclosure (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The management of the Company believes that the capital resources of the Company as at September 30, 2015, are sufficient for its present needs for at least the next 12 months. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company, under the credit facility, shall maintain at all times, on a consolidated basis, a tangible net worth in an amount equal to the sum of (a) 85% of the tangible net worth as at June 30, 2014, plus (b) 50% of positive quarterly net income earned after June 30, 2014 plus (c) 50% of the value of any equity interests issued by the Company after June 30, 2014. &nbsp;Tangible net worth is defined as shareholders&#146; equity less all amounts that would be included on a consolidated statement of financial position of the Company as amounts owed by the Company or as intangibles. &nbsp;Intangibles includes, without limitation, such personal property as goodwill, copyrights, patents and trademarks, franchises, licences of intellectual property rights, research and development costs, but, for greater certainty, excludes accounts receivable, prepaids, future tax assets and deferred development costs. &nbsp;As at September 30, 2015, the Company is in compliance with the credit facility covenants. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s overall strategy with respect to capital risk management remained unchanged during the year.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>14.</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Management of Financial Risk</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<A NAME="OLE_LINK3"></A><P style="margin:0px; font-size:11pt" align=justify>The Company is exposed to certain financial risks, including currency risk, credit risk, liquidity risk, interest risk, and price risk. &nbsp;The Board of Directors has overall responsibility for the establishment and oversight of the Company&#146;s risk management framework and reviews the Company&#146;s policies on an ongoing basis.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Fair Value Measurements of Financial Instruments</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions (an exit price) regardless of whether that price is directly observable or estimated using another valuation technique. &nbsp;The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. &nbsp;Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. &nbsp;Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (interest rate, yield curves), or inputs that are derived principally from or corroborated observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). &nbsp;The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 32</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>14.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Fair Value Measurements of Financial Instruments (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Fair Value Measurements of Financial Instruments (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015, there have been no transfers of amounts between Level 1, Level 2, and Level 3 of the fair value hierarchy.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B><I>i.</I></B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B><I>Assets and Liabilities Measured At Fair Value on a Recurring Basis</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt"><B>Fair Value Measurements</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=348 /><TD width=24 /><TD width=108 /><TD width=24 /><TD width=102 /><TD width=26.067 /><TD width=71.667 /><TD width=24 /><TD width=82.267 /></TR>
<TR><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=348><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=top width=132 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=top width=126 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=top width=97.733 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=top width=106.267 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=132 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Quoted Prices in</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Active Markets for</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Identical Assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=126 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Significant and</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Other Observable</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Inputs</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=97.733 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Significant</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Unobservable</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Inputs</B></P>
</TD><TD style="margin-top:0px" valign=top width=106.267 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Aggregate Fair</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px"><B>At September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=132 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Level 1</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=126 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Level 2</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=97.733 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Level 3</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=106.267 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Value</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=348><P style="margin:0px">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>67,241</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>67,241</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=348><P style="margin:0px">Short term investments</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>42,636</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>42,636</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px">Trade receivable from concentrate sales <FONT style="font-size:9.5pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>13,908</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>13,908</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>109,877</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>13,908</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>123,785</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>1 </SUP>Trade receivable from concentrate sales includes provisional pricing, and final price and assay adjustments. The fair value of trade receivable from concentrate sales resulting from provisional pricing reflect observable market commodity prices and thereby classified within Level 2 of the fair value hierarchy.</P>
<P style="margin:0px; font-size:9pt" align=justify><SUP>1 </SUP>The Company&#146;s trade receivables arose from provisional concentrate sales and are valued using quoted market prices based on the forward London Metal Exchange (&#147;LME&#148;) for zinc and lead, the average London Bullion Market Association A.M. and P.M. fix (&#147;London A.M. fix&#148; and &#147;London P.M. fix&#148;) for gold and silver, and the London Bullion Market Association P.M. fix (&#147;London P.M. fix&#148;) for gold and silver.</P>
<A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A><A NAME="OLE_LINK6"></A><A NAME="OLE_LINK7"></A><P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=348 /><TD width=24 /><TD width=108 /><TD width=24 /><TD width=102 /><TD width=26.067 /><TD width=71.667 /><TD width=24 /><TD width=82.267 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=132 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Quoted Prices in</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Active Markets for</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Identical Assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=126 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Significant and</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Other Observable</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Inputs</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=97.733 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Significant</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Unobservable</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Inputs</B></P>
</TD><TD style="margin-top:0px" valign=top width=106.267 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Aggregate Fair</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px"><B>At December 31, 2014</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=132 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Level 1</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=126 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Level 2</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=97.733 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Level 3</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=106.267 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Value</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=348><P style="margin:0px">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>42,867</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>42,867</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=348><P style="margin:0px">Short term investments</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>34,391</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>34,391</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px">Trade receivable from concentrate sales <FONT style="font-size:9.5pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>16,573</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>16,573</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>77,258</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>16,573</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>93,831</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 33</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>14.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Management of Financial Risk (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Fair Value Measurements of Financial Instruments (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B><I>ii.</I></B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B><I>Fair Value of Financial Assets and Liabilities</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt"><B>Fair Values of Financial Assets and Liabilities</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=270 /><TD width=24 /><TD width=96 /><TD width=24 /><TD width=114 /><TD width=24 /><TD width=96 /><TD width=24 /><TD width=108 /></TR>
<TR><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:1px solid #000000" valign=bottom width=258 colspan=4><P style="margin:0px; padding-right:4.8px" align=center><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:1px solid #000000" valign=bottom width=252 colspan=4><P style="margin:0px; padding-right:4.8px" align=center>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=120 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Carrying amount</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=138 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Estimated fair value</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=120 colspan=2><P style="margin:0px; padding-right:4.8px" align=right>Carrying amount</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=132 colspan=2><P style="margin:0px; padding-right:4.8px" align=right>Estimated fair value</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px"><B>Financial assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px">Trade receivable from concentrate sales <FONT style="font-size:9.5pt"><SUP>2</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>13,908</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>13,908</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>16,573</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>16,573</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px">Advances and other receivables <FONT style="font-size:9.5pt"><SUP>3</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>1,364</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>1,364</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>2,226</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>2,226</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>15,272</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>15,272</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>18,799</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>18,799</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px"><B>Financial liabilities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px">Derivative liabilities <FONT style="font-size:9.5pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>791</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>791</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px">Other liabilities <FONT style="font-size:9.5pt"><SUP>3</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>929</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>929</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>38</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>38</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>1,720</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>1,720</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>38</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>38</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>1 </SUP>Derivative assets and derivative liabilities includes interest rate swaps. The fair value of the derivative assets reflect observable LIBOR and hereby classified within Level 2 of the fair value hierarchy.</P>
<P style="margin:0px; font-size:9pt" align=justify><SUP>2 </SUP>Trade receivable from concentrate sales includes provisional pricing, and final price and assay adjustments. The fair value of trade receivable from concentrate sales resulting from provisional pricing reflect observable market commodity prices and thereby classified within Level 2 of the fair value hierarchy.</P>
<P style="margin:0px; font-size:9pt" align=justify><SUP>3 </SUP>Advances and other receivables and other liabilities are recorded at amortized costs. The fair value of other assets and other liabilities are primarily determined using quoted market prices, and the balances include the current portion of other assets and other liabilities, respectively.</P>
<A NAME="OLE_LINK4"></A><A NAME="OLE_LINK5"></A><P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Currency Risk</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. &nbsp;The Company operates in Canada, Peru and Mexico and a portion of its expenses are incurred in Canadian dollars, nuevo soles, and Mexican pesos. &nbsp;A significant change in the currency exchange rates between the United States dollar relative to the other currencies could have a material effect on the Company&#146;s income, financial position, or cash flows. &nbsp;The Company has not hedged its exposure to currency fluctuations. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 34</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>14.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Management of Financial Risk (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Currency Risk (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at September 30, 2015, the Company is exposed to currency risk through the following assets and liabilities denominated in Canadian dollars, Peruvian nuevo soles and Mexican pesos (all amounts are expressed in thousands of Canadian dollars, thousands of Peruvian nuevo soles or thousands of Mexican pesos):</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=270 /><TD width=21.733 /><TD width=58.667 /><TD width=30.333 /><TD width=64.533 /><TD width=21.733 /><TD width=79 /><TD width=21.733 /><TD width=57.2 /><TD width=30.333 /><TD width=64.533 /><TD width=21.733 /><TD width=74.467 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=546 colspan=12><P style="margin:0px; font-size:11pt" align=center><B>Expressed in &#145;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=276 colspan=6><P style="margin:0px; font-size:11pt" align=center><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=270 colspan=6><P style="margin:0px; font-size:11pt" align=center>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=80.4 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Canadian</B></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Dollars</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=94.867 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Nuevo</B></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Soles</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=100.733 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Mexican</B></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Pesos</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=78.933 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center>Canadian<BR>
Dollars</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=94.867 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center>Nuevo</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center>Soles</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96.2 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center>Mexican</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center>Pesos</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>10,602</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; font-size:11pt">S/.</P>
</TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>4,513</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>78,933</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>2,695</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; font-size:11pt">S/.</P>
</TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>8,633</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>56,739</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt">Short term investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>7,696</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt">Accounts receivable and other assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>64</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>3,317</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>6,967</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>897</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>3,742</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>15,692</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt">Income tax receivable</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2,002</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>37,626</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>448</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt">Deposits on long term assets and long</P>
<P style="margin:0px; font-size:11pt">term borrowing costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>60,868</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>71</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>19,096</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt">Trade and other payables</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; font-size:11pt" align=right><B>(1,840)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(11,997)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; padding-left:-9.6px; font-size:11pt" align=right><B>(142,735)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; font-size:11pt" align=right>(2,231)</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(12,387)</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(117,848)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt">Provisions, current</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(1,097)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-size:11pt" align=right><B>(10,354)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(767)</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(8,138)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt">Income tax payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-left:-9.6px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-size:11pt" align=right><B>(32,738)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(37)</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(143,426)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt">Other liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; font-size:11pt" align=right><B>(4,591)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-size:11pt" align=right><B>(718)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; font-size:11pt" align=right>(5,376)</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(563)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=270><P style="margin:0px; font-size:11pt">Provisions</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(23,911)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79><P style="margin:0px; font-size:11pt" align=right><B>(70,662)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(20,710)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(73,001)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=270><P style="margin:0px; font-size:11pt">Total</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>4,235</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.333><P style="margin:0px; font-size:11pt"><B>S/.</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(27,173)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79><P style="margin:0px; font-size:11pt" align=right><B>(72,813)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>3,752</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.333><P style="margin:0px; font-size:11pt">S/.</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(21,078)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(251,449)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=270><P style="margin:0px; font-size:11pt">Total US$ equivalent</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>3,158</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.333><P style="margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(8,431)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79><P style="margin:0px; font-size:11pt" align=right><B>(4,281)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>3,226</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.333><P style="margin:0px; font-size:11pt">$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(7,052)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(17,084)</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Based on the above net exposure as at September 30, 2015, and assuming that all other variables remain constant, a 10% depreciation or appreciation of the US dollar against the above currencies would result in an increase or decrease, as follows: impact to other comprehensive income of $351 (2014: $358) and an impact to net income of $1,413 (2014: $2,682).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The sensitivity analyses included in the table above should be used with caution as the results are theoretical, based on management&#146;s best assumptions using material and practicable data which may generate results that are not necessarily indicative of future performance. &nbsp;In addition, in deriving this analysis, the Company has made assumptions based on the structure and relationship of variables as at the balance sheet date which may differ due to fluctuations throughout the year with all other variables assumed to remain constant. &nbsp;Actual changes in one variable may contribute to changes in another variable, which may amplify or offset the effect on earnings.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 35</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>14.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Management of Financial Risk (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Credit Risk</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. &nbsp;The Company&#146;s cash and cash equivalents and short term investments are held through large Canadian, international, and foreign national financial institutions. &nbsp;These investments mature at various dates within one year. &nbsp;All of the Company&#146;s trade accounts receivables from concentrate sales are held with large international metals trading companies. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">The Company&#146;s maximum exposure to credit risk as at September 30, 2015 is as follows:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=288 /><TD width=24 /><TD width=132 /><TD width=24 /><TD width=126 /></TR>
<TR><TD style="margin-top:0px" valign=top width=288><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=306 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>Expressed in &#146;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=288><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=156 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=150 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=288><P style="margin:0px; font-size:11pt">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>67,241</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; font-size:11pt" align=right>42,867</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=288><P style="margin:0px; font-size:11pt">Short term investments</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>42,636</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; font-size:11pt" align=right>34,391</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=288><P style="margin:0px; font-size:11pt">Accounts receivable and other assets</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>15,698</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; font-size:11pt" align=right>19,905</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=288><P style="margin:0px; font-size:11pt">Income tax receivable</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>2,833</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; font-size:11pt" align=right>680</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=288><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>128,408</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; font-size:11pt" align=right>97,843</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify>The carrying amount of financial assets recorded in the financial statements represents the Company&#146;s maximum exposure to credit risk. The Company believes it is not exposed to significant credit risk and overall, the Company&#146;s credit risk has not declined significantly from the prior year.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>d)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify><B>Liquidity Risk</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. &nbsp;The Company manages liquidity risk by continuing to monitor forecasted and actual cash flows. &nbsp;The Company has in place a planning and budgeting process to help determine the funds required to support the Company&#146;s normal operating requirements on an ongoing basis and its development plans. &nbsp;The Company strives to maintain sufficient liquidity to meet its short term business requirements, taking into account its anticipated cash flows from operations, its holdings of cash, short term investments, and its committed liabilities.</P>
<P style="margin:0px; font-size:11pt"><B>&nbsp;</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 36</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>14.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Management of Financial Risk (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>d)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Liquidity Risk (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">The Company expects the following maturities of its financial liabilities (including interest), finance leases, and other contractual commitments:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=216 /><TD width=18 /><TD width=72 /><TD width=18 /><TD width=72 /><TD width=17.667 /><TD width=72.333 /><TD width=18.6 /><TD width=71.4 /><TD width=22.8 /><TD width=79.2 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=462 colspan=10><P style="margin:0px; padding-left:6px; padding-right:4.8px; font-size:11pt" align=right><B>Expected payments due by period as at September 30, 2015</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=90 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>Less than</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1 year</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=90 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1 - 3 years</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=90 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4 -5 years</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=90 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>After</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5 years</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=102 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Trade and other payables</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>26,087</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=18.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>26,087</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Bank loan</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>39,487</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>39,487</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Derivative liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>791</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>791</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Income tax payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,925</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,925</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Other liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,353</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,353</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Operating leases</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>617</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>694</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>29</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,340</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Provisions</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,093</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,366</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,399</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>11,466</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>15,324</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=216><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>30,513</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>6,413</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>40,915</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>11,466</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>89,307</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:11pt" align=justify>Operating leases includes leases for office premises, computer and other equipment used in the normal course of business. &nbsp;Refer to Note 16. c).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>On March 25, 2015, the Company entered into an amended and restated credit agreement with the Bank of Nova Scotia for a $60 million senior secured financing (&#147;credit facility&#148;) consisting of a $40 million term credit facility with a 4 year term and a $20 million revolving credit facility for a two year period. &nbsp;The credit facility is secured by a first ranking lien on Bateas, Cuzcatlan, Continuum, and Barbados, and their assets and bears interest and fees at prevailing market rates. In the event that utilization under the credit facility is less than $10 million, a commitment fee of 1.0% per annum is payable quarterly on the unutilized portion of the available credit facility. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>On April 1, 2015, the $40 million term credit facility was drawn down. &nbsp;Refer to Note 3 and Note 9.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>e)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Interest Rate Risk</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. &nbsp;The risk that the Company will realize a loss as a result of a decline in the fair value is limited because the balances are generally held with major financial institutions in demand deposit accounts. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>A 10% change in interest rates would cause a $3 change in income on an annualized basis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>On March 25, 2015, the Company entered into a $40 million interest rate swap, effective for April 1, 2015 as a cash flow hedge to the credit facility (refer to Note 9 and Note 14. d)). &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 37</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>14.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Management of Financial Risk (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>f)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Metal Price Risk</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company is exposed to metals price risk with respect to silver, gold, zinc, and lead sold through its mineral concentrate products. &nbsp;As a matter of policy, the Company does not hedge its silver production.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>A 10% change in zinc, lead, silver, and gold prices would cause a $1,339, $775, $4,959, $1,804, respectively, change in net earnings on an annualized basis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company also enters into provisional concentrate contracts to sell the silver-gold, zinc, lead-silver concentrates produced by the San Jose and Caylloma mines. For the nine months ended September 30, 2015, the impact of price adjustments was an expense of $1,677 (2014: income $10).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>15.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Segmented Information</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>All of the Company&#146;s operations are within the mining sector, conducted through operations in three countries. &nbsp;Due to geographic and political diversity, the Company&#146;s mining operations are decentralized whereby management are responsible for achieving specified business results within a framework of global policies and standards. &nbsp;Country corporate offices provide support infrastructure to the mine in addressing local and country issues including financial, human resources, and exploration support. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Products are silver, gold, lead, zinc and copper produced from mines in Peru and Mexico, as operated by Bateas and Cuzcatlan, respectively. &nbsp;Segments have been aggregated where operations in specific regions have similar products, production processes, types of customers and economic environment. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s operating segments are based on the reports reviewed by the senior management group that are used to make strategic decisions. &nbsp;The Chief Executive Officer considers the business from a geographic perspective considering the performance of the Company&#146;s business units. &nbsp;The segment information for the reportable segments for the three and nine months ended September 30, 2015 and 2014 are as follows: &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 38</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>15.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Segmented Information (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=292 /><TD width=25.933 /><TD width=70.733 /><TD width=30 /><TD width=65.933 /><TD width=29.867 /><TD width=69.333 /><TD width=28.2 /><TD width=64.267 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=292><P style="margin:0px; font-size:9.5pt"><B>Reportable Segments</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.933><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=70.733><P style="margin:0px; font-size:9.5pt" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.933><P style="margin:0px; font-size:9.5pt" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=29.867><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.333><P style="margin:0px; font-size:9.5pt" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=28.2><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.267><P style="margin:0px; font-size:9.5pt" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-right:4.8px; font-size:9.5pt"><B>Three months ended September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Sales to external customers by product</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>12,254</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>26,787</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>39,041</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:28.8px; padding-right:4.8px; font-size:9.5pt"><B>Silver-gold concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>26,787</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>26,787</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:28.8px; padding-right:4.8px; font-size:9.5pt"><B>Silver-lead concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>8,092</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>8,092</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:28.8px; padding-right:4.8px; font-size:9.5pt"><B>Zinc concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>4,162</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>4,162</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Cost of sales*</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>12,434</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>16,274</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>28,708</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Depletion and depreciation**</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>86</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,275</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>4,272</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>6,633</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Selling, general and administrative expenses*</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>497</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>564</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>1,216</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,277</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Exploration and evaluation costs</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>51</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>3</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>54</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Foreign exchange loss</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>689</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>56</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>946</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>1,691</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Other operating expenses</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>212</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>212</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Interest income</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>39</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>34</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>16</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>89</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Interest expense</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>440</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>107</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>79</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right><B>626</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>(Loss) income before tax</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(1,637)</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; font-size:9.5pt" align=right><B>(873)</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>8,072</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>5,562</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Current income tax</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>42</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; font-size:9.5pt" align=right><B>(177)</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,564</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,429</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Deferred income tax</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; font-size:9.5pt" align=right><B>(9)</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>431</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>119</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>541</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Income taxes</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>33</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>254</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,683</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,970</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>(Loss) income for the period</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(1,670)</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; font-size:9.5pt" align=right><B>(1,127)</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>5,389</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,592</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Capital expenditures***</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>8</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,418</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>12,320</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>14,746</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=292 /><TD width=25.933 /><TD width=70.733 /><TD width=30 /><TD width=65.933 /><TD width=29.867 /><TD width=69.333 /><TD width=28.2 /><TD width=64.267 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=292><P style="margin:0px; font-size:9.5pt"><B>Reportable Segments</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.933><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=70.733><P style="margin:0px; font-size:9.5pt" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.933><P style="margin:0px; font-size:9.5pt" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=29.867><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.333><P style="margin:0px; font-size:9.5pt" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=28.2><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.267><P style="margin:0px; font-size:9.5pt" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-right:4.8px; font-size:9.5pt">Three months ended September 30, 2014</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Sales to external customers by product</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>17,868</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>28,516</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>46,384</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:28.8px; padding-right:4.8px; font-size:9.5pt">Silver-gold concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>28,516</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>28,516</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:28.8px; padding-right:4.8px; font-size:9.5pt">Silver-lead concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>12,736</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>12,736</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:28.8px; padding-right:4.8px; font-size:9.5pt">Zinc concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>5,132</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>5,132</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Cost of sales*</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>13,137</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>16,527</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>29,664</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Depletion and depreciation**</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>106</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>1,901</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>4,229</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>6,236</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Selling, general and administrative expenses*</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>1,540</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>854</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>1,205</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>3,599</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Foreign exchange (gain) loss</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; font-size:9.5pt" align=right>(357)</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>156</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>69</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-left:-9.6px; font-size:9.5pt" align=right>(132)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Other operating expenses</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>42</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>10</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>52</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Interest income</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>25</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>25</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>21</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>71</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Interest expense</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>102</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>95</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>113</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>310</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">(Loss) income before tax</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(1,259)</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>3,608</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>10,613</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>12,962</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Current income tax</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>108</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>1,338</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>4,389</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>5,835</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Deferred income tax</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; font-size:9.5pt" align=right>(16)</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>402</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-left:-9.6px; font-size:9.5pt" align=right>(1,083)</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; font-size:9.5pt" align=right>(697)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>92</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>1,740</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>3,306</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>5,138</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">(Loss) income for the period</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(1,351)</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>1,868</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>7,307</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>7,824</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Capital expenditures***</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>13</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>2,695</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>5,685</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>8,393</P>
</TD></TR>
</TABLE>
<P style="margin:0px; padding-left:24px; font-size:9.5pt">* cost of sales and selling, general and administrative expenses includes depletion and depreciation</P>
<P style="margin:0px; padding-left:24px; font-size:9.5pt">** included in cost of sales or selling, general and administrative expenses</P>
<P style="margin:0px; padding-left:24px; font-size:9.5pt">*** segmented capital expenditures are presented on a cash basis</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 39</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>15.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Segmented Information (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=292 /><TD width=25.933 /><TD width=70.733 /><TD width=30 /><TD width=65.933 /><TD width=29.867 /><TD width=69.333 /><TD width=28.2 /><TD width=64.267 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=292><P style="margin:0px; font-size:9.5pt"><B>Reportable Segments</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.933><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=70.733><P style="margin:0px; font-size:9.5pt" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.933><P style="margin:0px; font-size:9.5pt" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=29.867><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.333><P style="margin:0px; font-size:9.5pt" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=28.2><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.267><P style="margin:0px; font-size:9.5pt" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-right:4.8px; font-size:9.5pt"><B>Nine months ended September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Sales to external customers</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>41,758</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>75,958</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>117,716</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:28.8px; padding-right:4.8px; font-size:9.5pt"><B>Silver-gold concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>75,958</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>75,958</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:28.8px; padding-right:4.8px; font-size:9.5pt"><B>Silver-lead concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>28,430</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>28,430</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:28.8px; padding-right:4.8px; font-size:9.5pt"><B>Zinc concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>13,328</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>13,328</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Cost of sales*</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>37,607</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>46,793</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>84,400</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Depletion and depreciation**</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>500</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>6,791</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>12,275</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>19,476</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Selling, general and administrative expenses*</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>7,706</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,017</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>3,514</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>13,237</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Exploration and evaluation costs</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>156</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>51</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>207</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Foreign exchange (gain) loss</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; font-size:9.5pt" align=right><B>(29)</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>165</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>672</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>808</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Other operating expenses</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>27</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>202</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>229</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Interest income</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>123</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>106</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>70</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>299</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Interest expense</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>977</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>257</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; font-size:9.5pt" align=right><B>(122)</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right><B>1,112</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>(Loss) income before tax</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(8,687)</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>1,791</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>24,918</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>18,022</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Current income tax</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>57</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>1,474</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>7,146</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>8,677</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Deferred income tax</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(56)</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>1,089</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>1,630</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,663</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Income taxes</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>1</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>2,563</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>8,776</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>11,340</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>(Loss) income for the period</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right><B>(8,688)</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-left:-9.6px; font-size:9.5pt" align=right><B>(772)</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>16,142</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>6,682</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt"><B>Capital expenditures***</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>25</B></P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>5,421</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>26,064</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right><B>31,510</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=292 /><TD width=25.933 /><TD width=70.733 /><TD width=30 /><TD width=65.933 /><TD width=29.867 /><TD width=69.333 /><TD width=28.2 /><TD width=64.267 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=292><P style="margin:0px; font-size:9.5pt"><B>Reportable Segments</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.933><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=70.733><P style="margin:0px; font-size:9.5pt" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.933><P style="margin:0px; font-size:9.5pt" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=29.867><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.333><P style="margin:0px; font-size:9.5pt" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=28.2><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.267><P style="margin:0px; font-size:9.5pt" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-right:4.8px; font-size:9.5pt">Nine months ended September 30, 2014</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding:0px; font-size:9.5pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Sales to external customers</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>51,223</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>84,960</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>136,183</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:28.8px; padding-right:4.8px; font-size:9.5pt">Silver-gold concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>84,960</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>84,960</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:28.8px; padding-right:4.8px; font-size:9.5pt">Silver-lead concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>37,643</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>37,643</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:28.8px; padding-right:4.8px; font-size:9.5pt">Zinc concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>13,580</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>13,580</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Cost of sales*</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>38,021</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>47,961</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>85,982</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Depletion and depreciation**</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>359</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>5,519</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>12,060</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>17,938</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Selling, general and administrative expenses*</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>13,997</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>2,664</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>3,607</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>20,268</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Foreign exchange (gain) loss</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; font-size:9.5pt" align=right>(462)</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>182</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>28</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; font-size:9.5pt" align=right>(252)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Other operating expenses</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>78</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>10</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>88</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Interest income</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>66</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>72</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>58</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>196</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Interest expense</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>300</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>285</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>257</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>842</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">(Loss) income before tax</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(13,769)</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>10,065</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>33,155</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>29,451</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Current income tax</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>351</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>3,025</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>8,019</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>11,395</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Deferred income tax</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; font-size:9.5pt" align=right>(30)</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>787</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>1,754</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>2,511</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>321</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>3,812</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>9,773</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-left:-9.6px; padding-right:4.8px; font-size:9.5pt" align=right>13,906</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">(Loss) income for the period</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:0.933px; font-size:9.5pt" align=right>(14,090)</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>6,253</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>23,382</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>15,545</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292><P style="margin:0px; padding-left:16.8px; padding-right:4.8px; font-size:9.5pt">Capital expenditures***</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.733><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>57</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.933><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>7,252</P>
</TD><TD style="margin-top:0px" valign=top width=29.867><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.333><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>24,143</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; font-size:9.5pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.267><P style="margin:0px; padding-right:4.8px; font-size:9.5pt" align=right>31,452</P>
</TD></TR>
</TABLE>
<P style="margin:0px; padding-left:24px; font-size:9.5pt">* cost of sales and selling, general and administrative expenses includes depletion and depreciation</P>
<P style="margin:0px; padding-left:24px; font-size:9.5pt">** included in cost of sales or selling, general and administrative expenses</P>
<P style="margin:0px; padding-left:24px; font-size:9.5pt">*** segmented capital expenditures are presented on a cash basis</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 40</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>15.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Segmented Information (continued)</B></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=286.867 /><TD width=25.867 /><TD width=73.667 /><TD width=29.8 /><TD width=75.8 /><TD width=29.667 /><TD width=72.2 /><TD width=28.067 /><TD width=71.933 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=286.867><P style="margin:0px"><B>Reportable Segments</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.667><P style="margin:0px" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=75.8><P style="margin:0px" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=29.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.2><P style="margin:0px" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=28.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.933><P style="margin:0px" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-right:4.8px"><B>As at September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Mineral properties, plant and equipment</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>409</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding-right:4.8px" align=right><B>65,550</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>180,221</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding-right:4.8px" align=right><B>246,180</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Total assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>52,951</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding-right:4.8px" align=right><B>112,269</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>233,428</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding-right:4.8px" align=right><B>398,648</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Total liabilities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding-right:4.8px" align=right><B>46,953</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding-right:4.8px" align=right><B>22,724</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:4.8px" align=right><B>48,404</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding-right:4.8px" align=right><B>118,081</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-right:4.8px">As at December 31, 2014</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Mineral properties, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding-right:4.8px" align=right>539</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding-right:4.8px" align=right>66,570</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:4.8px" align=right>166,740</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding-right:4.8px" align=right>233,849</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Total assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding-right:4.8px" align=right>20,804</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding-right:4.8px" align=right>110,499</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:4.8px" align=right>219,007</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding-right:4.8px" align=right>350,310</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=286.867><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Total liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.867><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=73.667><P style="margin:0px; padding-right:4.8px" align=right>8,153</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=75.8><P style="margin:0px; padding-right:4.8px" align=right>19,813</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.667><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px; padding-right:4.8px" align=right>49,631</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=71.933><P style="margin:0px; padding-right:4.8px" align=right>77,597</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The segment information by geographical region for the three and nine months ended September 30, 2015 and 2014 are as follows:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=290.067 /><TD width=25.933 /><TD width=70.667 /><TD width=29.933 /><TD width=65.867 /><TD width=29.8 /><TD width=69.2 /><TD width=28.2 /><TD width=76.4 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=290.067><P style="margin:0px"><B>Reportable Segments</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=70.667><P style="margin:0px" align=right><B>Canada</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.867><P style="margin:0px" align=right><B>Peru</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.2><P style="margin:0px" align=right><B>Mexico</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=28.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=76.4><P style="margin:0px" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-right:4.8px"><B>Three months ended September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Sales to external customers by product</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>12,254</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right><B>26,787</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>39,041</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px"><B>Silver-gold concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right><B>26,787</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>26,787</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px"><B>Silver-lead concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>8,092</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>8,092</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px"><B>Zinc concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>4,162</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>4,162</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-right:4.8px">Three months ended September 30, 2014</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Sales to external customers by product</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right>17,868</P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right>28,516</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right>46,384</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px">Silver-gold concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right>28,516</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right>28,516</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px">Silver-lead concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right>12,736</P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right>12,736</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px">Zinc concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right>5,132</P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right>5,132</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=290.067 /><TD width=25.933 /><TD width=70.667 /><TD width=29.933 /><TD width=65.867 /><TD width=29.8 /><TD width=69.2 /><TD width=28.2 /><TD width=76.4 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=290.067><P style="margin:0px"><B>Reportable Segments</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=25.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=70.667><P style="margin:0px" align=right><B>Canada</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.867><P style="margin:0px" align=right><B>Peru</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.2><P style="margin:0px" align=right><B>Mexico</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=28.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=76.4><P style="margin:0px" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-right:4.8px"><B>Nine months ended September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:16.8px; padding-right:4.8px"><B>Sales to external customers</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>41,758</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right><B>75,958</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>117,716</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px"><B>Silver-gold concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right><B>75,958</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>75,958</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px"><B>Silver-lead concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>28,430</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>28,430</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px"><B>Zinc concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>13,328</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>13,328</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-right:4.8px">Nine months ended September 30, 2014</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:16.8px; padding-right:4.8px">Sales to external customers</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right>51,223</P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right>84,960</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right>136,183</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px">Silver-gold concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right>84,960</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right>84,960</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px">Silver-lead concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right>37,643</P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right>37,643</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px">Zinc concentrates</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right>13,580</P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right>13,580</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=290.067><P style="margin:0px; padding-right:4.8px"><B>Reportable Segments</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right><B>Canada</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>Peru</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right><B>Mexico</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=28.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:-1.2px; padding-right:4.8px"><B>As at September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px"><B>Non current assets</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right><B>1,943</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right><B>66,797</B></P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right><B>187,584</B></P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right><B>256,324</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:-1.2px; padding-right:4.8px">As at December 31, 2014</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=290.067><P style="margin:0px; padding-left:28.8px; padding-right:4.8px">Non current assets</P>
</TD><TD style="margin-top:0px" valign=top width=25.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=70.667><P style="margin:0px; padding-right:4.8px" align=right>2,323</P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=65.867><P style="margin:0px; padding-right:4.8px" align=right>67,196</P>
</TD><TD style="margin-top:0px" valign=top width=29.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px; padding-right:4.8px" align=right>166,419</P>
</TD><TD style="margin-top:0px" valign=top width=28.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px; padding-right:4.8px" align=right>235,938</P>
</TD><A NAME="_Toc234655853"></A></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 41</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>16.</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Contingencies and Capital Commitments</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Bank Letter of Guarantee </B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF">The Caylloma Mine closure plan was approved in November 2009 with total closure costs of $3,587 of which $1,756 was subject to annual collateral in the form of a letter of guarantee, to be awarded each year in increments of $146 over 12 years based on the estimated life of the mine. &nbsp;In March 2013, the closure plan was updated with total closure costs of $7,996 of which $4,167 was subject to annual collateral in the form of a letter of guarantee. &nbsp;&nbsp;In August 2015, the closure plan was again updated with total closure costs of $7,770, of which $4,167 is subject to annual collateral in the form of a letter of guarantee.</FONT><FONT style="font-size:9.5pt; background-color:#FFFFFF">&nbsp;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF">Scotiabank Peru, a third party, has established a bank letter of guarantee in the amount of $1,842 (2014: $1,842) ,on behalf of Bateas, in favor of the Peruvian mining regulatory agency in compliance with local regulation and to collateralize Bateas&#146;s mine closure plan.&nbsp;This bank letter of guarantee expires on December 31, 2015. &nbsp;</FONT></P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF">Scotiabank Peru, a third party, has established a bank letter of guarantee in the amount of $3 (2014: $3), on behalf of Bateas, in favor of the Peruvian Energy and Mining Ministry to collateralize Bateas&#146;s regulatory compliance with an electric transmission line project. This bank letter of guarantee expires on December 6, 2015. &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF">Scotiabank Peru, a third party, has established a bank letter of guarantee in the amount of $55 (2014: $58), for office rental, on behalf of Bateas, in favor of Centro Empresarial Nuevo Mundo S.A.C. This bank letter of guarantee expires on July 15, 2016. &nbsp;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Capital Commitments </B></P>
<P style="margin:0px; font-size:11pt; clear:left">&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify>As at September 30, 2015, $15,038 of capital commitments not disclosed elsewhere in the Financial Statements, and forecasted to be expended within one year, included $4,443 for the dry stack tailing dam and $10,595 for the plant expansion at the San Jose property.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Other Commitments </B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company has a contract to guarantee the power supply at its Caylloma Mine. &nbsp;Under the contract, the seller is obligated to deliver a &quot;maximum committed demand&quot; (for the present term this stands at 3,500 kW) and the Company is obligated to purchase subject to exemptions under provisions of &quot;Force Majeure&quot;. &nbsp;The contract period is 15 years and expires in 2022, after that it is automatically renewed for periods of two years. Renewal can be avoided without penalties by notification 10 months in advance of the renewal date. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF">Tariffs are established annually by the energy market regulator in accordance with applicable regulations in Peru. &nbsp;The minimum committed demand is $19 per month, and the average monthly charge for 2015 is $180. &nbsp;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Operating leases includes leases for office premises, computer and other equipment used in the normal course of business. &nbsp;Refer to Note 14. d).</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 42</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>16.</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Contingencies and Capital Commitments (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Other Commitments (continued)</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt">The expected payments due by period, as at September 30, 2015, are as follows:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=216 /><TD width=18 /><TD width=78 /><TD width=18.933 /><TD width=89.067 /><TD width=17.667 /><TD width=84.333 /><TD width=22.8 /><TD width=97.2 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=426 colspan=8><P style="margin:0px; padding-right:6px; font-size:11pt" align=right><B>Expected payments due by period as at September 30, 2015</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=96 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>Less than</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1 year</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=108 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1 - 3 years</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=102 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4 -5 years</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=120 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Office premises &#150; Canada</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>114</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>341</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>29</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>484</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Office premises &#150; Peru</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>333</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>226</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>559</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Office premises &#150; Mexico</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>8</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Total office premises</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>455</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>567</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>29</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,051</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Computer equipment &#150; Peru</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>152</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;68</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>220</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Computer equipment &#150; Mexico</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Total computer equipment</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>162</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;68</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>230</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Machinery &#150; Mexico</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;59</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>59</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Total machinery</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;59</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>59</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:6px; font-size:11pt">Total operating leases</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>617</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;694</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;29</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,340</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>d)</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Tax Contingencies </B></P>
<P style="margin:0px; font-size:11pt; clear:left">&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF">The Company has been assessed taxes and related interest and penalties by the Peruvian tax authority, SUNAT, for tax years 2010, 2011, and 2012, in the amounts of $1,077, $686, and $102, respectively, for a total of $1,865. &nbsp;The Company is currently appealing the assessments and believes the appeals will be ruled in favor of the Company. &nbsp;The Company has provided a guarantee by way of a letter bond in the amount of $817. &nbsp;This bank letter of guarantee expires on September 8, 2016.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s foreign trade operations for tax years 2011 to 2014 are under review by the Mexican Tax Administration Service (SAT). The Company is facing an administrative customs procedure (PAMA) for specific temporary&nbsp;import documents (pediments). The Company has presented a written response and the final resolution is pending.&nbsp;During the third quarter of 2015, the Company has paid $190 in customs excise taxes and $115 in VAT, for a total of $305. &nbsp;&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>e)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Other Contingencies </B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company is subject to various investigations, claims, legal, labor and tax proceedings covering matters that arise in the ordinary course of business activities. &nbsp;Each of these matters is subject to various uncertainties and it is possible that some of these matters may be resolved unfavorably for the Company. &nbsp;Certain conditions may exist as of the date the financial statements are issued that may result in a loss to the Company. &nbsp;In the opinion of management, none of these matters are expected to have a material effect on the results of operations or financial conditions of the Company.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Page 43</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt">NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0px; font-size:11pt">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014</P>
<P style="margin:0px; font-size:11pt">(Unaudited) (All amounts in US$&#146;000&#146;s unless otherwise stated)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>17.</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Subsequent event up to November 9, 2015</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Subsequent to September 30, 2015, the Mexican Tax Administration Service (SAT) issued on October 27, 2015, a final resolution regarding the Company&#146;s foreign trade operations for tax years 2011 to 2014, concluding that certain claims are denied resulting in an assessment of $25 customs excise tax, $63 in VAT, and $93 in penalties and interest for a total of $181. The Company is has the right, before November 18, 2015, to present further arguments before the Federal Court.&nbsp; The Company is currently assessing the ruling.</P>
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<P style="margin:0px; font-size:11pt" align=justify>Subsequent to September 30, 2015, the Peruvian Energy and Mining Ministry assessed the Company a fine in the amount of $115 in respect to the height of one of its tailings dam at the Caylloma mine. &nbsp;The Company is currently assessing the ruling.</P>
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<DESCRIPTION>MANAGEMENT DISCUSSION AND ANALYSIS
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<A NAME="_Toc320024889"></A><P style="margin:0px; font-size:14pt" align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
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<A NAME="_Toc320024890"></A><P style="margin:0px; font-size:14pt" align=center><B>FOR THE</B></P>
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<A NAME="_Toc320024891"></A><P style="margin:0px; font-size:14pt" align=center><B>THIRD QUARTER ENDED SEPTEMBER 30, 2015</B></P>
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<A NAME="_Toc320024892"></A><P style="margin:0px; font-size:11pt" align=center><B><I>As of November 9, 2015</I></B></P>
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<A NAME="_Toc320024893"></A><P style="margin:0px; font-size:11pt" align=center><B><I>(Dollar amounts expressed in US dollars, unless otherwise indicated)</I></B></P>
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<P style="margin:0px; font-size:11pt" align=justify><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px; font-size:11pt" align=justify><B>Management&#146;s Discussion and Analysis</B></P>
<P style="margin:0px; font-size:11pt" align=justify><B>For the third quarter ended September 30, 2015</B></P>
<P style="margin:0px; font-size:11pt" align=justify><B>(Dollar amounts expressed in US dollars, unless otherwise indicated)</B></P>
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<P style="margin:0px; font-size:11pt" align=justify>Management&#146;s discussion and analysis (&#147;MD&amp;A&#148;) is intended to help the reader understand the significant factors that have affected Fortuna Silver Mines Inc.&#146;s and its subsidiaries&#146; (&#147;Fortuna&#146;s&#148; or the &#147;Company&#146;s&#148;) performance and that may affect its future performance. This MD&amp;A was prepared as of November 9, 2015. It should be read in conjunction with the Company&#146;s audited consolidated financial statements for the year ended December 31, 2014, its unaudited condensed interim consolidated financial statements for the three and nine month periods ended September 30, 2015 (&#147;Q3 2015&#148; and &#147;2015&#148;), and the related notes contained therewith. The Company reports its financial position, financial performance and cash flows in accordance with International Accounting Standard 34, Interim Financial Reporting (&#147;IAS 34&#148;), as issued by the International Accounting Standards Board (&#147;IASB&#148;). This MD&amp;A refers to various non-GAAP financial measures, such as cash cost per tonne of processed ore, cash cost per payable ounce of silver, total production cost per tonne, all-in sustaining cash cost, all-in cash cost<B>, </B>adjusted net income (loss), operating cash flow per share before changes in working capital, income taxes, and interest income, mine operating earnings (loss), and EBITDA. These measures are used by the Company to manage and evaluate operating performance and ability to generate cash and are widely reported in the silver mining industry as benchmarks for performance. However, the measures do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. The Company believes that certain investors use these non-GAAP financial measures to evaluate the Company&#146;s performance. Accordingly, non-GAAP financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards (&#147;IFRS&#148;). To facilitate a better understanding of these measures as calculated by the Company, we have provided detailed descriptions and reconciliations as required.</P>
<P style="margin:0px; font-size:11pt" align=justify><B><I>This document contains forward-looking statements. Please refer to the cautionary language under the heading &#147;Cautionary Statement on Forward-Looking Statements.&#148;</I></B></P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify><B>Contents</B></P>
</TD><TD style="margin-top:0px" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>Page</P>
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<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; font-size:11pt" align=justify>Business of the Company</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>2</P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify>Third Quarter 2015 Highlights</P>
</TD><TD style="margin-top:0px" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>2</P>
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<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; font-size:11pt" align=justify>Results of Operations</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>3</P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify>Property Option Agreements</P>
</TD><TD style="margin-top:0px" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>8</P>
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<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; font-size:11pt" align=justify>Quarterly Information</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>9</P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify>Third Quarter 2015 Financial Results</P>
</TD><TD style="margin-top:0px" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>12</P>
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<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; font-size:11pt" align=justify>Nine Month 2015 Financial Results</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>16</P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify>Non-GAAP Financial Measures</P>
</TD><TD style="margin-top:0px" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>20</P>
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<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; font-size:11pt" align=justify>Liquidity and Capital Resources</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>28</P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify>Off-Balance Sheet Arrangements</P>
</TD><TD style="margin-top:0px" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>34</P>
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<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; font-size:11pt" align=justify>Related Party Transactions (expressed in $&#146;000&#146;s)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>34</P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify>Significant Accounting Judgments and Estimates</P>
</TD><TD style="margin-top:0px" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>36</P>
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<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; font-size:11pt" align=justify>Financial Instruments and Related Risks (expressed in $&#146;000&#146;s)</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>37</P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify>Significant Changes, Including Initial Adoption of Accounting Standards</P>
</TD><TD style="margin-top:0px" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>41</P>
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<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; font-size:11pt" align=justify>New Accounting Standards</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>42</P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify>Other Data</P>
</TD><TD style="margin-top:0px" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>43</P>
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<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; font-size:11pt" align=justify>Share Position and Outstanding Warrants and Options</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>43</P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify>Other Risks and Uncertainties</P>
</TD><TD style="margin-top:0px" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>44</P>
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<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; font-size:11pt" align=justify>Controls and Procedures</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>44</P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify>Qualified Persons</P>
</TD><TD style="margin-top:0px" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>44</P>
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<TR><TD style="margin-top:0px; background-color:#C5E0B3" valign=top><P style="margin:0px; font-size:11pt" align=justify>Cautionary Statement on Forward-Looking Statements</P>
</TD><TD style="margin-top:0px; background-color:#C5E0B3" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>45</P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=justify>Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources</P>
</TD><TD style="margin-top:0px" valign=top width=85.267><P style="margin:0px; font-size:11pt" align=right>47</P>
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<A NAME="_Toc433809811"></A><P style="margin:0px; font-size:11pt" align=justify><B>Business of the Company</B></P>
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<P style="margin:0px; font-size:11pt" align=justify>Fortuna Silver Mines Inc. (&#147;Fortuna&#148; or the &#147;Company&#148;) is engaged in silver mining and related activities in Latin America, including exploration, extraction, and processing. The Company operates the Caylloma silver, lead, and zinc mine (&#147;Caylloma&#148;) in southern Peru and the San Jose silver and gold mine (&#147;San Jose&#148;) in southern Mexico. &nbsp;</P>
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<P style="margin:0px; font-size:11pt" align=justify>Fortuna is a publicly traded company incorporated and domiciled in Canada. Its common shares are listed on the New York Stock Exchange under the trading symbol FSM, on the Toronto Stock Exchange under the trading symbol FVI, and on the Frankfurt Stock Exchange under the trading symbol F4S.F.</P>
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<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s registered office is located at Suite 650, 200 Burrard Street, Vancouver, British Columbia, Canada V6C 3L6.</P>
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<P style="margin:0px; font-size:11pt" align=justify>The financial results include the accounts of the Company and its wholly owned subsidiaries: Minera Bateas S.A.C. (&#147;Bateas&#148;); Fortuna Silver (Barbados) Inc. (&#147;Barbados&#148;); Compania Minera Cuzcatlan SA (&#147;Cuzcatlan&#148;); Continuum Resources Ltd. (&#147;Continuum&#148;); Fortuna Silver Mines Peru S.A.C. (&#147;FSM Peru&#148;); and Fortuna Silver Mexico, S.A. de CV. (&#147;FS Mexico&#148;). &nbsp;</P>
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<A NAME="_Toc433809812"></A><P style="margin:0px; font-size:11pt" align=justify><B>Third Quarter 2015 Highlights</B></P>
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<P style="margin:0px; font-size:11pt" align=justify>Net income for Q3 2015 was $2.6 million compared with income of $7.8 million for the third quarter ended September 30, 2014 (&#147;Q3 2014&#148;), resulting in basic earnings per share of $0.02 (Q3 2014: earnings of $0.06). &nbsp;Income before income tax for Q3 2015 was $5.6 million compared to $13.0 million in Q3 2014.</P>
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<P style="margin:0px; font-size:11pt" align=justify>The adjusted net income was $2.7 million (Q3 2014: income of $7.8 million) related to the non-cash impairment of materials and supplies inventories of $0.1 million (refer to non-GAAP financial measures).</P>
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<P style="margin:0px; font-size:11pt" align=justify>During Q3 2015, mine operating earnings decreased 38% from Q3 2014, while gross margins (mine operating earnings over sales) decreased from 36% to 26%, reflecting the impact of lower metal prices quarter over quarter. </P>
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<P style="margin:0px; font-size:11pt" align=justify>Silver sold decreased 5% to 1,737,928 ounces from the same period in the prior year, while the realized silver price decreased 22% to $14.88 per ounce. Gold sold increased 12% to 10,998 ounces from the same period in the prior year, while the realized gold price decreased 11% to $1,121.94 per ounce.</P>
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<P style="margin:0px; font-size:11pt" align=justify>Sales comprised 57% silver and 24% gold, compared with 63% and 19%, respectively, in the same period in the prior year.</P>
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<P style="margin:0px; font-size:11pt" align=justify>Cash flow from operations, before changes in working capital, decreased 57% to $7.7 million (Q3 2014: $17.8 million), reflecting an increase of $2.2 million in income taxes paid related to timing issues in the payment of income taxes and an increase of $0.4 million in interest paid related to a credit facility. Operating cash flow per share, before changes in working capital items, decreased to $0.06 (Q3 2014: $0.14) (refer to non-GAAP financial measures). Cash and cash equivalents and short term investments increased to $109.9 million (December 31, 2014: $77.3 million).</P>
<P style="margin:0px; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify>Silver production decreased 4% to 1,734,842 ounces (Q3 2014: 1,803,827 ounces) and gold production increased 12% to 10,963 ounces (Q3 2014: 9,751 ounces). </P>
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<P style="margin:0px; font-size:11pt" align=justify>Consolidated all-in sustaining cash cost per payable ounce of silver, net of by-product credits, was $13.79 and below our annual guidance of $16.61 for 2015 (refer to non-GAAP financial measures).</P>
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<P style="margin:0px; font-size:11pt" align=justify>San Jose&#146;s all-in sustaining cash cost per payable ounce of silver, net of by-product credits, was $11.83 and below the annual guidance of $16.27 for 2015 (refer to non-GAAP financial measures).</P>
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<P style="margin:0px; font-size:11pt" align=justify>Caylloma&#146;s all-in sustaining cash cost per payable ounce of silver, net of by-product credits, was $15.33 and above our annual guidance of $12.78 for 2015 (refer to non-GAAP financial measures).</P>
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<P style="margin:0px; font-size:11pt" align=justify>In the fourth quarter, we expect our sustaining capital expenditures to increase, resulting in an annual consolidated all-in sustaining cash cost per ounce in line with guidance for the year.</P>
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<A NAME="_Toc320024899"></A><A NAME="_Toc368569076"></A><A NAME="_Toc433809813"></A><P style="margin:0px; font-size:11pt" align=justify><B>Results of Operations</B></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024900"></A><A NAME="_Toc320025501"></A><A NAME="_Toc322014574"></A><A NAME="_Toc323566729"></A><A NAME="_Toc324771769"></A><A NAME="_Toc324859204"></A><A NAME="_Toc324859394"></A><A NAME="_Toc324859839"></A><A NAME="_Toc328741757"></A><A NAME="_Toc331171425"></A><A NAME="_Toc331496688"></A><A NAME="_Toc331585579"></A><A NAME="_Toc331585999"></A><A NAME="_Toc332630295"></A><A NAME="_Toc339554963"></A><A NAME="_Toc339555224"></A><A NAME="_Toc339566022"></A><A NAME="_Toc339617579"></A><A NAME="_Toc339617629"></A><A NAME="_Toc340653173"></A><A NAME="_Toc340830568"></A><A NAME="_Toc348437315"></A><A NAME="_Toc348541884"></A><A NAME="_Toc348542095"></A><A NAME="_Toc348683677"></A><A NAME="_Toc349913910"></A><A NAME="_Toc349914018"></A><A NAME="_Toc350798636"></A><A NAME="_Toc352245717"></A><A NAME="_Toc353881791"></A><A NAME="_Toc355955754"></A><A NAME="_Toc356379129"></A><A NAME="_Toc364769252"></A><A NAME="_Toc364769915"></A><A NAME="_Toc368568753"></A><A NAME="_Toc368569077"></A><A NAME="_Toc368569221"></A><A NAME="_Toc371420339"></A><A NAME="_Toc371684194"></A><A NAME="_Toc378159807"></A><A NAME="_Toc381104616"></A><A NAME="_Toc381860536"></A><A NAME="_Toc383009026"></A><A NAME="_Toc385428682"></A><A NAME="_Toc385839429"></A><A NAME="_Toc385839662"></A><A NAME="_Toc386114563"></A><A NAME="_Toc386786118"></A><A NAME="_Toc393288580"></A><A NAME="_Toc394053754"></A><A NAME="_Toc400629693"></A><A NAME="_Toc401565728"></A><A NAME="_Toc402534273"></A><A NAME="_Toc403134066"></A><A NAME="_Toc409778855"></A><A NAME="_Toc410385114"></A><A NAME="_Toc411844260"></A><A NAME="_Toc412795351"></A><A NAME="_Toc413240202"></A><A NAME="_Toc417402216"></A><A NAME="_Toc417896464"></A><A NAME="_Toc418251275"></A><A NAME="_Toc420050682"></A><A NAME="_Toc424802673"></A><A NAME="_Toc425157242"></A><A NAME="_Toc425165150"></A><A NAME="_Toc425778449"></A><A NAME="_Toc433107324"></A><A NAME="_Toc433276003"></A><A NAME="_Toc433276131"></A><A NAME="_Toc433646084"></A><A NAME="_Toc433809814"></A><P style="margin:0px; font-size:11pt" align=justify><I>Consolidated Metal Production</I></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=240 /><TD width=78 /><TD width=72 /><TD width=84 /><TD width=19.733 /><TD width=82.267 /><TD width=84 /><TD width=96 /></TR>
<TR><TD style="margin-top:0px" valign=top width=240 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=516 colspan=7><P style="margin:0px; padding-left:1.533px" align=center><B>Three months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=234 colspan=3><P style="margin:0px; padding-left:1.533px" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=262.267 colspan=3><P style="margin:0px; padding-left:1.533px" align=center>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=240><P style="margin:0px; padding-left:6.667px"><B>Consolidated Metal Production</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px" align=right><B>Caylloma</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=72><P style="margin:0px; padding-right:3.867px" align=right><B>San Jose</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:3.867px" align=right><B>Consolidated</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.267><P style="margin:0px; padding-right:3.867px" align=right>Caylloma</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:3.867px" align=right>San Jose</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; padding-right:3.867px" align=right>Consolidated &nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin-top:10px; margin-bottom:0px; padding-left:6.667px"><B>Silver (oz)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin-top:10px; margin-bottom:0px; padding-right:1.933px" align=right><B>392,410</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin-top:10px; margin-bottom:0px; padding-right:1.933px" align=right><B>1,342,432</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin-top:10px; margin-bottom:0px; padding-right:1.933px" align=right><B>1,734,842</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin-top:10px; margin-bottom:0px; padding-right:1.933px" align=right>588,727</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin-top:10px; margin-bottom:0px; padding-right:1.933px" align=right>1,215,100</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin-top:10px; margin-bottom:0px; padding-right:1.933px" align=right>1,803,827</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:6.667px"><B>Gold (oz)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:1.933px" align=right><B>272</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:1.933px" align=right><B>10,691</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right><B>10,963</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding-right:1.933px" align=right>399</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right>9,352</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:1.933px" align=right>9,751</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:6.667px"><B>Lead (000's lbs)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:1.933px" align=right><B>6,357</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-left:15.4px; padding-right:1.933px" align=center><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right><B>6,357</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding-right:1.933px" align=right>4,213</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-left:29.333px" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:1.933px" align=right>4,213</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:6.667px"><B>Zinc (000's lbs)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:1.933px" align=right><B>10,122</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-left:15.4px; padding-right:1.933px" align=center><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right><B>10,122</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding-right:1.933px" align=right>7,148</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-left:29.333px" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:1.933px" align=right>7,148</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:6.667px"><B>Production cash cost (US$/oz Ag)*</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:1.933px" align=right><B>7.31</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:1.933px" align=right><B>2.51</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right><B>3.58</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding-right:1.933px" align=right>5.86</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right>2.55</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:1.933px" align=right>3.63</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:6.667px"><B>All-in sustaining cash cost (US$/oz Ag)*</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:1.933px" align=right><B>15.33</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:1.933px" align=right><B>11.83</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right><B>13.79</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding-right:1.933px" align=right>13.31</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right>9.12</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:1.933px" align=right>11.85</P>
</TD></TR>
</TABLE>
<P style="margin:0px; padding-left:6px; font-size:8pt" align=justify><B>* Net of by-product credits from gold, lead and zinc</B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=240 /><TD width=78 /><TD width=72 /><TD width=84 /><TD width=19.733 /><TD width=82.267 /><TD width=84 /><TD width=96 /></TR>
<TR><TD style="margin-top:0px" valign=top width=240 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=516 colspan=7><P style="margin:0px; padding-left:1.533px" align=center><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=234 colspan=3><P style="margin:0px; padding-left:1.533px" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=262.267 colspan=3><P style="margin:0px; padding-left:1.533px" align=center>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=240><P style="margin:0px; padding-left:6.667px"><B>Consolidated Metal Production</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px" align=right><B>Caylloma</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=72><P style="margin:0px; padding-right:3.867px" align=right><B>San Jose</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:3.867px" align=right><B>Consolidated</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.267><P style="margin:0px; padding-right:3.867px" align=right>Caylloma</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:3.867px" align=right>San Jose</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; padding-right:3.867px" align=right>Consolidated &nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin-top:10px; margin-bottom:0px; padding-left:6.667px"><B>Silver (oz)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin-top:10px; margin-bottom:0px; padding-right:1.933px" align=right><B>1,371,922</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin-top:10px; margin-bottom:0px; padding-right:1.933px" align=right><B>3,667,398</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin-top:10px; margin-bottom:0px; padding-right:1.933px" align=right><B>5,039,320</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin-top:10px; margin-bottom:0px; padding-right:1.933px" align=right>1,657,563</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin-top:10px; margin-bottom:0px; padding-right:1.933px" align=right>3,313,546</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin-top:10px; margin-bottom:0px; padding-right:1.933px" align=right>4,971,109</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:6.667px"><B>Gold (oz)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:1.933px" align=right><B>970</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:1.933px" align=right><B>28,763</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right><B>29,734</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding-right:1.933px" align=right>1,485</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right>24,935</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:1.933px" align=right>26,420</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:6.667px"><B>Lead (000's lbs)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:1.933px" align=right><B>15,474</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-left:15.4px; padding-right:1.933px" align=center><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right><B>15,474</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding-right:1.933px" align=right>12,068</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-left:29.333px" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:1.933px" align=right>12,068</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:6.667px"><B>Zinc (000's lbs)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:1.933px" align=right><B>26,230</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-left:15.4px; padding-right:1.933px" align=center><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right><B>26,230</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding-right:1.933px" align=right>20,375</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-left:29.333px" align=center>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:1.933px" align=right>20,375</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:6.667px"><B>Production cash cost (US$/oz Ag)*</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:1.933px" align=right><B>6.61</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:1.933px" align=right><B>2.83</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right><B>3.85</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding-right:1.933px" align=right>6.80</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right>3.32</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:1.933px" align=right>4.48</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240><P style="margin:0px; padding-left:6.667px"><B>All-in sustaining cash cost (US$/oz Ag)*</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:1.933px" align=right><B>12.87</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:1.933px" align=right><B>11.51</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right><B>13.37</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.267><P style="margin:0px; padding-right:1.933px" align=right>13.96</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:1.933px" align=right>12.93</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:1.933px" align=right>15.12</P>
</TD></TR>
</TABLE>
<P style="margin:0px; padding-left:6px; font-size:8pt" align=justify><B>* Net of by-product credits from gold, lead and zinc</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt">&nbsp;Consolidated production highlights for Q3 2015 are as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>Silver production of 1,734,842 ounces; 4% decrease over Q3 2014</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 3</P>
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<P style="margin:0px" align=justify><BR></P>
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<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>Gold production of 10,963 ounces; 12% increase over Q3 2014</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>Lead production of 6,356,875 pounds; 51% increase over Q3 2014</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>Zinc production of 10,121,511 pounds; 42% increase over Q3 2014</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>Cash cost for San Jose of $61.96/t; on track to meet annual guidance of $62.7/t</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>Cash cost for Caylloma of $88.74/t; on track to meet annual guidance of $90.3/t</P>
<P style="margin:0px; font-size:9pt; clear:left" align=justify>&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify>Silver production decreased 4% in Q3 2015 and increased 1% in the nine months ended September 30, 2015. &nbsp;Gold production for Q3 2015 and for the nine months ended September 30, 2015, increased over the same periods in the prior year 12% and 13%, respectively, explained largely by the full impact of the commissioning of the San Jose plant expansion from 1,800 to 2,000 tpd in April 2014. &nbsp;Silver and gold production for the first nine months of 2015 totaled 5.0 million ounces and 29,734 ounces, respectively, reflecting 77% and 84%, respectively, of the Company&#146;s annual guidance (see <FONT style="color:#0000FF"><U>Fortuna news release dated January 15, 2015</U></FONT>). &nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc339617580"></A><A NAME="_Toc339617630"></A><A NAME="_Toc340653174"></A><A NAME="_Toc340830569"></A><A NAME="_Toc348437316"></A><A NAME="_Toc348541885"></A><A NAME="_Toc348542096"></A><A NAME="_Toc348683678"></A><A NAME="_Toc349913911"></A><A NAME="_Toc349914019"></A><A NAME="_Toc350798637"></A><A NAME="_Toc352245718"></A><A NAME="_Toc353881792"></A><A NAME="_Toc355955755"></A><A NAME="_Toc356379130"></A><A NAME="_Toc364769253"></A><A NAME="_Toc364769916"></A><A NAME="_Toc368568754"></A><A NAME="_Toc368569078"></A><A NAME="_Toc368569222"></A><A NAME="_Toc371420340"></A><A NAME="_Toc371684195"></A><A NAME="_Toc378159808"></A><A NAME="_Toc381104617"></A><A NAME="_Toc381860537"></A><A NAME="_Toc383009027"></A><A NAME="_Toc385428683"></A><A NAME="_Toc385839430"></A><A NAME="_Toc385839663"></A><A NAME="_Toc386114564"></A><A NAME="_Toc386786119"></A><A NAME="_Toc393288581"></A><A NAME="_Toc394053755"></A><A NAME="_Toc400629694"></A><A NAME="_Toc401565729"></A><A NAME="_Toc402534274"></A><A NAME="_Toc403134067"></A><A NAME="_Toc409778856"></A><A NAME="_Toc410385115"></A><A NAME="_Toc411844261"></A><A NAME="_Toc412795352"></A><A NAME="_Toc413240203"></A><A NAME="_Toc417402217"></A><A NAME="_Toc417896465"></A><A NAME="_Toc418251276"></A><A NAME="_Toc420050683"></A><A NAME="_Toc424802674"></A><A NAME="_Toc425157243"></A><A NAME="_Toc425165151"></A><A NAME="_Toc425778450"></A><A NAME="_Toc433107325"></A><A NAME="_Toc433276004"></A><A NAME="_Toc433276132"></A><A NAME="_Toc433646085"></A><A NAME="_Toc433809815"></A><A NAME="_Toc320024901"></A><A NAME="_Toc320025502"></A><A NAME="_Toc322014575"></A><A NAME="_Toc323566730"></A><A NAME="_Toc324771770"></A><A NAME="_Toc324859205"></A><A NAME="_Toc324859395"></A><A NAME="_Toc324859840"></A><A NAME="_Toc328741758"></A><P style="margin:0px; font-size:11pt" align=justify><I>Consolidated Cash Cost per Payable Ounce of Silver </I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>All-in sustaining cash cost per ounce of payable silver for Q3 2015, net of by-product credits, increased to $13.79 (Q3 2014: $11.85) per ounce as a result of lower payable ounces of silver and higher sustaining capital expenditures (refer to non-GAAP financial measures). <FONT style="background-color:#FFFFFF">All-in sustaining cash cost per payable ounce is expected to move closer in line with annual guidance of $16.61, as the accrual of investments for our main projects has accelerated in the fourth quarter of the year.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc350798638"></A><A NAME="_Toc352245719"></A><A NAME="_Toc353881793"></A><A NAME="_Toc355955756"></A><A NAME="_Toc356379131"></A><A NAME="_Toc364769254"></A><A NAME="_Toc364769917"></A><A NAME="_Toc368568755"></A><A NAME="_Toc368569079"></A><A NAME="_Toc368569223"></A><A NAME="_Toc371420341"></A><A NAME="_Toc371684196"></A><A NAME="_Toc378159809"></A><A NAME="_Toc381104618"></A><A NAME="_Toc381860538"></A><A NAME="_Toc383009028"></A><A NAME="_Toc385428684"></A><A NAME="_Toc385839431"></A><A NAME="_Toc385839664"></A><A NAME="_Toc386114565"></A><A NAME="_Toc386786120"></A><A NAME="_Toc393288582"></A><A NAME="_Toc394053756"></A><A NAME="_Toc400629695"></A><A NAME="_Toc401565730"></A><A NAME="_Toc402534275"></A><A NAME="_Toc403134068"></A><A NAME="_Toc409778857"></A><A NAME="_Toc410385116"></A><A NAME="_Toc411844262"></A><A NAME="_Toc412795353"></A><A NAME="_Toc413240204"></A><A NAME="_Toc417402218"></A><A NAME="_Toc417896466"></A><A NAME="_Toc418251277"></A><A NAME="_Toc420050684"></A><A NAME="_Toc424802675"></A><A NAME="_Toc425157244"></A><A NAME="_Toc425165152"></A><A NAME="_Toc425778451"></A><A NAME="_Toc433107326"></A><A NAME="_Toc433276005"></A><A NAME="_Toc433276133"></A><A NAME="_Toc433646086"></A><A NAME="_Toc433809816"></A><A NAME="_Toc339617581"></A><A NAME="_Toc339617631"></A><A NAME="_Toc340653175"></A><A NAME="_Toc340830570"></A><A NAME="_Toc348437317"></A><A NAME="_Toc348541886"></A><A NAME="_Toc348542097"></A><A NAME="_Toc348683679"></A><A NAME="_Toc349913912"></A><A NAME="_Toc349914020"></A><P style="margin:0px; font-size:11pt" align=justify><I>San Jose Mine Review</I></P>
<P style="margin:0px; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify>San Jose is an underground silver-gold mine located in the State of Oaxaca in southern Mexico. The following table shows the main variables used by management to measure the operating performance of the mine: throughput, grade, recovery, gold and silver production, and unit costs.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 4</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=258 /><TD width=26.867 /><TD width=111.133 /><TD width=114 /><TD width=114 /><TD width=114 /></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=225.133 colspan=2><P style="margin:0px; padding-right:7.6px" align=center><B>QUARTERLY RESULTS</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228 colspan=2><P style="margin:0px; padding-right:7.6px" align=center><B>YEAR TO DATE RESULTS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=225.133 colspan=2><P style="margin:0px; padding-right:7.6px" align=center><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228 colspan=2><P style="margin:0px; padding-right:7.6px" align=center><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=111.133><P style="margin:0px; padding-left:12px; padding-right:7.6px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-left:12px; padding-right:7.6px" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-left:12px; padding-right:7.6px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-left:12px; padding-right:7.6px" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=258><P style="margin:0px; padding-left:3.667px"><B>Mine Production</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=111.133><P style="margin:0px; padding-right:7.6px" align=right><B>San Jose</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>San Jose</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>San Jose</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>San Jose</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:3.667px"><B>Tonnes milled</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding-right:7.6px" align=right><B>183,068</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>177,112</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>544,716</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>495,257</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:3.667px"><B>Average tonnes milled per day</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding-right:7.6px" align=right><B>2,053</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>2,015</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>2,072</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>1,897</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:3.667px"><B>Silver</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:15.667px">Grade (g/t)</P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;247</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>239</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;<B>230</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>232</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:15.667px">Recovery (%)</P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;92</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>89</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;<B>91</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>90</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:15.667px">Production (oz)</P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding-right:7.6px" align=right><B>1,342,432</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>1,215,100</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>3,667,398</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>3,313,546</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:3.667px"><B>Gold</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:15.667px">Grade (g/t)</P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;1.97</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>1.83</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;<B>1.81</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>1.75</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:15.667px">Recovery (%)</P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;92</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>90</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;<B>91</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>90</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:15.667px">Production (oz)</P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding-right:7.6px" align=right><B>10,691</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>9,352</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>28,763</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>24,935</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:3.667px"><B>Unit Costs</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:15.667px">Production cash cost <FONT style="font-size:8pt">(US$/oz Ag)*</FONT></P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding-right:7.667px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;2.51</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>2.55</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right>&nbsp;<B>2.83</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>3.32</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:15.667px">Production cash cost <FONT style="font-size:8pt">(US$/tonne)</FONT></P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;61.96</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>61.54</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right>&nbsp;<B>59.90</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>63.94</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:15.667px">Unit Net Smelter Return <FONT style="font-size:8pt">(US$/tonne)</FONT></P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;149.20</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>168.16</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right>&nbsp;<B>144.25</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>167.70</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258><P style="margin:0px; padding-left:15.667px">All-in sustaining cash cost <FONT style="font-size:8pt">(US$/oz Ag)*</FONT></P>
</TD><TD style="margin-top:0px" valign=top width=26.867><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.133><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;11.83</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>9.12</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right>&nbsp;<B>11.51</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>12.93</P>
</TD></TR>
</TABLE>
<P style="margin:0px; padding-left:6px; font-size:8pt" align=justify><B>* Net of by-product credits from gold</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Production for Q3 2015 was 1,342,432 ounces of silver and 10,691 ounces of gold, 10% and 14%, respectively, above production in the same period in the prior year. The increases are the result of higher throughput of 3%, higher head grade, and higher metallurgical recovery. With respect to budget, silver and gold production for the quarter was higher by 28% and 34%, respectively. Average head grades for silver and gold were 247 g/t and 1.97 g/t or 17% and 23%, respectively, above plan. &nbsp;Metallurgical recoveries for both silver and gold were 92%, or 4% above budget for both. See sales for information on metal sold.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The increase in silver and gold production over budget resulted from higher contributions in ore tonnage and grade from Level 1100 relative to the original 2015 mine plan, both in the Trinidad Central and Trinidad North areas. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The San Jose Mine and processing plant operate at a capacity of 2,000 tpd, with 2015 production projected at 4.6 million ounces of silver and 33.3 thousand ounces of gold (see Fortuna news releases dated <FONT style="color:#0000FF"><U>January 15, 2015</U></FONT> and <FONT style="color:#0000FF"><U>July 15, 2015</U></FONT>). &nbsp;Expansion of the mill capacity to 3,000 tpd is underway with a planned commissioning for mid-2016 (see <FONT style="color:#0000FF"><U>Fortuna news release dated December 17, 2014 and October 15, 2015</U></FONT>). &nbsp;Also, see Fortuna news release dated August 12, 2015.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Work on the third expansion of the San Jose Mine to 3,000 tpd is moving ahead as planned, with detailed engineering and purchase orders for major equipment well advanced (28% progress). We plan to commission the expanded facility in mid-year 2016. The dry stack tailings deposit project is likewise advancing on schedule and within budget with 87% progress as of the end of September 2015. </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 5</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Cash cost per tonne of processed ore for Q3 2015 was $61.96/t, or 1% above the cost in the same period in the prior year, and <FONT style="background-color:#FFFFFF">below the annual guidance of $62.7/t. &nbsp;Compared to Q2 2015, cash cost was 7% higher</FONT> due mainly to higher mining cost related to preparation and support of level 1100. &nbsp;&nbsp;Year-to-date (&#147;YTD&#148;) cash cost per tonne was $59.90. &nbsp;The devaluation of the Mexican peso throughout the year had a positive effect on our costs of $4.67/t. &nbsp;Excluding this effect, cash cost YTD was 2% above plan for the year. &nbsp;<FONT style="background-color:#FFFFFF">All-in sustaining cash cost per payable ounce of silver, net of by-product credits, was $11.83 for&nbsp;Q3 2015&nbsp;(refer to non-GAAP financial measures),&nbsp;below the annual guidance of $16.27. All-in sustaining cash cost per payable ounce is expected to move closer in line with annual guidance as the accrual of investments accelerates in the fourth quarter of the year.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Investments in property, plant and equipment and brownfields exploration, on a cash basis, comprised the following expenditures:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=325.2 /><TD width=21.733 /><TD width=78 /></TR>
<TR><TD style="margin-top:0px" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify><B>Nine months ended September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify><B>(Expressed in $ millions)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>Cuzcatlan</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify>Plant and equipment</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=justify>$</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>5.0</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify>Dry stack tailings deposit project</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>12.8</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify>Equipment and infrastructure</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>17.8</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify>Infill drilling</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>1.5</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify>Mine development</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>3.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify>Brownfields exploration</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>3.1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=325.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=justify><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>26.1</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Cash cost per payable ounce of silver and cash cost per tonne of processed ore are non-GAAP financial measures (refer to non-GAAP financial measures for the reconciliation of cash cost to the cost of sales).</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc350798639"></A><A NAME="_Toc352245720"></A><A NAME="_Toc353881794"></A><A NAME="_Toc355955757"></A><A NAME="_Toc356379132"></A><A NAME="_Toc364769255"></A><A NAME="_Toc364769918"></A><A NAME="_Toc368568756"></A><A NAME="_Toc368569080"></A><A NAME="_Toc368569224"></A><A NAME="_Toc371420342"></A><A NAME="_Toc371684197"></A><A NAME="_Toc378159810"></A><A NAME="_Toc381104619"></A><A NAME="_Toc381860539"></A><A NAME="_Toc383009029"></A><A NAME="_Toc385428685"></A><A NAME="_Toc385839432"></A><A NAME="_Toc385839665"></A><A NAME="_Toc386114566"></A><A NAME="_Toc386786121"></A><A NAME="_Toc393288583"></A><A NAME="_Toc394053757"></A><A NAME="_Toc400629696"></A><A NAME="_Toc401565731"></A><A NAME="_Toc402534276"></A><A NAME="_Toc403134069"></A><A NAME="_Toc409778858"></A><A NAME="_Toc410385117"></A><A NAME="_Toc411844263"></A><A NAME="_Toc412795354"></A><A NAME="_Toc413240205"></A><A NAME="_Toc417402219"></A><A NAME="_Toc417896467"></A><A NAME="_Toc418251278"></A><A NAME="_Toc420050685"></A><A NAME="_Toc424802676"></A><A NAME="_Toc425157245"></A><A NAME="_Toc425165153"></A><A NAME="_Toc425778452"></A><A NAME="_Toc433107327"></A><A NAME="_Toc433276006"></A><A NAME="_Toc433276134"></A><A NAME="_Toc433646087"></A><A NAME="_Toc433809817"></A><P style="margin:0px; font-size:11pt" align=justify><I>Caylloma Mine Review</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Caylloma is an underground silver, lead, and zinc mine located in in the Arequipa Department in southern Peru. Its commercial products are silver-lead and zinc concentrates. The table below shows the main variables used by management to measure the operating performance of the mine.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 6</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=240 /><TD width=26.667 /><TD width=111.333 /><TD width=114 /><TD width=114 /><TD width=108 /></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=225.333 colspan=2><P style="margin:0px; padding-right:7.6px" align=center><B>QUARTERLY RESULTS</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222 colspan=2><P style="margin:0px; padding-right:7.6px" align=center><B>YEAR TO DATE RESULTS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=225.333 colspan=2><P style="margin:0px; padding-right:7.6px" align=center><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222 colspan=2><P style="margin:0px; padding-right:7.6px" align=center><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=111.333><P style="margin:0px; padding-left:12px; padding-right:7.6px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-left:12px; padding-right:7.6px" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-left:12px; padding-right:7.6px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px; padding-left:12px; padding-right:7.6px" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=240><P style="margin:0px; padding-left:3.667px"><B>Mine Production</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>Caylloma</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>Caylloma</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>Caylloma</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right>Caylloma</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:3.667px"><B>Tonnes milled</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>118,086</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>117,728</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>348,511</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right>347,763</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:3.667px"><B>Average tonnes milled per day</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>1,312</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>1,308</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>1,305</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right>1,302</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:3.667px"><B>Silver</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Grade (g/t)</P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;127</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>181</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;<B>147</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>175</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Recovery (%)</P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;81</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>86</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;<B>83</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>85</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Production (oz)</P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>392,410</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>588,727</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>1,371,922</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right>1,657,563</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:3.667px"><B>Gold</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Grade (g/t)</P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;0.26</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>0.29</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;<B>0.27</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>0.32</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Recovery (%)</P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;28</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>36</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;<B>32</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>41</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Production (oz)</P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>272</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>399</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>970</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right>1,485</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:3.667px"><B>Lead</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Grade (%)</P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;2.59</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>1.76</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;<B>2.16</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>1.70</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Recovery (%)</P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;94</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>92</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;<B>93</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>92</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Production (000's lbs)</P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>6,357</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>4,213</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>15,474</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right>12,068</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:3.667px"><B>Zinc</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Grade (%)</P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;4.27</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>3.05</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;<B>3.75</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>2.95</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Recovery (%)</P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;91</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>90</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;<B>91</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right><B>&nbsp;</B>90</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Production (000's lbs)</P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.6px" align=right><B>10,122</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right>7,148</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.6px" align=right><B>26,230</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.6px" align=right>20,375</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:3.667px"><B>Unit Costs</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Production cash cost <FONT style="font-size:8pt">(US$/oz Ag)*</FONT></P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding-right:7.667px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.667px" align=right><B>7.31</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right>5.86</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right><B>6.61</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.667px" align=right>6.80</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Production cash cost <FONT style="font-size:8pt">(US$/tonne)</FONT></P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;88.74</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>91.05</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right>&nbsp;<B>87.12</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>90.22</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">Unit Net Smelter Return <FONT style="font-size:8pt">(US$/tonne)</FONT></P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;112.26</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>156.39</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right>&nbsp;<B>122.44</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>149.41</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding-left:15.667px">All-in sustaining cash cost <FONT style="font-size:8pt">(US$/oz Ag)*</FONT></P>
</TD><TD style="margin-top:0px" valign=top width=26.667><P style="margin:0px; padding-right:7.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.333><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;15.33</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>13.31</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:7.667px" align=right>&nbsp;<B>12.87</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:7.667px" align=right><B>&nbsp;</B>13.96</P>
</TD></TR>
</TABLE>
<P style="margin:0px; padding-left:6px; font-size:8pt" align=justify><B>* Net of by-product credits from gold, lead and zinc</B></P>
<A NAME="_DV_M5"></A><A NAME="_DV_M3"></A><A NAME="_DV_M4"></A><A NAME="_DV_M13"></A><A NAME="_DV_M16"></A><A NAME="_DV_M17"></A><A NAME="_DV_M19"></A><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Silver production for the quarter was 34% below budget, with an average head grade of 127 g/t, 32% below plan. &nbsp;Management has re-directed mining to focus on base metal-rich zones of the polymetallic Animas Vein. &nbsp;The decrease in silver production is the result of lower production from the Bateas high-grade silver vein and from Level 6 of the Animas Vein. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Zinc production was 43% above plan with an average head grade of 4.27%, or 40% above plan. Metallurgical recovery for zinc was 91%, or 1% above plan. Lead production was 35% above plan, with an average head grade of 2.59%, or 31% above plan. Metallurgical recovery for lead was 94%, or 2% above budget. Production is now centered on mining of Levels 10 and 12 in the Animas Vein. See sales for information on metal sold.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Cash cost per tonne at Caylloma for Q3 2015 was $88.74 per tonne of processed ore, a decrease of 3% from the same period in the prior year because of lower indirect costs related to headcount, lower distribution cost related to zinc concentrate transport tariffs, and an 11% devaluation of the Peruvian nuevo sol, and was 2% below annual guidance of $90.3/t. &nbsp;Caylloma&#146;s all-in sustaining cash cost per payable ounce of silver, net of by-product credits was $15.33 for Q3 2015, and $12.87 for the nine months ended September 30, 2015 compared to the annual guidance of $12.78 (refer to non-GAAP financial measures).</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 7</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Investments in property, plant and equipment and brownfields exploration, on a cash basis, comprised the following expenditures:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=325.2 /><TD width=21.733 /><TD width=78 /></TR>
<TR><TD style="margin-top:0px" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify><B>Nine months ended September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify><B>(Expressed in $ millions)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>Bateas</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify>Equipment and infrastructure</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>1.5</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify>Mine development</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>3.6</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=325.2><P style="margin:0px; font-size:11pt" align=justify>Brownfields exploration</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right>0.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=325.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=justify><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>5.4</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><I>Caylloma Mine and San Jose Mine Concentrates</I></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">The table below shows the production and balance of commercial end products at each of our operating mines.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=163.2 /><TD width=19.267 /><TD width=75.533 /><TD width=72 /><TD width=15.733 /><TD width=56.267 /><TD width=66 /><TD width=16.8 /><TD width=78 /><TD width=72 /><TD width=1.2 /><TD width=70.8 /><TD width=72 /></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=285.533 colspan=5><P style="margin:0px; font-size:9pt" align=center><B>QUARTERLY RESULTS</B></P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=294 colspan=5><P style="margin:0px; font-size:9pt" align=center><B>YEAR TO DATE RESULTS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=285.533 colspan=5><P style="margin:0px; font-size:9pt" align=center><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=294 colspan=5><P style="margin:0px; font-size:9pt" align=center><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=147.533 colspan=2><P style="margin:0px; font-size:9pt" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=15.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=122.267 colspan=2><P style="margin:0px; font-size:9pt" align=center>2014</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=151.2 colspan=3><P style="margin:0px; font-size:9pt" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=142.8 colspan=2><P style="margin:0px; font-size:9pt" align=center>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; font-size:9pt"><B>Mine Concentrates</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=75.533><P style="margin:0px; font-size:9pt" align=right><B>Caylloma</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=72><P style="margin:0px; font-size:9pt" align=right><B>San Jose</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=72 colspan=2><P style="margin:0px; padding-right:6.133px; font-size:9pt" align=right>Caylloma</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=66><P style="margin:0px; font-size:9pt" align=right>San Jose</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=78><P style="margin:0px; font-size:9pt" align=right><B>Caylloma</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=72><P style="margin:0px; font-size:9pt" align=right><B>San Jose</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=72 colspan=2><P style="margin:0px; font-size:9pt" align=right>Caylloma</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=72><P style="margin:0px; font-size:9pt" align=right>San Jose</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1.333px solid #000000" valign=top width=163.2><P style="margin:0px; font-size:9pt"><B>Silver-Gold</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Opening Inventory (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>297</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>314</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>302</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>617</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Production (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>5,732</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>5,305</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>16,657</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>14,933</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Sales (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>5,725</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>5,435</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>16,615</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>15,351</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Adjustment (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; font-size:9pt" align=right><B>(22)</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-left:-9.6px; padding-right:3.867px; font-size:9pt" align=right>14</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; font-size:9pt" align=right><B>(61)</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; font-size:9pt" align=right>(1)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Closing Inventory (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>283</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>198</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>283</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>198</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; font-size:9pt"><B>Zinc</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Opening Inventory (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>294</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>579</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>464</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>485</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Production (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>9,024</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>6,387</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>23,342</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>18,122</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Sales (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>8,843</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>6,574</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>23,383</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>18,245</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Adjustment (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>12</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>16</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>66</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>46</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Closing Inventory (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>488</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>408</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>488</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>408</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; font-size:9pt"><B>Lead-Silver</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Opening Inventory (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>224</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>234</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>220</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>208</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Production (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>5,364</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>3,735</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>12,982</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>10,717</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Sales (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>5,106</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>3,709</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>12,762</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>10,722</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Adjustment (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>17</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>26</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>60</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>84</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=163.2><P style="margin:0px; padding-left:6px; font-size:9pt">Closing Inventory (t)</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.533><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>500</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>287</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=16.8><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>500</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=72 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>287</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<A NAME="_Toc320024905"></A><A NAME="_Toc368569082"></A><A NAME="_Toc433809818"></A><P style="margin:0px; font-size:11pt" align=justify><B>Property Option Agreements</B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 8</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc322014581"></A><A NAME="_Toc323566736"></A><A NAME="_Toc324771776"></A><A NAME="_Toc324859212"></A><A NAME="_Toc324859402"></A><A NAME="_Toc324859847"></A><A NAME="_Toc328741765"></A><A NAME="_Toc331171431"></A><A NAME="_Toc331496694"></A><A NAME="_Toc331585585"></A><A NAME="_Toc331586005"></A><A NAME="_Toc332630300"></A><A NAME="_Toc339554969"></A><A NAME="_Toc339555229"></A><A NAME="_Toc339566027"></A><A NAME="_Toc339617635"></A><A NAME="_Toc340653179"></A><A NAME="_Toc340830574"></A><A NAME="_Toc348437321"></A><A NAME="_Toc348541890"></A><A NAME="_Toc348542101"></A><A NAME="_Toc348683683"></A><A NAME="_Toc349913916"></A><A NAME="_Toc349914024"></A><A NAME="_Toc350798642"></A><A NAME="_Toc352245722"></A><A NAME="_Toc353881796"></A><A NAME="_Toc355955759"></A><A NAME="_Toc356379134"></A><A NAME="_Toc364769258"></A><A NAME="_Toc364769921"></A><A NAME="_Toc368568759"></A><A NAME="_Toc368569083"></A><A NAME="_Toc368569227"></A><A NAME="_Toc371420345"></A><A NAME="_Toc371684200"></A><A NAME="_Toc378159813"></A><A NAME="_Toc381104622"></A><A NAME="_Toc381860542"></A><A NAME="_Toc383009031"></A><A NAME="_Toc385428687"></A><A NAME="_Toc385839434"></A><A NAME="_Toc385839667"></A><A NAME="_Toc386114568"></A><A NAME="_Toc386786123"></A><A NAME="_Toc393288585"></A><A NAME="_Toc394053759"></A><A NAME="_Toc400629698"></A><A NAME="_Toc401565733"></A><A NAME="_Toc402534278"></A><A NAME="_Toc403134071"></A><A NAME="_Toc409778860"></A><A NAME="_Toc410385119"></A><A NAME="_Toc411844265"></A><A NAME="_Toc412795356"></A><A NAME="_Toc413240207"></A><A NAME="_Toc417402221"></A><A NAME="_Toc417896469"></A><A NAME="_Toc418251280"></A><A NAME="_Toc420050687"></A><A NAME="_Toc424802678"></A><A NAME="_Toc425157247"></A><A NAME="_Toc425165155"></A><A NAME="_Toc425778454"></A><A NAME="_Toc433107329"></A><A NAME="_Toc433276008"></A><A NAME="_Toc433276136"></A><A NAME="_Toc433646089"></A><A NAME="_Toc433809819"></A><P style="margin:0px; font-size:11pt" align=justify><I>Tlacolula Property</I></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Pursuant to an agreement dated September 14, 2009, as amended December 18, 2012 and November 10, 2014, the Company, through its wholly owned subsidiary Cuzcatlan, holds an option (the &#147;option&#148;) to acquire a 60% interest (the &#147;interest&#148;) in the Tlacolula silver project (the &#147;property&#148;) located in the State of Oaxaca, Mexico, from Radius Gold Inc.&#146;s wholly owned subsidiary, Radius (Cayman) Inc. (&#147;Radius&#148;). </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company can earn the interest by spending $2.0 million, which includes a commitment to drill 1,500 meters within 12 months after Cuzcatlan has received a permit to drill the property, by making staged payments totaling $0.30 million in cash, and by providing $0.25 million in common shares of the Company to Radius according to the following schedule:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Wingdings; font-size:11pt; float:left">&#216;</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-size:11pt">$0.02 million in cash and $0.02 million cash equivalent in shares upon stock exchange approval;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Wingdings; font-size:11pt; clear:left; float:left">&#216;</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-size:11pt">$0.03 million in cash and $0.03 million cash equivalent in shares by January 15, 2011;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Wingdings; font-size:11pt; clear:left; float:left">&#216;</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-size:11pt">$0.05 million in cash and $0.05 million cash equivalent in shares by January 15, 2012;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Wingdings; font-size:11pt; clear:left; float:left">&#216;</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-size:11pt">$0.05 million in cash and $0.05 million cash equivalent in shares by January 15, 2013; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Wingdings; font-size:11pt; clear:left; float:left">&#216;</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-size:11pt">$0.05 million in cash by January 19, 2015; and,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-family:Wingdings; font-size:11pt; clear:left; float:left">&#216;</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px; font-size:11pt">$0.10 million in cash and $0.10 million cash equivalent in shares within 90 days after Cuzcatlan has completed the first 1,500 meters of drilling on the property of which has not occurred.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Upon completion of the cash payments and share issuances and incurring the exploration expenditures as set forth above, the Company will be deemed to have exercised the option and to have acquired a 60% interest in the property, whereupon a joint venture will be formed to further develop the property on the basis of the Company owning 60% and Radius 40%. Radius has the right to terminate the agreement if the option is not exercised by January 31, 2017.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As of September 30, 2015, the Company had issued an aggregate of 34,589 common shares of the Company to Radius, with a fair market value of $0.15 million, and paid $0.20 million in cash according to the terms of the option agreement. &nbsp;Joint venture has not been formed as of yet.</P>
<P style="margin:0px"><BR></P>
<A NAME="_Toc368569086"></A><A NAME="_Toc433809820"></A><P style="margin:0px; font-size:11pt" align=justify><B>Quarterly Information</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following table provides information for eight fiscal quarters up to September 30, 2015:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 9</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=225.6 /><TD width=68.4 /><TD width=68.4 /><TD width=68.4 /><TD width=68.4 /><TD width=68.4 /><TD width=68.4 /><TD width=68.4 /><TD width=68.4 /></TR>
<TR><TD style="margin-top:0px" valign=top width=225.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=547.2 colspan=8><P style="margin:0px; font-size:8pt" align=center><B>Quarters ended</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=225.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center><B>Q3 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>Q2 2015</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>Q1 2015</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>Q4 2014</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>Q3 2014</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>Q2 2014</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>Q1 2014</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>Q4 2013</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=225.6><P style="margin:0px; font-size:8pt" align=justify><B>Expressed in $000&#146;s, except per share data</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center><B>30-Sep-15</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>30-Jun-15</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>31-Mar-15</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>31-Dec-14</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>30-Sep-14</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>30-Jun-14</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>31-Mar-14</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=center>31-Dec-13</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=225.6><P style="margin:0px; font-size:8pt" align=justify><B>Sales</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right><B>39,041</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>38,871</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>39,804</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>37,823</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>46,384</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>44,319</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>45,480</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>36,377</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=225.6><P style="margin:0px; font-size:8pt" align=justify><B>Mine operating earnings</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right><B>10,333</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>10,402</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>12,581</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>10,052</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>16,720</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>16,277</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>17,204</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>10,373</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=225.6><P style="margin:0px; font-size:8pt" align=justify><B>Operating income (loss)</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right><B>6,099</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>4,775</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>7,961</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>3,653</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>13,201</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>7,623</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>9,273</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=right>(8,312)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=225.6><P style="margin:0px; font-size:8pt" align=justify><B>Net income (loss)</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right><B>2,592</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>236</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>3,854</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>57</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>7,824</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>2,868</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>4,853</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=right>(14,930)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=225.6><P style="margin:0px; font-size:8pt" align=justify><B>Earnings (loss) per share, basic</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right><B>0.02</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>0.03</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>0.06</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>0.02</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>0.04</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=right>(0.12)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=225.6><P style="margin:0px; font-size:8pt" align=justify><B>Earnings (loss) per share, diluted</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right><B>0.02</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>0.03</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>0.06</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>0.02</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>0.04</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; font-size:8pt" align=right>(0,12)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=225.6><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=225.6><P style="margin:0px; font-size:8pt" align=justify><B>Total assets</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right><B>398,648</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>392,488</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>351,260</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>350,310</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>342,413</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>330,791</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>318,349</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>302,215</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=225.6><P style="margin:0px; font-size:8pt" align=justify><B>Long term bank loan</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right><B>39,487</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>39,470</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=225.6><P style="margin:0px; font-size:8pt" align=justify><B>Other liabilities</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right><B>4,353</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>5,701</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>4,578</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>4,661</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>4,076</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>5,269</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>4,076</P>
</TD><TD style="margin-top:0px" valign=top width=68.4><P style="margin:0px; padding-right:3.867px; font-size:8pt" align=right>2,343</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During Q3 2015, sales and mine operating earnings remained relatively unchanged from Q2 2015, while operating income increased 28% to $6.1 million. &nbsp;This reflects a recovery of share-based payments of $1.5 million in Q3 2015 compared with a $1.2 million charge in Q2 2015 as a result of the decline in the Company&#146;s share price in Q3 2015. &nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During Q2 2015, sales decreased 2%, or $0.9 million, from Q1 2015, due mostly to negative mark-to-market adjustment increases of $1.0 million. Operating income decreased 40%, or $3.2 million, from Q1 2015 as a result of $2.2 million in lower mine operating earnings, $0.4 million in higher share-based payment costs, $0.9 million in higher foreign exchange costs, $0.4 million in lower corporate costs, and $0.7 million in higher interest expense related to a bank loan. The Company&#146;s long term bank loan includes a $40.0 million bank loan, net of unamortized transaction costs of $0.5 million, for working capital requirements and general corporate purposes. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During Q1 2015, sales increased 5%, or $2.0 million, from Q4 2014, due mostly to higher gold and base metal sold. The Company&#146;s realized prices for silver and gold both increased 2% to $16.65 and $1,215.57 per ounce, respectively. Operating income increased twofold from Q4 2014 as mine operating earnings increased $2.5 million and as restructuring and severance costs declined from $1.1 million to $nil in Q1 2015.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During Q4 2014, sales decreased 18%, or $8.6 million, from Q3 2014 as metal prices decreased. The Company&#146;s realized prices for silver and gold declined 15% and 6%, respectively, to $16.33 and $1,192.86 per ounce, respectively. During the fourth quarter of 2014, the Company&#146;s operating income was negatively affected by the mark-to-market effects on share-based compensation expense of $1.4 million, compared with a recovery of $0.8 million in Q3 2014. In addition, as a result of declining metal prices the Company restructured its operations and incurred restructuring and severance costs of $1.1 million during the fourth quarter of 2014 that negatively affected its operating income in that quarter.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During Q3 2014, sales increased 5%, or $2.1 million, from Q2 2014 as a result of Caylloma&#146;s and San Jose&#146;s provisional sales increasing $1.9 million and $3.8 million, respectively, and being offset by negative price and mark-to-market adjustments that increased $1.0 million and $2.1 million, respectively. During Q3 2014, operating income increased 73% to $13.2 million from Q2 2014 as selling, general and administrative expenses decreased $5.1 million, or 60%, to $3.5 million. The decrease in selling, general and administrative expenses is mainly attributed to the positive effect of mark-to-market effects on share-based compensation of $4.1 million over Q2 2014. </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 10</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During Q2 2014, sales decreased 3%, or $1.2 million, from Q1 2014 as a result of San Jose&#146;s provisional sales declining $1.9 million, offset by positive adjustments of $0.7 million. San Jose&#146;s provisional sales of silver and gold declined 2% and 5%, respectively, from Q1 2014, along with lower realized silver and gold prices of 3% and 1%, respectively. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During Q1 2014, sales increased 25% from Q4 2013 as a result of increases in silver and gold sold, of 17% and 29%, respectively, offset by a lower realized silver price of 2%. Mine operating earnings (refer to non-GAAP financial measures) increased 66% from Q4 2013 because of increased sales and the Company&#146;s continuing efforts to contain costs. In Q4 2013, a net loss reflected a non-cash impairment charge of $10.2 million, net of tax (Q3 2013: $nil), and a non-cash income tax provision of $7.7 million resulting from Mexico&#146;s special mining royalty.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 11</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="_Toc368569087"></A><A NAME="_Toc433809821"></A><P style="margin:0px; font-size:11pt" align=justify><B>Third Quarter 2015 Financial Results</B></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc417402224"></A><A NAME="_Toc417896472"></A><A NAME="_Toc418251283"></A><A NAME="_Toc420050690"></A><A NAME="_Toc424802681"></A><A NAME="_Toc425157250"></A><A NAME="_Toc425165158"></A><A NAME="_Toc425778457"></A><A NAME="_Toc433107332"></A><A NAME="_Toc433276011"></A><A NAME="_Toc433276139"></A><A NAME="_Toc433646092"></A><A NAME="_Toc433809822"></A><P style="margin:0px; font-size:11pt" align=justify><B>Summary of Financial Results</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=327.333 /><TD width=22.333 /><TD width=101.533 /><TD width=21.733 /><TD width=110.267 /><TD width=73.6 /></TR>
<TR><TD style="margin-top:0px" valign=top width=327.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=255.867 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=327.333><P style="margin:0px; font-size:11pt" align=justify><B>(Expressed in $ millions)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=22.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=101.533><P style="margin:0px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=110.267><P style="margin:0px; font-size:11pt" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.6><P style="margin:0px; font-size:11pt" align=center><B>% Chg</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=327.333><P style="margin:0px; font-size:11pt" align=justify>Sales</P>
</TD><TD style="margin-top:0px" valign=top width=22.333><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=101.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>39.0</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>46.4</P>
</TD><TD style="margin-top:0px" valign=top width=73.6><P style="margin:0px; font-size:11pt" align=right>(16%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=327.333><P style="margin:0px; font-size:11pt" align=justify>Cost of Sales</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=22.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=101.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>28.7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>29.7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.6><P style="margin:0px; font-size:11pt" align=right>(3%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=327.333><P style="margin:0px; font-size:11pt" align=justify><B>Mine operating earnings *</B></P>
</TD><TD style="margin-top:0px" valign=top width=22.333><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=101.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>10.3</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>16.7</P>
</TD><TD style="margin-top:0px" valign=top width=73.6><P style="margin:0px; font-size:11pt" align=right>(38%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=327.333><P style="margin:0px; font-size:11pt" align=right>as a % of Sales</P>
</TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=22.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=101.533><P style="margin:0px; font-size:11pt" align=right>26%</P>
</TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=110.267><P style="margin:0px; font-size:11pt" align=right>36%</P>
</TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=73.6><P style="margin:0px; font-size:11pt" align=right>(27%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=327.333><P style="margin:0px; font-size:11pt" align=justify>Selling, general and administrative expenses</P>
</TD><TD style="margin-top:0px" valign=top width=22.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=101.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2.3</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.6</P>
</TD><TD style="margin-top:0px" valign=top width=73.6><P style="margin:0px; font-size:11pt" align=right>(36%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=327.333><P style="margin:0px; font-size:11pt" align=justify>Foreign exchange (gain) loss</P>
</TD><TD style="margin-top:0px" valign=top width=22.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=101.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.7</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; font-size:11pt" align=right>(0.2)</P>
</TD><TD style="margin-top:0px" valign=top width=73.6><P style="margin:0px; font-size:11pt" align=right>(950%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=327.333><P style="margin:0px; font-size:11pt" align=justify>Operating income</P>
</TD><TD style="margin-top:0px" valign=top width=22.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=101.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>6.1</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>13.2</P>
</TD><TD style="margin-top:0px" valign=top width=73.6><P style="margin:0px; font-size:11pt" align=right>(54%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=327.333><P style="margin:0px; font-size:11pt" align=right>as a % of Sales</P>
</TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=22.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=101.533><P style="margin:0px; font-size:11pt" align=right>16%</P>
</TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=110.267><P style="margin:0px; font-size:11pt" align=right>28%</P>
</TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=73.6><P style="margin:0px; font-size:11pt" align=right>(45%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=327.333><P style="margin:0px; font-size:11pt" align=justify>Income before tax</P>
</TD><TD style="margin-top:0px" valign=top width=22.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=101.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5.6</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>13.0</P>
</TD><TD style="margin-top:0px" valign=top width=73.6><P style="margin:0px; font-size:11pt" align=right>(57%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=327.333><P style="margin:0px; font-size:11pt" align=justify><B>Net income</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=22.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=101.533><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2.6</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7.8</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.6><P style="margin:0px; font-size:11pt" align=right>(67%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=327.333><P style="margin:0px; font-size:11pt" align=right>as a % of Sales</P>
</TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=22.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=101.533><P style="margin:0px; font-size:11pt" align=right>7%</P>
</TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=110.267><P style="margin:0px; font-size:11pt" align=right>17%</P>
</TD><TD style="margin-top:0px; background-color:#EAEAEA" valign=top width=73.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=327.333><P style="margin:0px; font-size:11pt" align=justify>Operating cash flow before changes in</P>
<P style="margin:0px; font-size:11pt" align=justify>working capital *</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=22.333><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=101.533><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>7.7</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=110.267><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>17.8</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.6><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>(57%)</P>
</TD></TR>
</TABLE>
<P style="margin-top:2.667px; margin-bottom:2.667px; font-size:8pt" align=justify><I>Note: </I><B><I>Figures may not add due to rounding</I></B></P>
<P style="margin-top:2.667px; margin-bottom:2.667px; font-size:8pt" align=justify><I>Note: * </I><B><I>Mine operating earnings and Operating cash flow per share before changes in working capital are non-GAAP financial measures</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Q3 2015 net income amounted to $2.6 million (Q3 2014: $7.8 million), resulting in basic earnings per share of $0.02 (Q3 2014: earnings of $0.06). &nbsp;&nbsp;&nbsp;Income before income tax for Q3 2015 was $5.6 million, 57% below Q3 2014. &nbsp;This was attributable to a 16% reduction in sales as a result of a 22% lower realized silver price compared with Q3 2014. &nbsp;In addition, results in Q3 2015 were impacted by a foreign exchange charge of $1.7 million (Q3 2014: credit $0.2 million) which was partially offset by lower selling, general and administrative expenses (&#147;G&amp;A expenses&#148;) of $1.3 million. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Cash flow from operations, before changes in working capital and after income taxes paid, decreased 57% to $7.7 million (Q3 2014: $17.8 million) mainly related to timing issues in the payment of income taxes at our Mexican operation, which resulted in total payments of $3.1 million (Q3 2014: $0.9 million). </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For the nine month period up to September 30, 2015, the Company paid $17.5 million in income tax comprising of: $8.9 million in income tax related to the 2014 fiscal period and $8.6 million in tax installments related to the 2015 fiscal period. &nbsp;The current income tax incurred in the nine month period up to September 30, 2015 is $8.7 million.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Operating cash flow per share, before changes in working capital items, decreased to $0.06 (Q3 2014: $0.14) (refer to non-GAAP financial measures).</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc417402225"></A><A NAME="_Toc417896473"></A><A NAME="_Toc418251284"></A><A NAME="_Toc420050691"></A><A NAME="_Toc424802682"></A><A NAME="_Toc425157251"></A><A NAME="_Toc425165159"></A><A NAME="_Toc425778458"></A><A NAME="_Toc433107333"></A><A NAME="_Toc433276012"></A><A NAME="_Toc433276140"></A><A NAME="_Toc433646093"></A><A NAME="_Toc433809823"></A><P style="margin:0px; font-size:11pt" align=justify><B>Sales </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following table summarizes the details of sales by region and component:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 12</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=192 /><TD width=90 /><TD width=84 /><TD width=84 /><TD width=12 /><TD width=90 /><TD width=84 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=534 colspan=7><P style="margin-top:5.4px; margin-bottom:0px; font-size:9pt" align=center><B>QUARTERLY RESULTS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=534 colspan=7><P style="margin:0px; font-size:9pt" align=center><B>Three months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=258 colspan=3><P style="margin:0px; font-size:9pt" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=264 colspan=3><P style="margin:0px; font-size:9pt" align=center>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-right:3.867px; font-size:9pt"><B><U>Sales and Realized Prices</U></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right><B>Caylloma</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right><B>San Jose</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right><B>Consolidated</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right>Caylloma</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right>San Jose</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right>Consolidated</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=366 colspan=3><P style="margin:0px; padding-right:3.867px; font-size:9pt"><B>(Expressed in $ millions, unless otherwise noted)</B></P>
</TD><TD style="margin-top:0px" valign=top width=96 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Provisional Sales</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right><B>13.0</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right><B>27.4</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right><B>40.4</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right>18.6</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right>30.4</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right>49.0</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Adjustments *</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>(0.7)</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:9pt" align=right><B>(0.7)</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:9pt" align=right><B>(1.4)</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; font-size:9pt" align=right>(0.7)</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:9pt" align=right>(1.9)</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; font-size:9pt" align=right>(2.6)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Sales</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>12.2</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;26.8</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;39.0</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B>17.9</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>28.5</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>46.4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-right:3.867px; font-size:9pt"><B>Silver</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Provisional Sales (oz)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>&nbsp;<B>387,986</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;1,349,943</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;1,737,928</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B>590,349</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1,246,324</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1,836,673</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Realized Price ($/oz)**</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>14.86</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>14.89</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>14.88</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>19.62</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>18.91</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>19.14</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Net Realized Price ($/oz)***</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>12.69</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>13.34</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>13.19</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>17.13</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>16.94</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>17.00</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-right:3.867px; font-size:9pt"><B>Gold</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Provisional Sales (oz)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>280</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>10,718</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>10,998</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>422</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>9,417</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>9,838</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Realized Price ($/oz)**</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1,137.69</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1,121.53</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1,121.94</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1,288.25</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1,265.55</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1,266.53</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Net Realized Price ($/oz)***</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>&nbsp;<B>458.16</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;880.17</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;869.43</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B>865.83</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>983.94</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>978.88</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-right:3.867px; font-size:9pt"><B>Lead</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Provisional Sales (000&#146;s lb)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>6,046</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>6,046</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>4,173</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>4,173</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Realized Price ($/lb)**</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.78</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.78</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.99</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.99</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Net Realized Price ($/lb)***</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.55</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.55</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.73</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.73</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-right:3.867px; font-size:9pt"><B>Zinc</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Provisional Sales (000&#146;s lb)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>9,927</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>9,927</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>7,361</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>7,361</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Realized Price ($/lb)**</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.84</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.84</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1.05</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1.05</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Net Realized Price ($/lb)***</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.46</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.46</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.69</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.69</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:8pt" align=justify><B>* Adjustments consists of mark-to-market and final price adjustments, and final assay adjustments</B></P>
<P style="margin:0px; font-size:8pt" align=justify><B>** Based on provisional sales before final price adjustments</B></P>
<P style="margin:0px; font-size:8pt" align=justify><B>***Net after payable metal deductions, treatment, and refining charges</B></P>
<P style="margin:0px; font-size:8pt" align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treatment charges are allocated to the base metals in Caylloma and to gold in San Jose</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Sales for Q3 2015 were $39.0 million, 16% below Q3 2014&#146;s $46.4 million. Silver ounces sold decreased 5%, and gold ounces sold increased 12%, while realized prices for silver and gold decreased 22% to $14.88 per ounce, and 11% to $1,121.94 per ounce, respectively. Sales at San Jose decreased 6% to $26.8 million (Q3 2014: $28.5 million) as a result of lower realized prices for silver. Sales at Caylloma decreased 32% to $12.2 million (Q3 2014: $17.9 million) as a result of lower sales and lower realized prices for silver. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s metal concentrates are provisionally priced at the time of sale based on the prevailing commodity market price. Final prices are set in a period subsequent to the date of sale based on a specified quotational period, either one, two, or three months after delivery. Under current sales contracts, final pricing for all concentrates takes place one month after the month of sale. Our recorded sales during Q3 2015 consisted of provisional sales of $40.4 million (Q3 2014: $49.0 million); negative price and mark-to-market adjustments of $1.4 million (Q3 2014: negative $1.8 million); and assay adjustments of $nil (Q3 2014: negative $0.8 million). </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The net realized prices shown above are calculated based on provisional sales pricing and on contained metals in concentrate sold and after accounting for payable metal deductions, treatment, and refining charges before government royalties. To establish the net realized price for silver, treatment charges on our mineral concentrates are allocated to the base metals at Caylloma and to gold at San Jose. The Company has not hedged its exposure to metal price risks.</P>
<P style="margin:0px"><BR></P>
<A NAME="_Toc417402226"></A><A NAME="_Toc417896474"></A><A NAME="_Toc418251285"></A><A NAME="_Toc420050692"></A><A NAME="_Toc424802683"></A><A NAME="_Toc425157252"></A><A NAME="_Toc425165160"></A><A NAME="_Toc425778459"></A><A NAME="_Toc433107334"></A><A NAME="_Toc433276013"></A><A NAME="_Toc433276141"></A><A NAME="_Toc433646094"></A><A NAME="_Toc433809824"></A><P style="margin:0px; font-size:11pt" align=justify><B>Mine Operating (Loss) Earnings, Operating (Loss) Income, and EBITDA</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following table summarizes the details of mine operating earnings, operating (loss) income, and EBITDA by region and component:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 13</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=300 /><TD width=79.6 /><TD width=64.133 /><TD width=78 /><TD width=62.933 /><TD width=73.067 /><TD width=69.133 /><TD width=73.067 /><TD width=62.8 /><TD width=65.067 /></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=562.733 colspan=8><P style="margin:0px; font-size:11pt" align=center><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=284.667 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=278.067 colspan=4><P style="margin:0px; font-size:11pt" align=center>2014</P>
</TD><TD style="margin-top:0px" valign=top width=65.067><P style="margin:0px; font-size:11pt" align=center><B>%</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=300><P style="margin:0px; font-size:11pt" align=justify><B>(Expressed in $ millions)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>Total</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>Corporate</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=69.133><P style="margin:0px; font-size:11pt" align=right>Bateas</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>Cuzcatlan</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>Total</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.067><P style="margin:0px; font-size:11pt" align=center><B>Change</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=300><P style="margin:0px; font-size:11pt" align=justify><B>Mine operating earnings*</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;(0.2)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;10.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;10.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;4.7</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;12.0</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;16.7</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.067><P style="margin:0px; font-size:11pt" align=right>(38%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=300><P style="margin:0px; font-size:11pt" align=right><B>as a % of Sales</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>0%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>-1%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>39%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>26%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>0%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=69.133><P style="margin:0px; font-size:11pt" align=right>26%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>42%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>36%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.067><P style="margin:0px; font-size:11pt" align=right>(27%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; font-size:11pt" align=justify>Other expenses</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.933><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=300><P style="margin:0px; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.6</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>1.2</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1.4</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>0.9</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1.3</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>3.6</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.067><P style="margin:0px; font-size:11pt" align=right>(36%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=300><P style="margin:0px; font-size:11pt" align=right><B>as a % of Sales</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>0%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>5%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>4%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>6%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>0%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=69.133><P style="margin:0px; font-size:11pt" align=right>5%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>5%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>8%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.067><P style="margin:0px; font-size:11pt" align=right>(24%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; font-size:11pt" align=justify><B>Operating (loss) income</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>(1.0)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>(0.8)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>8.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>6.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>(1.1)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>3.7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>10.7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>13.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.067><P style="margin:0px; font-size:11pt" align=right>(53%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; font-size:11pt" align=right><B>as a % of Sales</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>0%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>(7%)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>30%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>16%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>0%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.133><P style="margin:0px; font-size:11pt" align=right>21%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>38%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>29%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.067><P style="margin:0px; font-size:11pt" align=right>(44%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=300><P style="margin:0px; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: Depletion and depreciation**</P>
</TD><TD style="margin-top:0px" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.1</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2.3</B></P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>4.3</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>6.7</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>0.1</P>
</TD><TD style="margin-top:0px" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1.9</P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>4.2</P>
</TD><TD style="margin-top:0px" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>6.2</P>
</TD><TD style="margin-top:0px" valign=top width=65.067><P style="margin:0px; font-size:11pt" align=right>8%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=300><P style="margin:0px; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: Share-based payments**</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>(1.5)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>(1.5)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>(0.8)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>(0.8)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.067><P style="margin:0px; font-size:11pt" align=right>88%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=300><P style="margin:0px; font-size:11pt" align=justify><B>EBITDA*</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.4)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;1.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;12.4</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;11.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>$ &nbsp;&nbsp;(1.8)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;5.6</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;14.9</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;18.7</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.067><P style="margin:0px; font-size:11pt" align=right>(39%)</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><I>Note: Figures may not add due to rounding</I></P>
<P style="margin:0px; font-size:9pt" align=justify><I>Note: * Mine operating earnings and EBITDA are non-GAAP financial measures</I></P>
<P style="margin:0px; font-size:9pt" align=justify><I>Note: ** included in cost of sales or selling, general and administrative expenses</I></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During Q3 2015, mine operating earnings decreased 38% from Q3 2014, while gross margins (mine operating earnings over sales) decreased from 36% to 26%. At the Cuzcatlan Mine, operating earnings decreased 13%, as lower prices were partially offset by higher silver and gold sold. &nbsp;Gross margin, at Cuzcatlan Mine, fell from 42% to 39% as the negative impact of metal prices was partially compensated by higher head grades and metallurgical recoveries compared with Q3 2014. &nbsp;Bateas recorded a mine operating loss, corresponding to a decrease of 104%, reflecting the negative impact of lower realized silver, zinc, and lead prices and higher depletion charges of 20%. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During Q3 2015, operating income decreased 54% to $6.1 million from Q3 2014, while operating margins decreased from 28% to 16% compared with Q3 2014. </P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc417402227"></A><A NAME="_Toc417896475"></A><A NAME="_Toc418251286"></A><A NAME="_Toc420050693"></A><A NAME="_Toc424802684"></A><A NAME="_Toc425157253"></A><A NAME="_Toc425165161"></A><A NAME="_Toc425778460"></A><A NAME="_Toc433107335"></A><A NAME="_Toc433276014"></A><A NAME="_Toc433276142"></A><A NAME="_Toc433646095"></A><A NAME="_Toc433809825"></A><P style="margin:0px; font-size:11pt" align=justify><B>Selling, General and Administrative Expenses</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following table summarizes the details of selling, general and administrative expenses by region and component:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 14</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=316.2 /><TD width=79.6 /><TD width=64.133 /><TD width=78 /><TD width=62.933 /><TD width=73.067 /><TD width=69.133 /><TD width=73.067 /><TD width=62.8 /></TR>
<TR><TD style="margin-top:0px" valign=top width=316.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=562.733 colspan=8><P style="margin:0px; font-size:11pt" align=center><B>Expressed in $ millions</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=316.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=562.733 colspan=8><P style="margin:0px; font-size:11pt" align=center><B>Three months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=316.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=284.667 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=278.067 colspan=4><P style="margin:0px; font-size:11pt" align=center>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=316.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>Total</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>Corporate</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=69.133><P style="margin:0px; font-size:11pt" align=right>Bateas</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>Cuzcatlan</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=316.2><P style="margin:0px; padding-left:12px; font-size:11pt" align=justify>General and administrative expenses</P>
</TD><TD style="margin-top:0px" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;0.6</B></P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;3.7</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;2.2</P>
</TD><TD style="margin-top:0px" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;0.8</P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0</P>
</TD><TD style="margin-top:0px" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;4.0</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=316.2><P style="margin:0px; padding-left:12px; font-size:11pt" align=justify>Share-based payments</P>
</TD><TD style="margin-top:0px" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>(1.5)</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>(1.5)</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>(0.8)</P>
</TD><TD style="margin-top:0px" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>(0.8)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=316.2><P style="margin:0px; padding-left:12px; font-size:11pt" align=justify>Workers&#146; participation</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>0.1</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>0.3</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>0.4</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=316.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;0.6</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;2.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;1.4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;0.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;3.6</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Selling, general and administrative expenses<B> </B>for Q3 2015 decreased 36%, or $1.3 million, to $2.3 million (Q3 2014: $3.6 million). The main driver for the decrease was a share-based payments recovery of $1.5 million, a $0.7 million increase in recovery, compared with the same period in the prior year, that was mostly related to mark-to-market effects stemming from the performance of our share price. &nbsp;Also contributing to the decrease were lower workers&#146; participation of $0.3 million, and lower general and administrative expenses of $0.3 million. </P>
<A NAME="_Toc417402228"></A><A NAME="_Toc417896476"></A><A NAME="_Toc418251287"></A><A NAME="_Toc420050694"></A><A NAME="_Toc424802686"></A><A NAME="_Toc425157255"></A><A NAME="_Toc425165163"></A><A NAME="_Toc425778462"></A><P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc433646096"></A><A NAME="_Toc433809826"></A><P style="margin:0px; font-size:11pt" align=justify><B>Foreign exchange loss (gain)</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For the three months ended September 30, 2015 and 2014, the foreign exchange loss (gain) by reportable segments were as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=316.2 /><TD width=79.6 /><TD width=64.133 /><TD width=78 /><TD width=62.933 /><TD width=73.067 /><TD width=69.133 /><TD width=73.067 /><TD width=62.8 /></TR>
<TR><TD style="margin-top:0px" valign=top width=316.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=562.733 colspan=8><P style="margin:0px; font-size:11pt" align=center><B>Expressed in $ millions</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=316.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=562.733 colspan=8><P style="margin:0px; font-size:11pt" align=center><B>Three months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=316.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=284.667 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=278.067 colspan=4><P style="margin:0px; font-size:11pt" align=center>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=316.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>Total</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>Corporate</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.133><P style="margin:0px; font-size:11pt" align=right>Bateas</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>Cuzcatlan</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=316.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;0.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;1.7</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;(0.4)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;0.2</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>$ &nbsp;&nbsp;(0.2)</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The increase in the foreign exchange loss by $1.9 million to $1.7 million is a result of the devaluation of the Mexican pesos and Canadian dollar.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc433107336"></A><A NAME="_Toc433276015"></A><A NAME="_Toc433276143"></A><A NAME="_Toc433646097"></A><A NAME="_Toc433809827"></A><P style="margin:0px; font-size:11pt" align=justify><B>Other Operating Expenses</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following table summarizes the details of other operating expenses:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=445.2 /><TD width=21.067 /><TD width=102 /><TD width=21.067 /><TD width=95.867 /></TR>
<TR><TD style="margin-top:0px" valign=top width=445.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=240 colspan=4><P style="margin:0px" align=center><B>Expressed in $&#146;000&#146;s </B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=445.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=240 colspan=4><P style="margin:0px" align=right><B>Three months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=445.2><P style="margin:0px" align=justify><B>Other operating expenses are comprised of:</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=95.867><P style="margin:0px" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=445.2><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;Loss on disposal of mineral properties, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=top width=21.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=95.867><P style="margin:0px; padding-right:3.867px" align=right>52</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=445.2><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;Impairment of inventories</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px" align=right><B>212</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=95.867><P style="margin:0px; padding-right:3.867px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=445.2><P style="margin:0px" align=justify><B>Total other operating expenses</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=21.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px" align=right><B>212</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=21.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=95.867><P style="margin:0px; padding-right:3.867px" align=right>52</P>
</TD><A NAME="_Toc417402229"></A><A NAME="_Toc417896477"></A><A NAME="_Toc418251288"></A><A NAME="_Toc420050695"></A></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc424802687"></A><A NAME="_Toc425157256"></A><A NAME="_Toc425165164"></A><A NAME="_Toc425778463"></A><A NAME="_Toc433107337"></A><A NAME="_Toc433276016"></A><A NAME="_Toc433276144"></A><A NAME="_Toc433646098"></A><A NAME="_Toc433809828"></A><P style="margin:0px; font-size:11pt" align=justify><B>Income Taxes</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following table summarizes the details of income taxes by region and component:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 15</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=186 /><TD width=72 /><TD width=72 /><TD width=72 /><TD width=72 /><TD width=66 /><TD width=72 /></TR>
<TR><TD style="margin-top:0px" valign=top width=186><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=426 colspan=6><P style="margin-top:6.6px; margin-bottom:0px; font-size:11pt" align=center><B>Expressed in $ millions</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=186><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" width=426 colspan=6><P style="margin:0px; font-size:11pt" align=center><B>Three months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=186><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" width=216 colspan=3><P style="margin-top:4.867px; margin-bottom:0px; font-size:11pt" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" width=210 colspan=3><P style="margin-top:4.867px; margin-bottom:0px; font-size:11pt" align=center>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=186><P style="margin:0px; padding-right:3.867px; font-size:11pt"><B>Income taxes</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>Peru</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>Mexico</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=72><P style="margin:0px; padding-right:6px; font-size:11pt" align=right><B>Total</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>Peru</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>Mexico</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=186><P style="margin:0px; padding-right:3.867px; font-size:11pt">Current income tax</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;(0.1)</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=186><P style="margin:0px; padding-right:3.867px; font-size:11pt">Deferred income tax</P>
</TD><TD style="margin-top:0px" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.4</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.1</B></P>
</TD><TD style="margin-top:0px" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.5</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>0.4</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; font-size:11pt" align=right>(1.1)</P>
</TD><TD style="margin-top:0px" width=72><P style="margin:0px; font-size:11pt" align=right>(0.7)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=186><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Income taxes for Q3 2015 decreased to $3.0 million (Q3 2014: $5.1 million) as current income tax decreased $3.3 million and deferred income tax increased $1.2 million.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc433809829"></A><A NAME="_Toc368569089"></A><A NAME="_Toc320024911"></A><P style="margin:0px; font-size:11pt" align=justify><B>Nine Month 2015 Financial Results</B></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc420050697"></A><A NAME="_Toc424802689"></A><A NAME="_Toc425157258"></A><A NAME="_Toc425165166"></A><A NAME="_Toc425778465"></A><A NAME="_Toc433107339"></A><A NAME="_Toc433276018"></A><A NAME="_Toc433276146"></A><A NAME="_Toc433646100"></A><A NAME="_Toc433809830"></A><P style="margin:0px; font-size:11pt" align=justify><B>Summary of Financial Results</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=343.2 /><TD width=22.4 /><TD width=96 /><TD width=21.733 /><TD width=104.8 /><TD width=75.2 /></TR>
<TR><TD style="margin-top:0px" valign=top width=343.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=244.933 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>Nine months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=75.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=343.2><P style="margin:0px; font-size:11pt" align=justify><B>(Expressed in $ millions)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=22.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.8><P style="margin:0px; font-size:11pt" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=center>% <B>Chg</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=343.2><P style="margin:0px; font-size:11pt" align=justify>Sales</P>
</TD><TD style="margin-top:0px" valign=top width=22.4><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>117.7</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=104.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>136.2</P>
</TD><TD style="margin-top:0px" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(14%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=343.2><P style="margin:0px; font-size:11pt" align=justify>Cost of Sales</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=22.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>84.4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>86.0</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(2%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=343.2><P style="margin:0px; font-size:11pt" align=justify><B>Mine operating earnings *</B></P>
</TD><TD style="margin-top:0px" valign=top width=22.4><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>33.3</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=104.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>50.2</P>
</TD><TD style="margin-top:0px" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(34%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=343.2><P style="margin:0px; font-size:11pt" align=right>as a % of Sales</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=22.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=96><P style="margin:0px; font-size:11pt" align=right>28%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=104.8><P style="margin:0px; font-size:11pt" align=right>37%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(23%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=343.2><P style="margin:0px; font-size:11pt" align=justify>Selling, general and administrative expenses</P>
</TD><TD style="margin-top:0px" valign=top width=22.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>13.2</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>20.3</P>
</TD><TD style="margin-top:0px" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(35%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=343.2><P style="margin:0px; font-size:11pt" align=justify>Foreign exchange (gain) loss</P>
</TD><TD style="margin-top:0px" valign=top width=22.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.8</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.8><P style="margin:0px; font-size:11pt" align=right>(0.2)</P>
</TD><TD style="margin-top:0px" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(500%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=343.2><P style="margin:0px; font-size:11pt" align=justify>Operating income</P>
</TD><TD style="margin-top:0px" valign=top width=22.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>18.8</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>30.1</P>
</TD><TD style="margin-top:0px" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(38%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=343.2><P style="margin:0px; font-size:11pt" align=right>as a % of Sales</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=22.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=96><P style="margin:0px; font-size:11pt" align=right>16%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=104.8><P style="margin:0px; font-size:11pt" align=right>22%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(28%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=343.2><P style="margin:0px; font-size:11pt" align=justify>Income before tax</P>
</TD><TD style="margin-top:0px" valign=top width=22.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>18.0</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>29.5</P>
</TD><TD style="margin-top:0px" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(39%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=343.2><P style="margin:0px; font-size:11pt" align=justify><B>Net income</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=22.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>6.7</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>15.5</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=75.2><P style="margin:0px; font-size:11pt" align=right>(57%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=343.2><P style="margin:0px; font-size:11pt" align=right>as a % of Sales</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=22.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=96><P style="margin:0px; font-size:11pt" align=right>6%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=104.8><P style="margin:0px; font-size:11pt" align=right>11%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=75.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=343.2><P style="margin:0px; font-size:11pt" align=justify>Operating cash flow before changes in</P>
<P style="margin:0px; font-size:11pt" align=justify>working capital *</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=22.4><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>19.8</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.8><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>49.8</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=75.2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>(60%)</P>
</TD></TR>
</TABLE>
<P style="margin-top:3px; margin-bottom:3px; font-size:9pt" align=justify><I>Note: Figures may not add due to rounding</I></P>
<P style="margin:0px; font-size:9pt" align=justify><I>Note: * Mine operating earnings and Operating cash flow per share before changes in working capital are non-GAAP financial measures</I></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc420050698"></A><A NAME="_Toc424802690"></A><A NAME="_Toc425157259"></A><A NAME="_Toc425165167"></A><A NAME="_Toc425778466"></A><A NAME="_Toc433107340"></A><A NAME="_Toc433276019"></A><A NAME="_Toc433276147"></A><A NAME="_Toc433646101"></A><A NAME="_Toc433809831"></A><P style="margin:0px; font-size:11pt" align=justify><B>Sales </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following table summarizes the details of sales by region and component:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 16</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=192 /><TD width=90 /><TD width=78 /><TD width=6 /><TD width=84 /><TD width=12 /><TD width=90 /><TD width=84 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=534 colspan=8><P style="margin-top:5.4px; margin-bottom:0px; font-size:9pt" align=center><B>YEAR TO DATE RESULTS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=534 colspan=8><P style="margin:0px; font-size:9pt" align=center><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=258 colspan=4><P style="margin:0px; font-size:9pt" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=264 colspan=3><P style="margin:0px; font-size:9pt" align=center>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-right:3.867px; font-size:9pt"><B><U>Sales and Realized Prices</U></B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=90><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right><B>Caylloma</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=84 colspan=2><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right><B>San Jose</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=84><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right><B>Consolidated</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=90><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right>Caylloma</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=84><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right>San Jose</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=90><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right>Consolidated</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=360 colspan=3><P style="margin:0px; padding-right:3.867px; font-size:9pt"><B>(Expressed in $ millions, unless otherwise noted)</B></P>
</TD><TD style="margin-top:0px" valign=top width=90 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Provisional Sales</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right><B>42.8</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right><B>77.4</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right><B>120.2</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right>52.2</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right>85.4</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:9pt" align=right>137.6</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Adjustments *</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>(1.1)</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; font-size:9pt" align=right><B>(1.4)</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:9pt" align=right><B>(2.5)</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; font-size:9pt" align=right>(1.0)</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:9pt" align=right>(0.5)</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; font-size:9pt" align=right>(1.5)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Sales</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>&nbsp;<B>41.7</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;76.0</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;117.7</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B>51.2</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>85.0</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>136.2</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-right:3.867px; font-size:9pt"><B>Silver</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Provisional Sales (oz)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>&nbsp;<B>1,392,661</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;3,611,215</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;5,003,876</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B>1,665,087</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>3,418,152</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>5,083,239</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Realized Price ($/oz)**</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>16.05</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>15.88</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>15.92</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>19.87</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>19.65</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>19.72</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Net Realized Price ($/oz)***</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>13.81</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>14.28</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>14.15</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>17.24</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>17.69</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>17.54</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-right:3.867px; font-size:9pt"><B>Gold</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Provisional Sales (oz)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>997</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>28,347</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>29,344</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1,510</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>25,478</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>26,988</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Realized Price ($/oz)**</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1,198.74</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1,171.93</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1,172.84</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1,299.86</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1,281.95</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1,282.95</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Net Realized Price ($/oz)***</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>&nbsp;<B>662.25</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;910.80</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;902.36</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>&nbsp;</B>950.72</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>980.68</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>979.00</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-right:3.867px; font-size:9pt"><B>Lead</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Provisional Sales (000&#146;s lb)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>15,205</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>15,205</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>12,063</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>12,063</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Realized Price ($/lb)**</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.82</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.82</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.96</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.96</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Net Realized Price ($/lb)***</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.60</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.60</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.72</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.72</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-right:3.867px; font-size:9pt"><B>Zinc</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Provisional Sales (000&#146;s lb)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>26,270</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>26,270</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>20,516</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>20,516</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Realized Price ($/lb)**</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.92</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.92</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.97</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.97</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding-left:18px; padding-right:3.867px; font-size:9pt">Net Realized Price ($/lb)***</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.53</B></P>
</TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.53</B></P>
</TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.65</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.65</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 colspan=2><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px; font-size:8pt" align=justify><B>* Adjustments consists of mark-to-market and final price adjustments, and final assay adjustments</B></P>
<P style="margin:0px; font-size:8pt" align=justify><B>** Based on provisional sales before final price adjustments</B></P>
<P style="margin:0px; font-size:8pt" align=justify><B>***Net after payable metal deductions, treatment, and refining charges</B></P>
<P style="margin:0px; font-size:8pt" align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treatment charges are allocated to the base metals in Caylloma and to gold in San Jose</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Sales for the nine months ended September 30, 2015, were $117.7 million, 14% below the same period in the prior year (2014: $136.2 million). Silver sold decreased 2% and gold ounces sold increased 9%, while realized prices for silver and gold decreased 19% and 9%, respectively. Sales at San Jose decreased 11% to $76.0 million (2014: $85.0 million) as a result of lower realized prices for silver. Sales at Caylloma decreased 19% to $41.7 million (2014: $51.2 million) as a result of lower realized prices for silver. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Sales comprised 59% silver and 22% gold, compared with 65% and 19%, respectively, in the prior year nine month period.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s metal concentrates are provisionally priced at the time of sale based on the prevailing commodity market price. Final prices are set in a period subsequent to the date of sale based on a specified quotational period, either one, two, or three months after delivery. Under current sales contracts, final pricing for all concentrates takes place one month after the month of sale. Our recorded sales during the nine months ended September 30, 2015, consisted of provisional sales of $120.2 million (2014: $137.6 million); negative price and mark-to-market adjustments of $1.7 million (2014: $nil); and negative assay adjustments of $0.8 million (2014: negative $1.4 million). </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 17</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The net realized prices shown above are calculated based on provisional sales pricing and on contained metals in concentrate sold and after accounting for payable metal deductions, treatment, and refining charges before government royalties. To establish the net realized price for silver, treatment charges on our mineral concentrates are allocated to the base metals at Caylloma and to gold at San Jose. The Company has not hedged its exposure to metal price risks.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc420050699"></A><A NAME="_Toc424802691"></A><A NAME="_Toc425157260"></A><A NAME="_Toc425165168"></A><A NAME="_Toc425778467"></A><A NAME="_Toc433107341"></A><A NAME="_Toc433276020"></A><A NAME="_Toc433276148"></A><A NAME="_Toc433646102"></A><A NAME="_Toc433809832"></A><P style="margin:0px; font-size:11pt" align=justify><B>Mine Operating Earnings, Operating (Loss) Income, and EBITDA</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following table summarizes the details of mine operating earnings, operating (loss) income, and EBITDA by region and component:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=316.2 /><TD width=79.6 /><TD width=64.133 /><TD width=78 /><TD width=62.933 /><TD width=73.067 /><TD width=69.133 /><TD width=73.067 /><TD width=62.8 /><TD width=65.067 /></TR>
<TR><TD style="margin-top:0px" valign=top width=316.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=562.733 colspan=8><P style="margin:0px; font-size:11pt" align=center><B>Nine months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=316.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=284.667 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=278.067 colspan=4><P style="margin:0px; font-size:11pt" align=center>2014</P>
</TD><TD style="margin-top:0px" valign=top width=65.067><P style="margin:0px; font-size:11pt" align=center><B>%</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=316.2><P style="margin:0px; font-size:11pt" align=justify><B>(Expressed in $ millions)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>Total</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>Corporate</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=69.133><P style="margin:0px; font-size:11pt" align=right>Bateas</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>Cuzcatlan</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>Total</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.067><P style="margin:0px; font-size:11pt" align=center><B>Change</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=316.2><P style="margin:0px; font-size:11pt" align=justify><B>Mine operating earnings*</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;4.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;29.2</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;33.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;13.2</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;37.0</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;50.2</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>(34%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=316.2><P style="margin:0px; font-size:11pt" align=right><B>as a % of Sales</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>0%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>10%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>38%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>28%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>0%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=69.133><P style="margin:0px; font-size:11pt" align=right>26%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>44%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>37%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>(23%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=316.2><P style="margin:0px; font-size:11pt" align=justify>Other expenses</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.933><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=316.2><P style="margin:0px; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>7.7</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2.0</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>3.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>13.2</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>14.0</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>2.7</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>3.6</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>20.3</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>(35%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=316.2><P style="margin:0px; font-size:11pt" align=right><B>as a % of Sales</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>0%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>5%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>5%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>11%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>0%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=69.133><P style="margin:0px; font-size:11pt" align=right>5%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>4%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>15%</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>(25%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=316.2><P style="margin:0px; font-size:11pt" align=justify><B>Operating (loss) income</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>(7.5)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>1.9</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>24.7</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>19.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>(13.4)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>10.2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>33.4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>30.2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>(37%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=316.2><P style="margin:0px; font-size:11pt" align=right><B>as a % of Sales</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>0%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>5%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>33%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>16%</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>0%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.133><P style="margin:0px; font-size:11pt" align=right>20%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>39%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>22%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>(27%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=316.2><P style="margin:0px; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: Depletion and depreciation**</P>
</TD><TD style="margin-top:0px" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.5</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>6.7</B></P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>12.3</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>19.5</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>0.4</P>
</TD><TD style="margin-top:0px" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>5.5</P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>12.1</P>
</TD><TD style="margin-top:0px" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>18.0</P>
</TD><TD style="margin-top:0px" valign=top width=65.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>8%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=316.2><P style="margin:0px; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: Share-based payments**</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>5.2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>5.2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>(90%)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=316.2><P style="margin:0px; font-size:11pt" align=justify><B>EBITDA*</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.5)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;8.6</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;37.0</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;39.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>$ &nbsp;&nbsp;(7.8)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;15.7</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;45.5</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;53.4</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=65.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>(27%)</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><I>Note: Figures may not add due to rounding</I></P>
<P style="margin:0px; font-size:9pt" align=justify><I>Note: * Mine operating earnings and EBITDA are non-GAAP financial measures</I></P>
<P style="margin:0px; font-size:9pt" align=justify><I>Note: **included in cost of sales or selling, general and administrative expenses</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For the nine months ended September 30, 2015, mine operating earnings decreased 34% from the prior year nine month period, while gross margins (mine operating earnings over sales) decreased from 37% to 28%. The impact of lower metal prices on gross margins was partially offset by lower unit cash costs at Cuzcatlan and Bateas (down 6% and 3%, respectively). Mine operating earnings decreased 21% at Cuzcatlan and 69% at Bateas, whereas depreciation and depletion were higher than in the prior year period (3% at Cuzcatlan and 22% at Bateas). </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015, operating income decreased 38% to $18.8 million from the prior year nine month period, while operating margins decreased from 22% to 16%. Lower mine operating earnings were partially offset by 35% lower selling, general and administrative expenses.</P>
<P style="margin:0px"><BR></P>
<A NAME="_Toc420050700"></A><A NAME="_Toc424802692"></A><A NAME="_Toc425157261"></A><A NAME="_Toc425165169"></A><A NAME="_Toc425778468"></A><A NAME="_Toc433107342"></A><A NAME="_Toc433276021"></A><A NAME="_Toc433276149"></A><A NAME="_Toc433646103"></A><A NAME="_Toc433809833"></A><P style="margin:0px; font-size:11pt" align=justify><B>Selling, General and Administrative Expenses</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following table summarizes the details of selling, general and administrative expenses by region and component:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 18</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=241.2 /><TD width=79.6 /><TD width=64.133 /><TD width=78 /><TD width=62.933 /><TD width=73.067 /><TD width=69.133 /><TD width=73.067 /><TD width=62.8 /></TR>
<TR><TD style="margin-top:0px" valign=top width=241.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=562.733 colspan=8><P style="margin:0px; font-size:11pt" align=center><B>Expressed in $ millions</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=241.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=562.733 colspan=8><P style="margin:0px; font-size:11pt" align=center><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=241.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=284.667 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=278.067 colspan=4><P style="margin:0px; font-size:11pt" align=center>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=241.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>Total</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>Corporate</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=69.133><P style="margin:0px; font-size:11pt" align=right>Bateas</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>Cuzcatlan</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=241.2><P style="margin:0px; font-size:11pt" align=justify>General and administrative expenses</P>
</TD><TD style="margin-top:0px" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;1.9</B></P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;12.2</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;8.8</P>
</TD><TD style="margin-top:0px" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;2.6</P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8</P>
</TD><TD style="margin-top:0px" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;14.2</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=241.2><P style="margin:0px; font-size:11pt" align=justify>Share-based payments</P>
</TD><TD style="margin-top:0px" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.5</B></P>
</TD><TD style="margin-top:0px" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.5</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>5.2</P>
</TD><TD style="margin-top:0px" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>5.2</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=241.2><P style="margin:0px; font-size:11pt" align=justify>Workers&#146; participation</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.4</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>0.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>0.1</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>0.8</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>0.9</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=241.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;2.0</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;13.2</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;14.0</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;2.7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.8><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;20.3</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Selling, general and administrative expenses<B> </B>for the nine months ended September 30, 2015 decreased 35%, or $7.1 million, to $13.2 million (2014: $20.3 million). The main driver for the decrease was the decline in share-based payments to $0.5 million; a $4.7 million reduction compared with the prior year nine month period that was mostly related to mark-to-market effects stemming from the performance of our share price. Also contributing to the decrease were lower general and administrative expenses of $2.0 million, and lower workers&#146; participation of $0.4 million. </P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc433646104"></A><A NAME="_Toc433809834"></A><P style="margin:0px; font-size:11pt" align=justify><B>Foreign exchange loss (gain)</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For the nine months ended September 30, 2015 and 2014, the foreign exchange loss (gain) by reportable segments were as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=127.2 /><TD width=79.6 /><TD width=64.133 /><TD width=78 /><TD width=62.933 /><TD width=73.067 /><TD width=69.133 /><TD width=73.067 /><TD width=62.8 /></TR>
<TR><TD style="margin-top:0px" valign=top width=127.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=562.733 colspan=8><P style="margin:0px; font-size:11pt" align=center><B>Expressed in $ millions</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=127.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=562.733 colspan=8><P style="margin:0px; font-size:11pt" align=center><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=127.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=284.667 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=278.067 colspan=4><P style="margin:0px; font-size:11pt" align=center>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=127.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.6><P style="margin:0px; font-size:11pt" align=right><B>Corporate</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.133><P style="margin:0px; font-size:11pt" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin:0px; font-size:11pt" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.933><P style="margin:0px; font-size:11pt" align=right><B>Total</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>Corporate</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.133><P style="margin:0px; font-size:11pt" align=right>Bateas</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>Cuzcatlan</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=127.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=79.6><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=64.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;0.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=78><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.933><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;0.8</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.4)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=69.133><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;0.2</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.8><P style="margin:0px; font-size:11pt" align=right>$ &nbsp;&nbsp;(0.2)</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The increase in the foreign exchange loss by $1.0 million to $0.8 million is a result of the devaluation of the Mexican pesos and Canadian dollar.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc420050701"></A><A NAME="_Toc424802694"></A><A NAME="_Toc425157263"></A><A NAME="_Toc425165171"></A><A NAME="_Toc425778470"></A><A NAME="_Toc433107343"></A><A NAME="_Toc433276022"></A><A NAME="_Toc433276150"></A><A NAME="_Toc433646105"></A><A NAME="_Toc433809835"></A><P style="margin:0px; font-size:11pt" align=justify><B>Other Operating Expenses</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following table summarizes the details of other operating expenses:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=445.2 /><TD width=21.067 /><TD width=102 /><TD width=21.067 /><TD width=95.867 /></TR>
<TR><TD style="margin-top:0px" valign=top width=445.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=240 colspan=4><P style="margin:0px" align=center><B>Expressed in $&#146;000&#146;s </B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=445.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=240 colspan=4><P style="margin:0px" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=445.2><P style="margin:0px" align=justify><B>Other operating expenses are comprised of:</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=95.867><P style="margin:0px" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=445.2><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;Loss on disposal of mineral properties, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=top width=21.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:3.867px" align=right><B>17</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=95.867><P style="margin:0px; padding-right:3.867px" align=right>88</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=445.2><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;Impairment of inventories</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px" align=right><B>212</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=95.867><P style="margin:0px; padding-right:3.867px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=445.2><P style="margin:0px" align=justify><B>Total other operating expenses</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=21.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=102><P style="margin:0px; padding-right:3.867px" align=right><B>229</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=21.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=95.867><P style="margin:0px; padding-right:3.867px" align=right>88</P>
</TD><A NAME="_Toc420050702"></A><A NAME="_Toc424802695"></A><A NAME="_Toc425157264"></A><A NAME="_Toc425165172"></A><A NAME="_Toc425778471"></A><A NAME="_Toc433107344"></A><A NAME="_Toc433276023"></A><A NAME="_Toc433276151"></A><A NAME="_Toc433646106"></A><A NAME="_Toc433809836"></A></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 19</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B>Income Taxes</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following table summarizes the details of income taxes by region and component:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=186 /><TD width=72 /><TD width=72 /><TD width=72 /><TD width=72 /><TD width=66 /><TD width=72 /></TR>
<TR><TD style="margin-top:0px" valign=top width=186><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=426 colspan=6><P style="margin-top:6.6px; margin-bottom:0px; font-size:11pt" align=center><B>Expressed in $ millions</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=186><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" width=426 colspan=6><P style="margin:0px; font-size:11pt" align=center><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=186><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" width=216 colspan=3><P style="margin-top:4.867px; margin-bottom:0px; font-size:11pt" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" width=210 colspan=3><P style="margin-top:4.867px; margin-bottom:0px; font-size:11pt" align=center>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=186><P style="margin:0px; padding-right:3.867px; font-size:11pt"><B>Income taxes</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>Peru</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>Mexico</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=72><P style="margin:0px; padding-right:6px; font-size:11pt" align=right><B>Total</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>Peru</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>Mexico</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=186><P style="margin:0px; padding-right:3.867px; font-size:11pt">Current income tax</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.0</P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-left:3.467px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;11.4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=186><P style="margin:0px; padding-right:3.867px; font-size:11pt">Deferred income tax</P>
</TD><TD style="margin-top:0px" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>1.0</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>1.6</B></P>
</TD><TD style="margin-top:0px" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2.6</B></P>
</TD><TD style="margin-top:0px" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>0.7</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>1.8</P>
</TD><TD style="margin-top:0px" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>2.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=186><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>$ &nbsp;&nbsp;&nbsp;11.3</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=66><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" width=72><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;13.9</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Income taxes for the nine months ended September 30, 2015, decreased to $11.3 million (2014: $13.9 million) as current income tax decreased $2.7 million and deferred income tax increased $0.1 million.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc433809837"></A><P style="margin:0px; font-size:11pt" align=justify><B>Non-GAAP Financial Measures</B></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc413240211"></A><A NAME="_Toc417402231"></A><A NAME="_Toc417896479"></A><A NAME="_Toc418251291"></A><A NAME="_Toc420050704"></A><A NAME="_Toc424802697"></A><A NAME="_Toc425157266"></A><A NAME="_Toc425165174"></A><A NAME="_Toc425778473"></A><A NAME="_Toc433107346"></A><A NAME="_Toc433276025"></A><A NAME="_Toc433276153"></A><A NAME="_Toc433646108"></A><A NAME="_Toc433809838"></A><P style="margin:0px; font-size:11pt" align=justify><B><I>Cash cost per payable ounce of silver and cash cost per tonne of processed ore (non-GAAP financial measure)</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Cash cost per payable ounce of silver and cash cost per tonne of processed ore are key performance measures that management uses to monitor performance. Management believes that certain investors also use these non-GAAP financial measures to evaluate the Company&#146;s performance. Cash costs are an industry-standard method of comparing certain costs on a per unit basis; however, they do not have a standardized meaning or method of calculation, even though the descriptions of such measures may be similar. These performance measures have no meaning under International Financial Reporting Standards (&#147;IFRS&#148;), and, therefore, amounts presented may not be comparable with similar data presented by other mining companies. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following tables present a reconciliation of cash costs per tonne of processed ore and cash costs per payable ounce of silver to the cost of sales in the consolidated financial statements for the three and nine months ended September 30, 2015 and 2014:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 20</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=318 /><TD width=96 /><TD width=96 /><TD width=18 /><TD width=84 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Consolidated Mine Cash Cost</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=192 colspan=2><P style="margin:0px; font-size:9pt" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=174 colspan=2><P style="margin:0px; font-size:9pt" align=center>Expressed in $&#146;000&#146;s</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=318><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:9pt" align=right><B>Q3 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; font-size:9pt" align=right><B>YTD</B></P>
<P style="margin:0px; font-size:9pt" align=right><B>Q3 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:9pt" align=right><B>Q3 2014</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>YTD</P>
<P style="margin:0px; font-size:9pt" align=right><B>Q3 2014</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Cost of sales <SUP>1</SUP></B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>28,708</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>84,400</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>29,664</P>
</TD><TD style="margin-top:0px" valign=bottom width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>85,982</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Add / (Subtract):</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Change in concentrate inventory</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>531</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>319</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:9pt" align=right>(383)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(1,136)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Depletion and depreciation in concentrate inventory</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:9pt" align=right><B>(127)</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:9pt" align=right><B>(102)</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>107</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>281</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Government royalties and mining taxes</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:9pt" align=right><B>(266)</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:9pt" align=right><B>(886)</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:9pt" align=right>(372)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(1,090)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Workers participation</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:9pt" align=right><B>(537)</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:9pt" align=right><B>(1,935)</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:9pt" align=right>(1,322)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(3,772)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Depletion and depreciation</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; font-size:9pt" align=right><B>(6,488)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; font-size:9pt" align=right><B>(18,804)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; font-size:9pt" align=right>(6,076)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(17,224)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost (A)</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>21,821</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>62,992</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>21,618</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>63,041</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost (A)</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>21,821</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>62,992</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>21,618</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>63,041</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Add / (Subtract):</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>By-product credits from gold, lead and zinc</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:9pt" align=right><B>(17,715)</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; font-size:9pt" align=right><B>(49,924)</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:9pt" align=right>(17,534)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(47,842)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Refining charges</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1,849</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>5,497</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>2,150</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>6,021</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost applicable per payable ounce (B)</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>5,955</B></P>
</TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>18,565</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>6,234</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>21,220</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Payable ounces of silver production (C)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1,661,524</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>4,824,029</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1,715,469</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>4,738,129</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=96><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=318><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost per ounce of payable silver ($/oz) (B/C)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>3.58</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=96><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>3.85</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>3.63</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>4.48</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>(1) </SUP><FONT style="font-size:8pt">Includes depletion, depreciation, distribution, community relations, government royalties and mining taxes, and workers participation</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 21</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=321.267 /><TD width=92.733 /><TD width=93.933 /><TD width=17.6 /><TD width=86.733 /><TD width=86.733 /></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>San Jose Mine Cash Cost</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=186.667 colspan=2><P style="margin:0px; font-size:9pt" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=173.467 colspan=2><P style="margin:0px; font-size:9pt" align=center>Expressed in $&#146;000&#146;s</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=321.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=92.733><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:9pt" align=right><B>Q3 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=93.933><P style="margin:0px; font-size:9pt" align=right><B>YTD</B></P>
<P style="margin:0px; font-size:9pt" align=right><B>Q3 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=86.733><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:9pt" align=right>Q3 2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=86.733><P style="margin:0px; font-size:9pt" align=right>YTD</P>
<P style="margin:0px; font-size:9pt" align=right>Q3 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Cost of sales <SUP>1</SUP></B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>16,274</B></P>
</TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>46,793</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>16,527</P>
</TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>47,961</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Add / (Subtract):</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Change in concentrate inventory</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; font-size:9pt" align=right><B>(31)</B></P>
</TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; font-size:9pt" align=right><B>(104)</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; font-size:9pt" align=right>(415)</P>
</TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; font-size:9pt" align=right>(1,372)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Depletion and depreciation in concentrate inventory</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>9</B></P>
</TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>20</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>114</P>
</TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>330</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Government royalties and mining taxes</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; font-size:9pt" align=right><B>(112)</B></P>
</TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; font-size:9pt" align=right><B>(351)</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; font-size:9pt" align=right>(131)</P>
</TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; font-size:9pt" align=right>(416)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Workers participation</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; font-size:9pt" align=right><B>(577)</B></P>
</TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; font-size:9pt" align=right><B>(1,599)</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; font-size:9pt" align=right>(1,012)</P>
</TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; font-size:9pt" align=right>(3,100)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Depletion and depreciation</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.733><P style="margin:0px; font-size:9pt" align=right><B>(4,221)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=93.933><P style="margin:0px; font-size:9pt" align=right><B>(12,128)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.733><P style="margin:0px; font-size:9pt" align=right>(4,184)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.733><P style="margin:0px; font-size:9pt" align=right>(11,736)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost (A)</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>11,342</B></P>
</TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>32,631</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>10,899</P>
</TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>31,667</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Total processed ore (tonnes) (B)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>183,068</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>544,716</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>177,112</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>495,257</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost per tonne of processed ore ($/t) (A/B)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=92.733><P style="margin:0px; padding-right:2.867px; font-size:9pt" align=right><B>61.96</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=93.933><P style="margin:0px; padding-right:2.867px; font-size:9pt" align=right><B>59.90</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:2.867px; font-size:9pt" align=right>61.54</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:2.867px; font-size:9pt" align=right>63.94</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost (A)</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>11,342</B></P>
</TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>32,631</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>10,899</P>
</TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>31,667</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Add / (Subtract):</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>By-product credits from gold</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; font-size:9pt" align=right><B>(9,401)</B></P>
</TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; font-size:9pt" align=right><B>(26,198)</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; font-size:9pt" align=right>(9,200)</P>
</TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; font-size:9pt" align=right>(24,453)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Refining charges</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1,289</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>3,521</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1,255</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>3,298</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost applicable per payable ounce ( C)</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>3,230</B></P>
</TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>9,954</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>2,954</P>
</TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>10,512</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Payable ounces of silver production (D)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1,288,735</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>3,520,703</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1,156,178</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>3,163,444</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost per ounce of payable silver ($/oz) (C/D)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>2.51</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>2.83</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>2.55</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>3.32</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Mining cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>34.65</B></P>
</TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>32.11</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>29.30</P>
</TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>31.06</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Milling cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>13.60</B></P>
</TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>14.50</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>15.98</P>
</TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>16.80</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Indirect cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>8.13</B></P>
</TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>7.83</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>9.41</P>
</TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>9.64</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Community relations cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1.40</B></P>
</TD><TD style="margin-top:0px" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1.09</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1.43</P>
</TD><TD style="margin-top:0px" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1.15</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Distribution cost per tonne</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>4.18</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>4.37</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>5.42</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>5.29</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=321.267><P style="margin:0px; font-size:9pt" align=justify><B>Total production cost per tonne</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=92.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>61.96</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=93.933><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>59.90</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=17.6><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>61.54</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=86.733><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>63.94</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>1 </SUP><FONT style="font-size:8pt">includes depletion, depreciation, distribution, community relations, government royalties and mining taxes, and workers participation</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 22</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=324 /><TD width=90 /><TD width=90 /><TD width=18 /><TD width=90 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Caylloma Mine Cash Cost</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=180 colspan=2><P style="margin:0px; font-size:9pt" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=top width=180 colspan=2><P style="margin:0px; font-size:9pt" align=center>Expressed in $&#146;000&#146;s</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=324><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:9pt" align=right><B>Q3 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>YTD</B></P>
<P style="margin:0px; font-size:9pt" align=right><B>Q3 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=90><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:9pt" align=right>Q3 2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=90><P style="margin:0px; font-size:9pt" align=right>YTD</P>
<P style="margin:0px; font-size:9pt" align=right>Q3 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Cost of sales <SUP>1</SUP></B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>12.434</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>37,607</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>13,137</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>38,021</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Add / (Subtract):</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Change in concentrate inventory</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>562</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>423</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>32</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>236</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Depletion and depreciation in concentrate inventory</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>(136)</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>(122)</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(7)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(49)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Government royalties and mining taxes</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>(154)</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>(535)</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(241)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(674)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Workers participation</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>40</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>(336)</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(310)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(672)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Depletion and depreciation</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>(2,267)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>(6,676)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(1,892)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(5,488)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost (A)</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>10,479</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>30,361</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>10,719</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>31,374</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Total processed ore (tonnes) (B)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>118,086</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>348,510</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>117,728</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>347,763</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost per tonne of processed ore ($/t) (A/B)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>88.74</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>87.12</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>91.05</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>90.22</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost (A)</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>10,479</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>30,361</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>10,719</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>31,374</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Add / (Subtract):</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>By-product credits from gold, lead and zinc</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>(8,314)</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right><B>(23,726)</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(8,334)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-size:9pt" align=right>(23,389)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Refining charges</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>560</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1,976</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>895</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>2,723</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost applicable per payable ounce ( C)</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>2,725</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>8,611</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>3,280</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>10,708</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Payable ounces of silver production (D)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>372,789</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>1,303,326</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>559,291</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>1,574,685</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Cash cost per ounce of payable silver ($/oz) (C/D)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>7.31</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>6.61</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>5.86</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>6.80</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Mining cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>45.55</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>45.57</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>43.09</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>43.38</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Milling cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>14.18</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>14.42</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>15.38</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>15.30</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Indirect cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>19.68</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>19.33</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>23.05</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>22.69</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Community relations cost per tonne</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.80</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>0.31</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.88</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>0.55</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Distribution cost per tonne</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>8.53</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>7.49</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>8.65</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>8.30</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=324><P style="margin:0px; font-size:9pt" align=justify><B>Total production cost per tonne</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>88.74</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right><B>87.12</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=18><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>91.05</P>
</TD><TD style="margin-top:0px; border-bottom:3px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px; font-size:9pt" align=right>90.22</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>1 </SUP><FONT style="font-size:8pt">includes depletion, depreciation, distribution, community relations, government royalties and mining taxes, and workers participation.</FONT></P>
<A NAME="_Toc413240212"></A><A NAME="_Toc417402232"></A><A NAME="_Toc417896480"></A><A NAME="_Toc418251292"></A><A NAME="_Toc420050705"></A><A NAME="_Toc424802698"></A><A NAME="_Toc425157267"></A><A NAME="_Toc425165175"></A><A NAME="_Toc425778474"></A><A NAME="_Toc433107347"></A><A NAME="_Toc433276026"></A><A NAME="_Toc433276154"></A><A NAME="_Toc433646109"></A><A NAME="_Toc433809839"></A><P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page &#150; 23</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B><I>All-in cash cost per payable ounce of silver (non-GAAP financial measure)</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company believes that &#147;all-in sustaining costs&#148; and &#147;all-in costs&#148; better meet the needs of analysts, investors, and other stakeholders of the Company in understanding the costs associated with producing silver, the economics of silver mining, the Company&#146;s operating performance, and the Company&#146;s ability to generate free cash flow from current operations and on an overall company basis. &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company, in conjunction with an initiative undertaken within the gold mining industry, has adopted an all-in sustaining cost-performance measure; however, this performance measure has no standardized meaning. Effective June 30, 2013, the Company conformed its all-in sustaining definition to that set out in the guidance note released by the World Gold Council (&#147;WGC,&#148; a non-regulatory market development organization for the gold industry whose members comprise global senior gold mining companies) on June 27, 2013, and that came into effect January 1, 2014. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>All-in sustaining costs and all-in costs are intended to provide additional information only and do not have standardized definitions under the IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with the IFRS. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under the IFRS. Although the WGC has published a standardized definition, companies may calculate these measures differently.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>All-in sustaining costs include total production cash costs incurred at the Company&#146;s mining operations, which form the basis of the Company&#146;s by-product cash costs. Additionally, the Company includes sustaining capital expenditures, corporate selling, general and administrative expenses, and brownfields exploration expenditures. The Company believes that this measure represents the total costs of producing silver from operations and provides the Company and stakeholders of the Company with additional information on the Company&#146;s operational performance and ability to generate cash flows. As the measure seeks to reflect the full cost of silver production from operations, new project capital is not included. Certain other cash expenditures, including tax payments, dividends, and financing costs, are also not included. The Company reports this measure on a silver ounce sold basis. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The following tables provide a reconciliation of all-in sustaining costs per ounce in the consolidated financial statements for the three and nine months ended September 30, 2015 and 2014:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 24</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=390 /><TD width=114 /><TD width=114 /><TD width=18 /><TD width=114 /><TD width=114 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>Consolidated Mine All-in Cash Cost</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=228 colspan=2><P style="margin:0px; font-size:11pt" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" width=228 colspan=2><P style="margin:0px; font-size:11pt" align=center>Expressed in $&#146;000&#146;s</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right><B>Q3 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; font-size:11pt" align=right><B>YTD</B></P>
<P style="margin:0px; font-size:11pt" align=right><B>Q3 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>Q3 2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; font-size:11pt" align=right>YTD</P>
<P style="margin:0px; font-size:11pt" align=right>Q3 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Cash cost applicable per payable ounce</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>5,955</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>18,565</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>6,234</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>21,220</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Government royalty and mining tax</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>794</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,811</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>372</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,090</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Workers&#146; participation</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>683</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,414</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,637</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,692</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Selling, general and administrative expenses (operations)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,642</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>5,069</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,755</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5,382</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>Adjusted operating cash cost</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>9,074</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>28,859</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>9,998</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>32,384</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Selling, general and administrative expenses (corporate)</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,949</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>7,175</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,323</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>8,718</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Sustaining capital expenditures<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>10,429</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>25,049</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>6,053</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>25,012</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Brownfields exploration expenditures<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,463</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3,404</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,953</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5,525</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>All-in sustaining cash cost</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>22,915</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>64,487</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>20,327</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>71,639</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt">Non-sustaining capital expenditures<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,846</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3,032</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>374</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>858</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>All-in cash cost</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>25,761</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>67,519</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>20,701</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>72,497</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Payable ounces of silver operations</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,661,524</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>4,824,029</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,715,469</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,738,129</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>All-in sustaining cash cost per payable ounce of silver </B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>13.79</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>13.37</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>11.85</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>15.12</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>All-in cash cost per payable ounce of silver</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>15.50</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>14.00</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>12.07</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>15.30</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>1</SUP> presented on a cash basis</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=390 /><TD width=114 /><TD width=114 /><TD width=18 /><TD width=114 /><TD width=114 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>San Juan Mine All-in Cash Cost</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=228 colspan=2><P style="margin:0px; font-size:11pt" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" width=228 colspan=2><P style="margin:0px; font-size:11pt" align=center>Expressed in $&#146;000&#146;s</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right><B>Q3 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; font-size:11pt" align=right><B>YTD</B></P>
<P style="margin:0px; font-size:11pt" align=right><B>Q3 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>Q3 2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; font-size:11pt" align=right>YTD</P>
<P style="margin:0px; font-size:11pt" align=right>Q3 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Cash cost applicable per payable ounce</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3,230</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>9,954</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,954</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10,512</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Government royalty and mining tax</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>640</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,276</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>131</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>416</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Workers&#146; participation</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>721</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,999</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,265</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3,875</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Selling, general and administrative expenses (operations)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,072</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3,114</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>952</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,832</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>Adjusted operating cash cost</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>5,663</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>17,343</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5,302</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>17,635</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Sustaining capital expenditures<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>8,238</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>20,121</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3,455</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>18,440</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Brownfields exploration expenditures<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,344</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3,052</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,791</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,832</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>All-in sustaining cash cost</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>15,245</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>40,516</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10,548</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>40,907</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt">Non-sustaining capital expenditures<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,738</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,891</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>439</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>871</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>All-in cash cost</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>17,983</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>43,407</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10,987</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>41,778</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Payable ounces of silver operations</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,288,735</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3,520,703</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,156,178</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3,163,444</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>All-in sustaining cash cost per payable ounce of silver </B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>11.83</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>11.51</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>9.12</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>12.93</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>All-in cash cost per payable ounce of silver</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>13.95</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>12.33</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>9.50</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>13.21</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>1</SUP> presented on a cash basis</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 25</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=390 /><TD width=114 /><TD width=114 /><TD width=18 /><TD width=114 /><TD width=114 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>Caylloma Mine All-in Cash Cost</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=228 colspan=2><P style="margin:0px; font-size:11pt" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" width=228 colspan=2><P style="margin:0px; font-size:11pt" align=center>Expressed in $&#146;000&#146;s</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right><B>Q3 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; font-size:11pt" align=right><B>YTD</B></P>
<P style="margin:0px; font-size:11pt" align=right><B>Q3 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:11pt" align=right>Q3 2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; font-size:11pt" align=right>YTD</P>
<P style="margin:0px; font-size:11pt" align=right>Q3 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Cash cost applicable per payable ounce</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,725</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>8,611</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3,280</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10,708</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Government royalty and mining tax</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>154</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>535</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>241</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>674</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Workers&#146; participation</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:11pt" align=right><B>(46)</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>398</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>361</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>786</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Selling, general and administrative expenses (operations)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>570</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,955</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>803</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,550</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>Adjusted operating cash cost</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3,403</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>11,499</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4,685</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>14,718</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Sustaining capital expenditures<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2,191</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>4,928</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2,598</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>6,572</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Brownfields exploration expenditures<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>119</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>352</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>162</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>693</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>All-in sustaining cash cost</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>5,713</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>16,779</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7,445</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>21,983</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt">Non-sustaining capital expenditures<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>108</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>141</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; font-size:11pt" align=right>(65)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; font-size:11pt" align=right>(13)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>All-in cash cost</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>5,821</B></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>16,920</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7,380</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>21,970</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify>Payable ounces of silver operations</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>372,789</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,303,326</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>559,291</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1,574,685</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>All-in sustaining cash cost per payable ounce of silver </B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>15.33</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>12.87</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>13.31</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>13.96</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=390><P style="margin:0px; font-size:11pt" align=justify><B>All-in cash cost per payable ounce of silver</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>15.61</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>12.98</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>13.20</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>13.95</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>1</SUP> presented on a cash basis</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc413144287"></A><A NAME="_Toc433107348"></A><A NAME="_Toc433276027"></A><A NAME="_Toc433276155"></A><A NAME="_Toc433646110"></A><A NAME="_Toc433809840"></A><P style="margin:0px; font-size:11pt" align=justify><B><I>Adjusted net (loss) income (non-GAAP financial measure)</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>The Company uses the financial measure of &#147;adjusted net (loss) income&#148; to supplement information in its consolidated financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information and information obtained from conventional IFRS measures to evaluate the Company&#146;s performance. The term &#147;adjusted net (loss) income&#148; does not have a standardized meaning prescribed by the IFRS, and therefore the Company&#146;s definitions are unlikely to be comparable to similar measures presented by other companies.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=390 /><TD width=21.667 /><TD width=98.333 /><TD width=21.667 /><TD width=98.333 /><TD width=21.667 /><TD width=98.333 /><TD width=21.733 /><TD width=98.267 /></TR>
<TR><TD style="margin-top:0px" valign=top width=390><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=480 colspan=8><P style="margin:0px" align=center><B>Expressed in $ millions</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=390><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=240 colspan=4><P style="margin:0px" align=right><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=218.333 colspan=3><P style="margin:0px" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=390><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=98.333><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=98.333><P style="margin:0px" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=98.333><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=98.267><P style="margin:0px" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=390><P style="margin:0px" align=justify><B>NET INCOME FOR THE PERIOD</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=98.333><P style="margin:0px; padding-right:3.867px" align=right><B>2.6</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=98.333><P style="margin:0px; padding-right:3.867px" align=right>7.8</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=98.333><P style="margin:0px; padding-right:3.867px" align=right><B>6.7</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=98.267><P style="margin:0px; padding-right:3.867px" align=right>15.5</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=390><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;Items of note, net of tax</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=98.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=98.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=98.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=98.267><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=390><P style="margin:0px" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Impairment of inventories</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=98.333><P style="margin:0px; padding-right:3.867px" align=right><B>0.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=98.333><P style="margin:0px; padding-right:3.867px" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=98.333><P style="margin:0px; padding-right:3.867px" align=right><B>0.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=98.267><P style="margin:0px; padding-right:3.867px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=390><P style="margin:0px" align=justify><B>ADJUSTED NET INCOME FOR THE PERIOD </B><FONT style="font-size:8pt"><B><SUP>(1)</SUP></B></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=98.333><P style="margin:0px; padding-right:3.867px" align=right><B>2.7</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=98.333><P style="margin:0px; padding-right:3.867px" align=right>7.8</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=98.333><P style="margin:0px; padding-right:3.867px" align=right><B>6.8</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=98.267><P style="margin:0px; padding-right:3.867px" align=right>15.5</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>(1) </SUP><B>A non-GAAP financial measure</B></P>
<A NAME="_Toc413144288"></A><A NAME="_Toc413240214"></A><A NAME="_Toc417402234"></A><A NAME="_Toc417896481"></A><A NAME="_Toc418251293"></A><A NAME="_Toc420050706"></A><A NAME="_Toc424802699"></A><A NAME="_Toc425157268"></A><A NAME="_Toc425165176"></A><A NAME="_Toc425778475"></A><A NAME="_Toc433107349"></A><A NAME="_Toc433276028"></A><A NAME="_Toc433276156"></A><A NAME="_Toc433646111"></A><A NAME="_Toc433809841"></A><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B><I>Additional measures (non-GAAP financial measures)</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company uses other financial measures whose presentation is not meant to be a substitute for other subtotals or totals presented in accordance with the IFRS measures but that rather should be evaluated in conjunction with IFRS measures. The following other financial measures are used: operating cash flow per share before changes in working capital, mine operating earnings, and EBITDA. The terms described below do not have standardized meanings prescribed by the IFRS, and therefore the Company&#146;s definitions are unlikely to be comparable to similar measures presented by other companies. The Company&#146;s management believes that its presentation provides useful information for investors.</P>
<A NAME="_Toc368568767"></A><A NAME="_Toc368569091"></A><A NAME="_Toc368569235"></A><A NAME="_Toc371420353"></A><A NAME="_Toc371684208"></A><A NAME="_Toc378159821"></A><A NAME="_Toc381104630"></A><A NAME="_Toc381860550"></A><A NAME="_Toc383009036"></A><A NAME="_Toc385428691"></A><A NAME="_Toc385839438"></A><A NAME="_Toc385839671"></A><A NAME="_Toc386114572"></A><A NAME="_Toc386786128"></A><A NAME="_Toc393288591"></A><A NAME="_Toc394053765"></A><A NAME="_Toc400629704"></A><A NAME="_Toc401565739"></A><A NAME="_Toc402534284"></A><A NAME="_Toc403134077"></A><A NAME="_Toc409778866"></A><A NAME="_Toc410385125"></A><A NAME="_Toc411844271"></A><A NAME="_Toc412795361"></A><A NAME="_Toc413240215"></A><P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 26</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B><I>Operating cash flow per share before changes in working capital (non-GAAP financial measure)</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=426.4 /><TD width=21.667 /><TD width=103.933 /><TD width=21.667 /><TD width=104.333 /><TD width=21.667 /><TD width=104.333 /><TD width=21.733 /><TD width=110.267 /></TR>
<TR><TD style="margin-top:0px" valign=top width=426.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=509.6 colspan=8><P style="margin:0px" align=center><B>Expressed in $&#146;000&#146;s (except per share measures)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=426.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=251.6 colspan=4><P style="margin:0px" align=right><B>Three months ended September</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=236.333 colspan=3><P style="margin:0px" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=426.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=103.933><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.333><P style="margin:0px" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.333><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=110.267><P style="margin:0px" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=426.4><P style="margin:0px" align=justify>Net income for the period</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=103.933><P style="margin:0px; padding-right:3.867px" align=right><B>2,592</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right>7,824</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right><B>6,682</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px" align=right>15,545</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=426.4><P style="margin:0px" align=justify>Items not involving cash</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=103.933><P style="margin:0px; padding-right:3.867px" align=right><B>8,528</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right>10,831</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right><B>30,989</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=110.267><P style="margin:0px; padding-right:4.8px" align=right>36,585</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=426.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=103.933><P style="margin:0px; padding-right:3.867px" align=right><B>11,120</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right>18,655</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right><B>37,671</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px" align=right>52,130</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=426.4><P style="margin:0px" align=justify>Income taxes paid</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=103.933><P style="margin:0px" align=right><B>(3,120)</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px" align=right>(929)</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px" align=right><B>(17,479)</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px" align=right>(2,527)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=426.4><P style="margin:0px" align=justify>Interest expense paid</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=103.933><P style="margin:0px" align=right><B>(421)</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px" align=right><B>(693)</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px" align=right>(4)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=426.4><P style="margin:0px" align=justify>Interest income received</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=103.933><P style="margin:0px; padding-right:3.867px" align=right><B>91</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right>58</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right><B>268</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=110.267><P style="margin:0px; padding-right:4.8px" align=right>188</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=426.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=103.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=426.4><P style="margin:0px" align=justify>Cash generated by operating activities before changes in working capital</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=103.933><P style="margin:0px; padding-right:3.867px" align=right><B>7,670</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right>17,784</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right><B>19,767</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=110.267><P style="margin:0px; padding-right:4.8px" align=right>49,787</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=426.4><P style="margin:0px" align=justify>Divided by</P>
</TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=103.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=426.4><P style="margin:0px" align=justify>Weighted average number of shares (&#145;000&#146;s)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=103.933><P style="margin:0px; padding-right:3.867px" align=right><B>129,079</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right>127,097</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right><B>128,957</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=110.267><P style="margin:0px; padding-right:4.8px" align=right>126,479</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=426.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=103.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=426.4><P style="margin:0px" align=justify><B>Operating cash flow per share before changes in working capital <SUP>(1)</SUP></B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=103.933><P style="margin:0px; padding-right:3.867px" align=right><B>0.06</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right>0.14</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.667><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.333><P style="margin:0px; padding-right:3.867px" align=right><B>0.15</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=110.267><P style="margin:0px; padding-right:4.8px" align=right>0.39</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>(1) </SUP>A non-GAAP financial measure</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc413144290"></A><A NAME="_Toc413240216"></A><P style="margin:0px; font-size:11pt" align=justify><B><I>Mine operating earnings (non-GAAP financial measure)</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=432 /><TD width=21.733 /><TD width=104.267 /><TD width=21.733 /><TD width=104.267 /><TD width=21.733 /><TD width=104.267 /><TD width=21.733 /><TD width=110.267 /></TR>
<TR><TD style="margin-top:0px" valign=top width=432><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=510 colspan=8><P style="margin:0px; font-size:11pt" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=252 colspan=4><P style="margin:0px; font-size:11pt" align=right><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=236.267 colspan=3><P style="margin:0px; font-size:11pt" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=432><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.267><P style="margin:0px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.267><P style="margin:0px; font-size:11pt" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.267><P style="margin:0px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=110.267><P style="margin:0px; font-size:11pt" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432><P style="margin:0px; font-size:11pt" align=justify>Sales</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>39,041</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>46,384</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>117,716</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>136,183</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=432><P style="margin:0px; font-size:11pt" align=justify>Cost of sales</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>28,708</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>29,664</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>84,400</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>85,982</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432><P style="margin:0px; font-size:11pt" align=justify><B>Mine operating earnings <SUP>(1)</SUP></B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>10,333</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>16,720</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>33,316</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>50,201</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>(1) </SUP>A non-GAAP financial measure</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 27</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify><B><I>EBITDA (non-GAAP financial measure)</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=432 /><TD width=21.733 /><TD width=104.267 /><TD width=21.733 /><TD width=104.267 /><TD width=21.733 /><TD width=104.267 /><TD width=21.733 /><TD width=110.267 /></TR>
<TR><TD style="margin-top:0px" valign=top width=432><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=510 colspan=8><P style="margin:0px; font-size:11pt" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=252 colspan=4><P style="margin:0px; font-size:11pt" align=right><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=258 colspan=4><P style="margin:0px; font-size:11pt" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=432><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.267><P style="margin:0px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.267><P style="margin:0px; font-size:11pt" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=104.267><P style="margin:0px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=110.267><P style="margin:0px; font-size:11pt" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432><P style="margin:0px; font-size:11pt" align=justify>Net Income</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2,592</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>7,824</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>6,682</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>15,545</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432><P style="margin:0px; font-size:11pt" align=justify>Add back: Net finance expense</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>537</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>239</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>813</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>646</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432><P style="margin:0px; font-size:11pt" align=justify>Add back: Depreciation, depletion, and amortization</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>6,633</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>6,236</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>19,476</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>17,938</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432><P style="margin:0px; font-size:11pt" align=justify>Add back: Income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2,970</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>5,138</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>11,340</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>13,906</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432><P style="margin:0px; font-size:11pt" align=justify>Add back: Share-based payments</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; font-size:11pt" align=right><B>(1,461)</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; font-size:11pt" align=right>(795)</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>514</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5,248</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=432><P style="margin:0px; font-size:11pt" align=justify>Add back: Other</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>212</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>52</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>229</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>88</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432><P style="margin:0px; font-size:11pt" align=justify><B>EBITDA <SUP>(1)(2)</SUP></B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>11,483</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>18,694</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=104.267><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>39,054</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=110.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>53,371</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>(1) </SUP>A non-GAAP financial measure</P>
<P style="margin:0px; font-size:9pt" align=justify><SUP>(2) </SUP>EBITDA is net income before interest, taxes, depreciation, depletion, and amortization, unrealized gains and losses on hedge contracts, and share based payment</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024912"></A><A NAME="_Toc368569094"></A><A NAME="_Toc433809842"></A><P style="margin:0px; font-size:11pt" align=justify><B>Liquidity and Capital Resources &nbsp;&nbsp;</B></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc402534288"></A><A NAME="_Toc403134081"></A><A NAME="_Toc409778870"></A><A NAME="_Toc410385129"></A><A NAME="_Toc411844275"></A><A NAME="_Toc412795365"></A><A NAME="_Toc413240218"></A><A NAME="_Toc417402236"></A><A NAME="_Toc417896483"></A><A NAME="_Toc418251295"></A><A NAME="_Toc420050708"></A><A NAME="_Toc424802701"></A><A NAME="_Toc425157270"></A><A NAME="_Toc425165178"></A><A NAME="_Toc425778477"></A><A NAME="_Toc433107351"></A><A NAME="_Toc433276030"></A><A NAME="_Toc433276158"></A><A NAME="_Toc433646113"></A><A NAME="_Toc433809843"></A><P style="margin:0px; font-size:11pt" align=justify><I>Third Quarter 2015 Liquidity and Capital Resources</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The capital of the Company consists of equity and an available credit facility, net of cash. The Board of Directors has not established a quantitative return on capital criteria for management. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s cash and cash equivalents at September 30, 2015, totaled $67.2 million (December 31, 2014: &nbsp;$42.9 million), and its short term investments totaled $42.6 million (December 31, 2014: $34.4 million).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During Q3 2015, cash and cash equivalents increased $26.3 million (Q3 2014: increased $10.2 million) and was comprised the following:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=441.733 /><TD width=21.733 /><TD width=62.267 /><TD width=21.733 /><TD width=68.267 /><TD width=21.733 /><TD width=82.067 /></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=277.8 colspan=6><P style="margin:0px; font-size:11pt" align=right><B>Three months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>(Expressed in $ millions)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.267><P style="margin:0px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px; font-size:11pt" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>Change</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>Net cash provided by operating activities</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>17.9</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>19.7</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>(1.8)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>Net cash provided by (used in) investing activities</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>8.4</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; font-size:11pt" align=right>(10.5)</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>18.9</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>Net cash (used in) provided by financing activities</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.0</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>(1.0)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>Effect of exchange rate changes on cash and cash equivalents</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.267><P style="margin:0px; font-size:11pt" align=right>(0.3)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=82.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>0.3</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>INCREASE IN CASH AND CASH EQUIVALENTS</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>26.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10.2</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>16.1</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><B><I>Note: Figures may not add due to rounding</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the three months ended September 30, 2015 and 2014, net cash provided by operating activities included income taxes paid and interest expense paid and income received as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 28</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=441.733 /><TD width=21.733 /><TD width=62.267 /><TD width=21.733 /><TD width=68.267 /><TD width=21.733 /><TD width=82.067 /></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=277.8 colspan=6><P style="margin:0px; font-size:11pt" align=right><B>Three months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>(Expressed in $ millions)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.267><P style="margin:0px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px; font-size:11pt" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>Change</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>Cash provided by operating activities before interest and income</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>21.4</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>20.6</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>0.8</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding-left:22.8px; font-size:11pt" align=justify>Income taxes paid</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; font-size:11pt" align=right><B>(3.1)</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; font-size:11pt" align=right>(0.9)</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>(2.2)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding-left:22.8px; font-size:11pt" align=justify>Interest expense paid</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; font-size:11pt" align=right><B>(0.4)</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>(0.4)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=441.733><P style="margin:0px; padding-left:22.8px; font-size:11pt" align=justify>Interest income received</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>0.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=82.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>Net cash provided by operating activities</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>17.9</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>19.7</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>(1.8)</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><B><I>Note: Figures may not add due to rounding</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Cash provided by the Company in investing activities for Q3 2015 totaled $8.4 million (Q3 2014: used in, $10.5 million) and comprised the following: </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>$26.4 million (Q3 2014: net purchases of $2.6 million) in net redemption of short term investments;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>$3.3 million in net advances (Q3 2014: net receipts of $0.5 million) on deposits on long term assets; and,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>$14.7 million (Q3 2014: $8.4 million) in expenditures on mineral properties, plant and equipment comprising the following expenditures: </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=54 /><TD width=337.267 /><TD width=21.733 /><TD width=54.867 /><TD width=21.733 /><TD width=64.667 /><TD width=21.733 /><TD width=79.933 /></TR>
<TR><TD style="margin-top:0px" valign=top width=54><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=337.267><P style="margin:0px; font-size:11pt"><B>Three months ended September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=264.667 colspan=6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=54><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=337.267><P style="margin:0px; font-size:11pt" align=justify><B>(Expressed in $ millions)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=76.6 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=86.4 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=101.667 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>Consolidated</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=54><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=337.267><P style="margin:0px; font-size:11pt">Plant and equipment</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.7</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.3</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4.0</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=54><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=337.267><P style="margin:0px; font-size:11pt">Dry stack tailings deposit project</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>6.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>6.3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=54><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=337.267><P style="margin:0px; font-size:11pt">Equipment and infrastructure</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.7</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>9.6</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10.3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=54><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=337.267><P style="margin:0px; font-size:11pt">Infill drilling</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.1</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.1</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=54><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=337.267><P style="margin:0px; font-size:11pt">Mine development</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.6</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.3</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>2.9</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=54><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=337.267><P style="margin:0px; font-size:11pt">Brownfields exploration</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=54><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=337.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>2.4</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>12.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>14.7</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Cash provided by financing activities was $nil (Q3 2014: provided by, $1.0 million) and comprised net proceeds on the issuance of common shares of $nil (Q3 2014: $1.0 million).</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc420050709"></A><A NAME="_Toc424802702"></A><A NAME="_Toc425157271"></A><A NAME="_Toc425165179"></A><A NAME="_Toc425778478"></A><A NAME="_Toc433107352"></A><A NAME="_Toc433276031"></A><A NAME="_Toc433276159"></A><A NAME="_Toc433646114"></A><A NAME="_Toc433809844"></A><P style="margin:0px; font-size:11pt" align=justify><I>Nine Months 2015 Liquidity and Capital Resources</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>On April 1, 2015, the Company drew down a $40.0 million term credit facility from the Bank of Nova Scotia. (Refer to Liquidity Risk discussed further below.)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>On March 26, 2015, the Company entered into an interest rate swap of $40 million and notional amount of $40 million, effective date of April 1, 2015 and expires on March 25, 2019 matching the maturity of the bank loan (refer to Note 9). &nbsp;The interest rate swap was entered into to hedge the variable interest rate risk on the bank loan. &nbsp;The interest rate swap is designated as a cash flow hedge for forecasted variable interest rate payments.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The fixed rate on the interest rate swap is 1.52% and the floating amount is based on the one month LIBOR rate. &nbsp;The interest rate swap is settled on a monthly basis and the settlement is the difference between the fixed and floating interest rate on a net basis.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 29</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The interest rate swap will be carried on the balance sheet at fair value (refer to Note 3), with periodic changes in the fair value being recorded in other comprehensive income, to the extent that it is determined to be an effective hedge with the gain or loss being recorded to income for the ineffective portion. Interest expense from the bank loan will be recorded to income.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Working capital for the nine months ended September 30, 2015, increased $30.2 million, to $112.6 million (December 31, 2014: $82.4 million). This reflects the proceeds from a bank loan of $39.4 million. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The increase in working capital resulted from cash and cash equivalents of $24.4 million, an increase in short term investments of $8.2 million, an increase in income tax receivable of $2.2 million, and a decrease in income tax payable of $7.8 million. The increase in working capital was offset by decreases in, in accounts receivable and other assets of $4.3 million, in prepaid expenses of $0.6 million, and in inventories of $2.0 million and by increases in accounts payable of $4.6 million, in derivative liabilities of $0.8 million, and in provisions of $0.1 million. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015, cash and cash equivalents increased $24.7 million (2014: increased $9.1 million) and comprised of the following:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=441.733 /><TD width=21.733 /><TD width=62.267 /><TD width=21.733 /><TD width=68.267 /><TD width=21.733 /><TD width=82.067 /></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=277.8 colspan=6><P style="margin:0px; font-size:11pt" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>(Expressed in $ millions)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.267><P style="margin:0px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px; font-size:11pt" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>Change</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>Net cash provided by operating activities</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>31.6</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>50.9</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>(19.3)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>Net cash provided by (used in) investing activities</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; font-size:11pt" align=right><B>(48.1)</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; font-size:11pt" align=right>(45.2)</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>(2.9)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>Net cash (used in) provided by financing activities</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>41.3</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.4</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>37.9</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>Effect of exchange rate changes on cash and cash equivalents</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.267><P style="margin:0px; font-size:11pt" align=right><B>(0.4)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.267><P style="margin:0px; font-size:11pt" align=right>(0.3)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>(0.1)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>INCREASE IN CASH AND CASH EQUIVALENTS</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>24.7</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>9.1</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>15.6</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><B><I>Note: Figures may not add due to rounding</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015 and 2014, net cash provided by operating activities included income taxes paid, interest expense paid, and income received as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=441.733 /><TD width=21.733 /><TD width=62.267 /><TD width=21.733 /><TD width=68.267 /><TD width=21.733 /><TD width=82.067 /></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=277.8 colspan=6><P style="margin:0px; font-size:11pt" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>(Expressed in $ millions)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.267><P style="margin:0px; font-size:11pt" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px; font-size:11pt" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>Change</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>Cash provided by operating activities before interest and income</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>49.5</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>53.2</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>(3.7)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding-left:22.8px; font-size:11pt" align=justify>Income taxes paid</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; font-size:11pt" align=right><B>(17.5)</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; font-size:11pt" align=right>(2.5)</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>(15.0)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding-left:22.8px; font-size:11pt" align=justify>Interest expense paid</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; font-size:11pt" align=right><B>(0.7)</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>(0.7)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=441.733><P style="margin:0px; padding-left:22.8px; font-size:11pt" align=justify>Interest income received</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>0.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=82.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>0.1</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=441.733><P style="margin:0px; font-size:11pt" align=justify><B>Net cash provided by operating activities</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>31.6</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>50.9</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.067><P style="margin:0px; font-size:11pt" align=right><B>(19.3)</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><B><I>Note: Figures may not add due to rounding</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For the nine months ended September 30, 2015 and 2014, net cash provided by operating activities included the following non-cash working capital items:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 30</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=441.733 /><TD width=21.733 /><TD width=62.267 /><TD width=21.733 /><TD width=68.267 /><TD width=21.733 /><TD width=82.067 /></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=277.8 colspan=6><P style="margin:0px" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=441.733><P style="margin:0px" align=justify><B>(Expressed in $ millions)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.267><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.067><P style="margin:0px" align=right><B>Change</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=441.733><P style="margin:0px" align=justify><B>Cash generated by operating activities before changes in working capital</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.267><P style="margin:0px; padding-right:4.8px" align=right><B>19.8</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.267><P style="margin:0px; padding-right:4.8px" align=right>49.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=82.067><P style="margin:0px" align=right><B>(30.0)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px" align=justify><B>Changes in non-cash working capital items</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding-left:22.8px" align=justify>Accounts receivable and other assets</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding-right:4.8px" align=right><B>4.6</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px" align=right>(5.7)</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; padding-right:4.8px" align=right><B>10.3</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding-left:22.8px" align=justify>Prepaid expenses</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding-right:4.8px" align=right><B>0.6</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding-right:4.8px" align=right>0.7</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px" align=right><B>(0.1)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding-left:22.8px" align=justify>Inventories</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding-right:4.8px" align=right><B>1.6</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding-right:4.8px" align=right>0.4</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px; padding-right:4.8px" align=right><B>1.2</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=441.733><P style="margin:0px; padding-left:22.8px" align=justify>Trade and other payables</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=62.267><P style="margin:0px; padding-right:4.8px" align=right><B>5.2</B></P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.267><P style="margin:0px; padding-right:4.8px" align=right>5.8</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.067><P style="margin:0px" align=right><B>(0.6)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=441.733><P style="margin:0px; padding-left:22.8px" align=justify>Provisions</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.267><P style="margin:0px" align=right><B>(0.1)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.267><P style="margin:0px" align=right>(0.2)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=82.067><P style="margin:0px; padding-right:4.8px" align=right><B>0.1</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=441.733><P style="margin:0px" align=justify><B>Changes in non-cash working capital</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=62.267><P style="margin:0px; padding-right:4.8px" align=right><B>4.6</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.267><P style="margin:0px; padding-right:4.8px" align=right>33.7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=82.067><P style="margin:0px" align=right><B>(29.1)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=441.733><P style="margin:0px" align=justify><B>Net cash provided by operating activities</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=62.267><P style="margin:0px; padding-right:4.8px" align=right><B>31.6</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=68.267><P style="margin:0px; padding-right:4.8px" align=right>50.9</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.067><P style="margin:0px" align=right><B>(19.3)</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><B><I>Note: Figures may not add due to rounding</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Cash used by the Company in investing activities for the nine months ended September 30, 2015, totaled $48.1 million (2014: $45.2 million) and comprised the following: </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>$9.1 million (2014: net purchases of $14.8 million) in net purchases of short term investments;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>$7.5 million in net advances (2014: net receipts of $1.1 million) on deposits on long term assets; and,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>$31.5 million (2014: $31.5 million) in expenditures on mineral properties, plant and equipment, &nbsp;representing an increase of $nil over the prior year nine month period and is comprising the following expenditures:</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=48 /><TD width=337.267 /><TD width=21.733 /><TD width=54.867 /><TD width=21.733 /><TD width=64.667 /><TD width=21.733 /><TD width=79.933 /></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=337.267><P style="margin:0px; font-size:11pt"><B>Nine months ended September 30, 2015</B></P>
</TD><TD style="margin-top:0px" valign=top width=264.667 colspan=6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=337.267><P style="margin:0px; font-size:11pt" align=justify><B>(Expressed in $ millions)</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=76.6 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>Bateas</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=86.4 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>Cuzcatlan</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=101.667 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>Consolidated</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=337.267><P style="margin:0px; font-size:11pt">Plant and equipment</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.5</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5.0</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>6.5</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=337.267><P style="margin:0px; font-size:11pt">Dry stack tailings deposit project</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>12.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>12.8</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=337.267><P style="margin:0px; font-size:11pt">Equipment and infrastructure</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.5</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>17.8</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>19.3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=337.267><P style="margin:0px; font-size:11pt">Infill drilling</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.5</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.5</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=337.267><P style="margin:0px; font-size:11pt">Mine development</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.6</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.7</P>
</TD><TD style="margin-top:0px" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>7.3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=337.267><P style="margin:0px; font-size:11pt">Brownfields exploration</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>3.4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=337.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=54.867><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>5.4</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=64.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>26.1</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=79.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>31.5</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the nine months ended September 30, 2015, cash provided by financing activities totaled $41.3 million (2014: $3.4 million) and comprised the proceeds from a bank loan of $39.4 million (Q3 2014: $nil); net proceeds on the issuance of common shares of $1.9 million (2014: $3.6 million); and repayments of finance lease obligations of $nil (2014: $0.2 million).</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 31</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024913"></A><A NAME="_Toc320025514"></A><A NAME="_Toc322014586"></A><A NAME="_Toc323566741"></A><A NAME="_Toc324771782"></A><A NAME="_Toc324859218"></A><A NAME="_Toc324859408"></A><A NAME="_Toc324859853"></A><A NAME="_Toc328741771"></A><A NAME="_Toc331171437"></A><A NAME="_Toc331496702"></A><A NAME="_Toc331585593"></A><A NAME="_Toc331586013"></A><A NAME="_Toc332630308"></A><A NAME="_Toc339554977"></A><A NAME="_Toc339555237"></A><A NAME="_Toc339566035"></A><A NAME="_Toc339617643"></A><A NAME="_Toc340653187"></A><A NAME="_Toc340830582"></A><A NAME="_Toc348437332"></A><A NAME="_Toc348541903"></A><A NAME="_Toc348542114"></A><A NAME="_Toc348683696"></A><A NAME="_Toc349913928"></A><A NAME="_Toc349914037"></A><A NAME="_Toc350798656"></A><A NAME="_Toc352245733"></A><A NAME="_Toc353881807"></A><A NAME="_Toc355955772"></A><A NAME="_Toc356379147"></A><A NAME="_Toc364769271"></A><A NAME="_Toc364769934"></A><A NAME="_Toc368568773"></A><A NAME="_Toc368569097"></A><A NAME="_Toc368569241"></A><A NAME="_Toc371420358"></A><A NAME="_Toc371684213"></A><A NAME="_Toc378159826"></A><A NAME="_Toc381104636"></A><A NAME="_Toc381860556"></A><A NAME="_Toc383009041"></A><A NAME="_Toc385428696"></A><A NAME="_Toc385839443"></A><A NAME="_Toc385839676"></A><A NAME="_Toc386114577"></A><A NAME="_Toc386786134"></A><A NAME="_Toc393288597"></A><A NAME="_Toc394053771"></A><A NAME="_Toc400629710"></A><A NAME="_Toc401565745"></A><A NAME="_Toc402534290"></A><A NAME="_Toc403134083"></A><A NAME="_Toc409778872"></A><A NAME="_Toc410385131"></A><A NAME="_Toc411844277"></A><A NAME="_Toc412795366"></A><A NAME="_Toc413240219"></A><A NAME="_Toc417402237"></A><A NAME="_Toc417896484"></A><A NAME="_Toc418251296"></A><A NAME="_Toc420050710"></A><A NAME="_Toc424802703"></A><A NAME="_Toc425157272"></A><A NAME="_Toc425165180"></A><A NAME="_Toc425778479"></A><A NAME="_Toc433107353"></A><A NAME="_Toc433276032"></A><A NAME="_Toc433276160"></A><A NAME="_Toc433646115"></A><A NAME="_Toc433809845"></A><P style="margin:0px; font-size:11pt" align=justify><I>Contractual Obligations</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company expects the following maturities of its financial liabilities (including interest), finance leases, and other contractual commitments:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=216 /><TD width=18 /><TD width=72 /><TD width=18 /><TD width=72 /><TD width=17.667 /><TD width=72.333 /><TD width=18.6 /><TD width=71.4 /><TD width=22.8 /><TD width=79.2 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=462 colspan=10><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Expressed in $ millions</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=462 colspan=10><P style="margin:0px; padding-left:6px; padding-right:4.8px; font-size:11pt"><B>Expected payments due by period as at September 30, 2015</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=90 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>Less than</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1 year</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=90 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1 - 3 years</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=90 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4 -5 years</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=90 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>After</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>5 years</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=102 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Trade and other payables</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>26.1</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=18.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>26.1</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Bank loan</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>39.5</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>39.5</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Derivative liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.8</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.8</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Income tax payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.9</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.9</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Other liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4.4</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4.4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Operating leases</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.6</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.7</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Provisions</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>0.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1.4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>11.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>15.2</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=216><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>30.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>6.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>40.9</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18.6><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=71.4><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>11.5</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=79.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>89.2</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Operating leases includes leases for office premises, computer and other equipment used in the normal course of business. &nbsp;<A NAME="_Toc322014587"></A><A NAME="_Toc323566742"></A><A NAME="_Toc324771783"></A><A NAME="_Toc324859219"></A><A NAME="_Toc324859409"></A><A NAME="_Toc324859854"></A><A NAME="_Toc328741772"></A><A NAME="_Toc331171438"></A><A NAME="_Toc331496703"></A><A NAME="_Toc331585594"></A><A NAME="_Toc331586014"></A><A NAME="_Toc332630309"></A><A NAME="_Toc339554978"></A><A NAME="_Toc339555238"></A><A NAME="_Toc339566036"></A><A NAME="_Toc339617644"></A><A NAME="_Toc340653188"></A><A NAME="_Toc340830583"></A></P>
<A NAME="_Toc348437333"></A><A NAME="_Toc348541904"></A><A NAME="_Toc348542115"></A><A NAME="_Toc348683697"></A><A NAME="_Toc349913929"></A><A NAME="_Toc349914038"></A><A NAME="_Toc350798657"></A><A NAME="_Toc352245734"></A><A NAME="_Toc353881808"></A><A NAME="_Toc355955773"></A><A NAME="_Toc356379148"></A><A NAME="_Toc364769272"></A><A NAME="_Toc364769935"></A><A NAME="_Toc368568774"></A><A NAME="_Toc368569098"></A><A NAME="_Toc368569242"></A><A NAME="_Toc371420359"></A><A NAME="_Toc371684214"></A><A NAME="_Toc378159827"></A><A NAME="_Toc381104637"></A><A NAME="_Toc381860557"></A><A NAME="_Toc383009042"></A><A NAME="_Toc385428697"></A><A NAME="_Toc385839444"></A><A NAME="_Toc385839677"></A><A NAME="_Toc386114578"></A><A NAME="_Toc386786135"></A><A NAME="_Toc393288598"></A><A NAME="_Toc394053772"></A><A NAME="_Toc400629711"></A><A NAME="_Toc401565746"></A><A NAME="_Toc402534291"></A><A NAME="_Toc403134084"></A><A NAME="_Toc409778873"></A><A NAME="_Toc410385132"></A><A NAME="_Toc411844278"></A><A NAME="_Toc412795367"></A><A NAME="_Toc413240220"></A><A NAME="_Toc417402238"></A><A NAME="_Toc417896485"></A><P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc418251298"></A><A NAME="_Toc420050711"></A><A NAME="_Toc424802704"></A><A NAME="_Toc425157273"></A><A NAME="_Toc425165181"></A><A NAME="_Toc425778480"></A><A NAME="_Toc433107354"></A><A NAME="_Toc433276033"></A><A NAME="_Toc433276161"></A><A NAME="_Toc433646116"></A><A NAME="_Toc433809846"></A><P style="margin:0px; font-size:11pt" align=justify><I>Capital Commitments (expressed in $&#146;000&#146;s)</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at September 30, 2015, $15,038 of capital commitments not disclosed elsewhere in the Financial Statements, and forecasted to be expended within one year, included $4,443 for the dry stack tailing dam and $10,595 for the plant expansion at the San Jose property.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc322014588"></A><A NAME="_Toc323566743"></A><A NAME="_Toc324771784"></A><A NAME="_Toc324859220"></A><A NAME="_Toc324859410"></A><A NAME="_Toc324859855"></A><A NAME="_Toc328741773"></A><A NAME="_Toc331171439"></A><A NAME="_Toc331496704"></A><A NAME="_Toc331585595"></A><A NAME="_Toc331586015"></A><A NAME="_Toc332630310"></A><A NAME="_Toc339554979"></A><A NAME="_Toc339555239"></A><A NAME="_Toc339566037"></A><A NAME="_Toc339617645"></A><A NAME="_Toc340653189"></A><A NAME="_Toc340830584"></A><A NAME="_Toc348437334"></A><A NAME="_Toc348541905"></A><A NAME="_Toc348542116"></A><A NAME="_Toc348683698"></A><A NAME="_Toc349913930"></A><A NAME="_Toc349914039"></A><A NAME="_Toc350798658"></A><A NAME="_Toc352245735"></A><A NAME="_Toc353881809"></A><A NAME="_Toc355955774"></A><A NAME="_Toc356379149"></A><A NAME="_Toc364769273"></A><A NAME="_Toc364769936"></A><A NAME="_Toc368568775"></A><A NAME="_Toc368569099"></A><A NAME="_Toc368569243"></A><A NAME="_Toc371420360"></A><A NAME="_Toc371684215"></A><A NAME="_Toc378159828"></A><A NAME="_Toc381104638"></A><A NAME="_Toc381860558"></A><A NAME="_Toc383009043"></A><A NAME="_Toc385428698"></A><A NAME="_Toc385839445"></A><A NAME="_Toc385839678"></A><A NAME="_Toc386114579"></A><A NAME="_Toc386786136"></A><A NAME="_Toc393288599"></A><A NAME="_Toc394053773"></A><A NAME="_Toc400629712"></A><A NAME="_Toc401565747"></A><A NAME="_Toc402534292"></A><A NAME="_Toc403134085"></A><A NAME="_Toc409778874"></A><A NAME="_Toc410385133"></A><A NAME="_Toc411844279"></A><A NAME="_Toc412795368"></A><A NAME="_Toc413240221"></A><A NAME="_Toc417402239"></A><A NAME="_Toc417896486"></A><A NAME="_Toc418251299"></A><A NAME="_Toc420050712"></A><A NAME="_Toc424802705"></A><A NAME="_Toc425157274"></A><A NAME="_Toc425165182"></A><A NAME="_Toc425778481"></A><A NAME="_Toc433107355"></A><A NAME="_Toc433276034"></A><A NAME="_Toc433276162"></A><A NAME="_Toc433646117"></A><A NAME="_Toc433809847"></A><P style="margin:0px; font-size:11pt" align=justify><I>Other Commitments (expressed in $&#146;000&#146;s)</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company has a contract to guarantee the power supply at its Caylloma Mine. &nbsp;Under the contract, the seller is obligated to deliver a &quot;maximum committed demand&quot; (for the present term this stands at 3,500 kW) and the Company is obligated to purchase subject to exemptions under provisions of &quot;Force Majeure&quot;. &nbsp;The contract period is 15 years and expires in 2022, after that it is automatically renewed for periods of two years. Renewal can be avoided without penalties by notification 10 months in advance of the renewal date. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF">Tariffs are established annually by the energy market regulator in accordance with applicable regulations in Peru. &nbsp;The minimum committed demand is $19 per month, and the average monthly charge for 2015 is $180. &nbsp;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Operating leases includes leases for office premises, computer and other equipment used in the normal course of business.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt">The expected payments due by period, as at September 30, 2015, are as follows:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 32</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=216 /><TD width=18 /><TD width=78 /><TD width=18.933 /><TD width=89.067 /><TD width=17.667 /><TD width=84.333 /><TD width=22.8 /><TD width=97.2 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=426 colspan=8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=426 colspan=8><P style="margin:0px; padding-right:6px; font-size:11pt" align=right><B>Expected payments due by period as at September 30, 2015</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=96 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>Less than</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1 year</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=108 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>1 - 3 years</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=102 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>4 -5 years</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=120 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>Total</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Office premises &#150; Canada</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>114</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>341</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>29</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1.667px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>484</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Office premises &#150; Peru</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>333</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>226</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>559</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Office premises &#150; Mexico</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>8</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Total office premises</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>455</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>567</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>29</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,051</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Computer equipment &#150; Peru</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>152</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;68</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>220</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Computer equipment &#150; Mexico</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Total computer equipment</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>162</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;68</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>230</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Machinery &#150; Mexico</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;59</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>59</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:4.733px; font-size:11pt">Total machinery</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;59</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>59</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=216><P style="margin:0px; padding-left:6px; font-size:11pt">Total operating leases</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=78><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>617</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18.933><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=89.067><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;694</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=17.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=84.333><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>&nbsp;29</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=22.8><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=97.2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>1,340</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc417402240"></A><A NAME="_Toc417896487"></A><A NAME="_Toc418251300"></A><A NAME="_Toc420050713"></A><A NAME="_Toc424802706"></A><A NAME="_Toc425157275"></A><A NAME="_Toc425165183"></A><A NAME="_Toc425778482"></A><A NAME="_Toc433107356"></A><A NAME="_Toc433276035"></A><A NAME="_Toc433276163"></A><A NAME="_Toc433646118"></A><A NAME="_Toc433809848"></A><A NAME="_Toc339617646"></A><A NAME="_Toc340653190"></A><A NAME="_Toc340830585"></A><A NAME="_Toc348437335"></A><A NAME="_Toc348541906"></A><A NAME="_Toc348542117"></A><A NAME="_Toc348683699"></A><A NAME="_Toc349913931"></A><A NAME="_Toc349914040"></A><A NAME="_Toc350798659"></A><A NAME="_Toc352245736"></A><A NAME="_Toc353881810"></A><A NAME="_Toc355955775"></A><A NAME="_Toc356379150"></A><A NAME="_Toc364769274"></A><A NAME="_Toc364769937"></A><A NAME="_Toc368568776"></A><A NAME="_Toc368569100"></A><A NAME="_Toc368569244"></A><A NAME="_Toc371420361"></A><A NAME="_Toc371684216"></A><A NAME="_Toc378159829"></A><A NAME="_Toc381104639"></A><A NAME="_Toc381860559"></A><A NAME="_Toc383009044"></A><A NAME="_Toc385428699"></A><A NAME="_Toc385839446"></A><A NAME="_Toc385839679"></A><A NAME="_Toc386114580"></A><A NAME="_Toc386786137"></A><A NAME="_Toc393288600"></A><A NAME="_Toc394053774"></A><A NAME="_Toc400629713"></A><A NAME="_Toc401565748"></A><A NAME="_Toc402534293"></A><A NAME="_Toc403134086"></A><A NAME="_Toc409778875"></A><A NAME="_Toc410385134"></A><A NAME="_Toc411844280"></A><A NAME="_Toc412795369"></A><A NAME="_Toc413240222"></A><A NAME="_Toc320024914"></A><A NAME="_Toc320025515"></A><A NAME="_Toc322014589"></A><A NAME="_Toc323566744"></A><A NAME="_Toc324771785"></A><A NAME="_Toc324859221"></A><A NAME="_Toc324859411"></A><A NAME="_Toc324859856"></A><A NAME="_Toc328741774"></A><A NAME="_Toc331171440"></A><A NAME="_Toc331496705"></A><A NAME="_Toc331585596"></A><A NAME="_Toc331586016"></A><A NAME="_Toc332630311"></A><A NAME="_Toc339554980"></A><A NAME="_Toc339555240"></A><A NAME="_Toc339566038"></A><P style="margin:0px; font-size:11pt" align=justify><I>Tax Contingencies (expressed in $&#146;000&#146;s)</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF">The Company has been assessed taxes and related interest and penalties by the Peruvian tax authority, SUNAT, for tax years 2010, 2011, and 2012, in the amounts of $1,077, $686, and $102, respectively, for a total of $1,865. &nbsp;The Company is currently appealing the assessments and believes the appeals will be ruled in favor of the Company. &nbsp;The Company has provided a guarantee by way of a letter bond in the amount of $817. This bank letter of guarantee expires on September 8, 2016.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s foreign trade operations for tax years 2011 to 2014 are under review by the Mexican Tax Administration Service (SAT). The Company is facing an administrative customs procedure (PAMA) for specific temporary&nbsp;import documents (pediments). The Company has presented a written response and the final resolution is pending.&nbsp;During the third quarter of 2015, the Company has paid $190 in customs excise taxes and $115 in VAT, for a total of $305.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc417402241"></A><A NAME="_Toc417896488"></A><A NAME="_Toc418251301"></A><A NAME="_Toc424802707"></A><A NAME="_Toc425157276"></A><A NAME="_Toc425165184"></A><A NAME="_Toc425778483"></A><A NAME="_Toc433107357"></A><A NAME="_Toc433276036"></A><A NAME="_Toc433276164"></A><A NAME="_Toc433646119"></A><A NAME="_Toc433809849"></A><A NAME="_Toc420050714"></A><P style="margin:0px; font-size:11pt" align=justify><I>Other Contingencies </I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company is subject to various investigations, claims, legal, labor and tax proceedings covering matters that arise in the ordinary course of business activities. &nbsp;Each of these matters is subject to various uncertainties and it is possible that some of these matters may be resolved unfavorably for the Company. &nbsp;Certain conditions may exist as of the date the financial statements are issued that may result in a loss to the Company. &nbsp;In the opinion of management, none of these matters are expected to have a material effect on the results of operations or financial conditions of the Company.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024915"></A><A NAME="_Toc320025516"></A><A NAME="_Toc322014590"></A><A NAME="_Toc323566745"></A><A NAME="_Toc324771786"></A><A NAME="_Toc324859222"></A><A NAME="_Toc324859412"></A><A NAME="_Toc324859857"></A><A NAME="_Toc328741775"></A><A NAME="_Toc331171441"></A><A NAME="_Toc331496706"></A><A NAME="_Toc331585597"></A><A NAME="_Toc331586017"></A><A NAME="_Toc332630312"></A><A NAME="_Toc339554981"></A><A NAME="_Toc339555241"></A><A NAME="_Toc339566039"></A><A NAME="_Toc339617647"></A><A NAME="_Toc340653191"></A><A NAME="_Toc340830586"></A><A NAME="_Toc348437336"></A><A NAME="_Toc348541907"></A><A NAME="_Toc348542118"></A><A NAME="_Toc348683700"></A><A NAME="_Toc349913932"></A><A NAME="_Toc349914041"></A><A NAME="_Toc350798660"></A><A NAME="_Toc352245737"></A><A NAME="_Toc353881811"></A><A NAME="_Toc355955776"></A><A NAME="_Toc356379151"></A><A NAME="_Toc364769275"></A><A NAME="_Toc364769938"></A><A NAME="_Toc368568777"></A><A NAME="_Toc368569101"></A><A NAME="_Toc368569245"></A><A NAME="_Toc371420362"></A><A NAME="_Toc371684217"></A><A NAME="_Toc378159830"></A><A NAME="_Toc381104640"></A><A NAME="_Toc381860560"></A><A NAME="_Toc383009045"></A><A NAME="_Toc385428700"></A><A NAME="_Toc385839447"></A><A NAME="_Toc385839680"></A><A NAME="_Toc386114581"></A><A NAME="_Toc386786138"></A><A NAME="_Toc393288601"></A><A NAME="_Toc394053775"></A><A NAME="_Toc400629714"></A><A NAME="_Toc401565749"></A><A NAME="_Toc402534294"></A><A NAME="_Toc403134087"></A><A NAME="_Toc409778876"></A><A NAME="_Toc410385135"></A><A NAME="_Toc411844281"></A><A NAME="_Toc412795370"></A><A NAME="_Toc413240223"></A><A NAME="_Toc417402242"></A><A NAME="_Toc417896489"></A><A NAME="_Toc418251302"></A><A NAME="_Toc424802708"></A><A NAME="_Toc425157277"></A><A NAME="_Toc425165185"></A><A NAME="_Toc425778484"></A><A NAME="_Toc433107358"></A><A NAME="_Toc433276037"></A><A NAME="_Toc433276165"></A><A NAME="_Toc433646120"></A><A NAME="_Toc433809850"></A><A NAME="_Toc420050715"></A><P style="margin:0px; font-size:11pt" align=justify><I>Guarantees and Indemnifications (expressed in $&#146;000&#146;s) </I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company may provide guarantees and indemnifications in conjunction with transactions in the normal course of operations. These are recorded as liabilities when reasonable estimates of the obligations can be made. Indemnifications that the Company has provided include the obligation to indemnify the following:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 33</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Wingdings; font-size:11pt; float:left">&#216;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>directors and officers of the Company and its subsidiaries for potential liability while acting as a director or officer of the Company, together with various expenses associated with defending and settling such suits or actions due to association with the Company; and,</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Wingdings; font-size:11pt; clear:left; float:left">&#216;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify>certain vendors of an acquired company for obligations that may or may not have been known at the date of the transaction.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The dollar value of guarantees and indemnifications cannot be reasonably estimated.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF">The Caylloma Mine closure plan was approved in November 2009 with total closure costs of $3,587 of which $1,756 was subject to annual collateral in the form of a letter of guarantee, to be awarded each year in increments of $146 over 12 years based on the estimated life of the mine. &nbsp;In March 2013, the closure plan was updated with total closure costs of $7,996 of which $4,167 was subject to annual collateral in the form of a letter of guarantee. &nbsp;&nbsp;In August 2015, the closure plan was again updated with total closure costs of $7,770, of which $4,167 is subject to annual collateral in the form of a letter of guarantee.</FONT><FONT style="font-size:9.5pt; background-color:#FFFFFF">&nbsp;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF">Scotiabank Peru, a third party, has established a bank letter of guarantee in the amount of $1,842 (2014: $1,842), on behalf of Bateas, in favor of the Peruvian mining regulatory agency in compliance with local regulation and to collateralize Bateas&#146;s mine closure plan.&nbsp;This bank letter of guarantee expires on December 31, 2015. &nbsp;</FONT></P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF">Scotiabank Peru, a third party, has established a bank letter of guarantee in the amount of $3 (2014: $3), on behalf of Bateas, in favor of the Peruvian Energy and Mining Ministry to collateralize Bateas&#146;s regulatory compliance with an electric transmission line project. This bank letter of guarantee expires on December 6, 2015. &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><FONT style="background-color:#FFFFFF">Scotiabank Peru, a third party, has established a bank letter of guarantee in the amount of $55 (2014: $58), for office rental, on behalf of Bateas, in favor of Centro Empresarial Nuevo Mundo S.A.C. This bank letter of guarantee expires on July 15, 2016. &nbsp;</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024916"></A><A NAME="_Toc368569102"></A><A NAME="_Toc403134088"></A><A NAME="_Toc433809851"></A><P style="margin:0px; font-size:11pt" align=justify><B>Off-Balance Sheet Arrangements</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company does not have any off-balance sheet arrangements or commitments that are expected to have a current or future effect on the financial condition, results of operations, liquidity, capital expenditures, or capital resources that are material to investors, other than those disclosed in this MD&amp;A and the consolidated financial statements and the related notes.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024918"></A><A NAME="_Toc368569103"></A><A NAME="_Toc433809852"></A><P style="margin:0px; font-size:11pt" align=justify><B>Related Party Transactions <I>(expressed in $&#146;000&#146;s)</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024919"></A><P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify><B>Purchase of Goods and Services</B><FONT style="background-color:#FFFF00"> </FONT></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">The Company entered into the following related party transactions:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 34</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=324 /><TD width=24 /><TD width=90 /><TD width=25.533 /><TD width=88.467 /><TD width=30.133 /><TD width=83.867 /><TD width=26.067 /><TD width=87.933 /></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=456 colspan=8><P style="margin:0px" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=228 colspan=4><P style="margin:0px" align=right><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=228 colspan=4><P style="margin:0px" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px" align=justify><B>Transactions with related parties</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114 colspan=2><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114 colspan=2><P style="margin:0px" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114 colspan=2><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114 colspan=2><P style="margin:0px" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin-top:3.333px; margin-bottom:3.333px" align=justify>Salaries and wages <SUP>1,2</SUP></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin-top:3.333px; margin-bottom:3.333px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin-top:3.333px; margin-bottom:3.333px; padding-right:3.867px" align=right><B>31</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.533><P style="margin-top:3.333px; margin-bottom:3.333px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=88.467><P style="margin-top:3.333px; margin-bottom:3.333px; padding-right:3.867px" align=right>17</P>
</TD><TD style="margin-top:0px" valign=top width=30.133><P style="margin-top:3.333px; margin-bottom:3.333px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=83.867><P style="margin-top:3.333px; margin-bottom:3.333px; padding-right:3.867px" align=right><B>94</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.067><P style="margin-top:3.333px; margin-bottom:3.333px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=87.933><P style="margin-top:3.333px; margin-bottom:3.333px; padding-right:3.867px" align=right>68</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin-top:3.333px; margin-bottom:3.333px" align=justify>Other general and administrative expenses <SUP>2</SUP></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin-top:3.333px; margin-bottom:3.333px; padding-right:3.867px" align=right><B>33</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=88.467><P style="margin-top:3.333px; margin-bottom:3.333px; padding-right:3.867px" align=right>15</P>
</TD><TD style="margin-top:0px" valign=top width=30.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=83.867><P style="margin-top:3.333px; margin-bottom:3.333px; padding-right:3.867px" align=right><B>110</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=87.933><P style="margin-top:3.333px; margin-bottom:3.333px; padding-right:3.867px" align=right>92</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=324><P style="margin-top:3.333px; margin-bottom:3.333px" align=justify>Computer equipment <SUP>2</SUP></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=90><P style="margin-top:3.333px; margin-bottom:3.333px; padding-right:3.867px" align=right><B>9</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=25.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=88.467><P style="margin-top:3.333px; margin-bottom:3.333px; padding-right:3.867px" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=30.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=83.867><P style="margin-top:3.333px; margin-bottom:3.333px; padding-right:3.867px" align=right><B>9</B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=26.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=87.933><P style="margin-top:3.333px; margin-bottom:3.333px; padding-right:3.867px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=324><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="margin:0px; padding-right:3.867px" align=right><B>73</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=25.533><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=88.467><P style="margin:0px; padding-right:3.867px" align=right>32</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=30.133><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=83.867><P style="margin:0px; padding-right:3.867px" align=right><B>213</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=87.933><P style="margin:0px; padding-right:3.867px" align=right>160</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial; font-size:9.5pt"><SUP>1 </SUP><FONT style="font-family:Times New Roman; font-size:9pt">Salaries and wages includes employees&#146; salaries and benefits charged to the Company based on a percentage of the estimated hours worked for the Company.</FONT></P>
<P style="margin:0px; font-family:Arial; font-size:9.5pt" align=justify><SUP>2 </SUP><FONT style="font-family:Times New Roman; font-size:9pt">Radius Gold Inc. (&#147;Radius&#148;) has directors in common with the Company and shares office space, and is reimbursed for general overhead costs incurred on behalf of the Company. Gold Group Management Inc. (&#147;Gold Group&#148;), which is owned by a director in common with the Company, provides various administrative, management, and other related services.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">In 2015, the Company paid $50 cash to Radius under the option to acquire a 60% interest in the Tlacolula silver project located in the State of Oaxaca, Mexico. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024920"></A><P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify><B>Key Management Compensation</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Key management includes all persons named or performing the duties of Vice-President, Chief Financial Officer, President, Chief Executive Officer, and non-executive Directors of the Company. &nbsp;The compensation paid or payable to key management for services is shown below:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=324 /><TD width=24 /><TD width=90 /><TD width=24 /><TD width=90 /><TD width=30 /><TD width=84 /><TD width=24 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=456 colspan=8><P style="margin:0px" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=228 colspan=4><P style="margin:0px" align=right><B>Three months ended September 30,</B></P>
</TD><TD style="margin-top:0px" valign=top width=228 colspan=4><P style="margin:0px" align=right><B>Nine months ended September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114 colspan=2><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114 colspan=2><P style="margin:0px" align=right>2014</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114 colspan=2><P style="margin:0px" align=right><B>2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114 colspan=2><P style="margin:0px" align=right>2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px" align=justify>Salaries and other short term employee benefits</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px" align=right><B>843</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px" align=right>765</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right><B>3,071</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px" align=right>3,536</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px" align=justify>Directors fees</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px" align=right><B>90</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px" align=right>89</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right><B>276</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px" align=right>293</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=324><P style="margin:0px" align=justify>Consulting fees</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px" align=right><B>34</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px" align=right>41</P>
</TD><TD style="margin-top:0px" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right><B>107</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding-right:4.8px" align=right>123</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px" align=justify>Share-based payments</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px" align=right><B>(1,415)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px" align=right>(854)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right><B>442</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:4.8px" align=right>4,741</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=324><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px" align=right><B>(448)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:4.8px" align=right>41</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=30><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; padding-right:4.8px" align=right><B>3,896</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding-right:4.8px" align=right>8,693</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial; font-size:11pt">&nbsp;&nbsp;<FONT style="font-family:Times New Roman">Consulting fees includes fees paid to two non-executive directors in both 2015 and 2014.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024921"></A><P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify><B>Period End Balances Arising From Purchases of Goods/Services</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=324 /><TD width=21.733 /><TD width=134.267 /><TD width=21.733 /><TD width=122.267 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=324><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=300 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=324><P style="margin:0px; font-size:11pt" align=justify>&nbsp;<B>Amounts due to related party</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=156 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=144 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=324><P style="margin-top:3.667px; margin-bottom:3.667px; padding-left:4.8px; font-size:11pt" align=justify>Owing to a company with common directors <FONT style="font-size:9pt"><SUP>3</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin-top:3.667px; margin-bottom:3.667px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=134.267><P style="margin-top:3.667px; margin-bottom:3.667px; font-size:11pt" align=right><B>17</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin-top:3.667px; margin-bottom:3.667px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=122.267><P style="margin-top:3.667px; margin-bottom:3.667px; font-size:11pt" align=right>9</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial" align=justify><SUP>3</SUP><FONT style="font-family:Times New Roman"> </FONT><FONT style="font-family:Times New Roman; font-size:9pt">Owing to Gold Group Management Inc. (&#147;Gold Group)&#148; who has a director in common with the Company.</FONT></P>
<A NAME="_Toc320024922"></A><A NAME="_Toc368569104"></A><A NAME="_Toc433809853"></A><P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 35</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B>Significant Accounting Judgments and Estimates</B> </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The preparation of the unaudited condensed interim consolidated financial statements (&#147;Financial Statements&#148;) requires management to make judgments and estimates that affect the reported amounts of assets and liabilities at the date of the Financial Statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these judgments and estimates. The Financial Statements include judgments and estimates which, by their nature, are uncertain. The impacts of such judgments and estimates are pervasive throughout the Financial Statements, and may require accounting adjustments based on future occurrences. &nbsp;Revisions to accounting estimates are recognized in the period in which the estimate is revised and the revision affects both current and future periods. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Significant assumptions about the future and other sources of judgments and estimates that management has made at the statement of financial position date, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-size:11pt; float:left"><B><I>i.</I></B></P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify><B><I>Critical Judgments</I></B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>The analysis of the functional currency for each entity of the Company. In concluding that the United States dollar functional currency for its Canadian, Peruvian and Mexican, and Barbados entities, management considered the currency that mainly influences the sales and costs of providing goods and services in each jurisdiction in which the Company operates. As no single currency was clearly dominant the Company also considered secondary indicators including the currency in which funds from financing activities are denominated and the currency in which funds are retained.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>In concluding when commercial production has been achieved, the Company considered the following factors:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>all major capital expenditures to bring the mine to the condition necessary for it to be capable of operating in the manner intended by management have been completed;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>the mine or mill is operating as per design capacity and metallurgical recoveries were achieved; and,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>the ability to sustain ongoing production of ore at a steady or increasing level.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>The identification of reportable segments, basis for measurement and disclosure of the segmented information. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>The determination of estimated useful lives and residual values of tangible and long lived assets and the measurement of depreciation expense.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>The identification of impairment indicators, cash generating units and determination of carrying value or fair value less cost to sell and the write down of tangible and long lived assets.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Measurement of financial instruments involve significant judgments related to interpretation of the terms of the instrument, identification, classification, impairment and the overall measurement to approximate fair values.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-size:11pt; float:left"><B><I>ii.</I></B></P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-size:11pt" align=justify><B><I>Estimates</I></B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the recoverability of amounts receivable which are included in the consolidated statements of financial position;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the estimation of assay grades of metal concentrates sold in the determination of the carrying value of accounts receivable which are included in the consolidated statements of financial position and included as sales in the consolidated statements of income;</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 36</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the determination of net realizable value of inventories on the consolidated statements of financial position;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the estimated useful lives of property, plant and equipment which are included in the consolidated statements of financial position and the related depreciation included in the consolidated statements of income;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the determination of mineral reserves and the portion of mineral resources expected to be extracted economically, carrying amount of mineral properties, and depletion of mineral properties included in the consolidated statements of financial position and the related depletion included in the consolidated statements of income;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the review of tangible and intangible assets carrying value, the determination of whether these assets are impaired and the measurement of impairment charges or reversals which are included in the consolidated statements of income;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the assessment of indications of impairment of each mineral property and related determination of the net realizable value and write-down of those properties where applicable;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the determination of the fair value of financial instruments and derivatives included in the consolidated statements of financial position;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the fair value estimation of share-based awards included in the consolidated statements of financial position and the inputs used in accounting for share-based compensation expense in the consolidated statements of income;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the provision for income taxes which is included in the consolidated statements of income and composition of deferred income tax asset and liabilities included in the consolidated statement of financial position;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the recognition of deferred income tax assets, amounts recorded for uncertain tax positions, the measurement of income tax expense and indirect taxes included in the consolidated statement of financial position;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the inputs used in determining the net present value of the liability for provisions related to decommissioning and restoration included in the consolidated statements of financial position; and,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the inputs used in determining the various commitments and contingencies accrued in the consolidated statements of financial position.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<A NAME="_Toc320024923"></A><A NAME="_Toc368569105"></A><A NAME="_Toc433809854"></A><P style="margin:0px; font-size:11pt" align=justify><B>Financial Instruments and Related Risks <I>(expressed in $&#146;000&#146;s)</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company is exposed to certain financial risks, including currency risk, credit risk, liquidity risk, interest risk, and price risk. The Board of Directors has overall responsibility for the establishment and oversight of the Company&#146;s risk management framework and reviews the Company&#146;s policies on an ongoing basis. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024924"></A><P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B>a)</B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B>Fair Value Measurements of Financial Instruments</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions (an exit price) regardless of whether that price is directly observable or estimated using another valuation technique. &nbsp;The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. &nbsp;Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. &nbsp;Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (interest rate, yield curves), or inputs that are derived principally from or corroborated observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). &nbsp;The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 37</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>During the three and nine months ended September 30, 2015, there have been no transfers of amounts between Level 1, Level 2, and Level 3 of the fair value hierarchy.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:47.267px; font-size:11pt; float:left"><B><I>i.</I></B></P>
<P style="margin:0px; padding-left:47.267px; text-indent:-2px; font-size:11pt"><B><I>Assets and Liabilities Measured At Fair Value on a Recurring Basis</I></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt"><B>Fair Value Measurements</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=348 /><TD width=24 /><TD width=108 /><TD width=24 /><TD width=102 /><TD width=26.067 /><TD width=71.667 /><TD width=24 /><TD width=82.267 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=348><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=462 colspan=8><P style="margin:0px; padding-right:4.8px" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=348><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=top width=132 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=top width=126 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=top width=97.733 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=top width=106.267 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=132 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Quoted Prices in</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Active Markets for</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Identical Assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=126 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Significant and</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Other Observable</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Inputs</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=97.733 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Significant</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Unobservable</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Inputs</B></P>
</TD><TD style="margin-top:0px" valign=top width=106.267 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Aggregate Fair</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px" align=justify><B>At September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=132 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Level 1</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=126 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Level 2</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=97.733 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Level 3</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=106.267 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Value</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=348><P style="margin:0px" align=justify>Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>67,241</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>67,241</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=348><P style="margin:0px" align=justify>Short term investments</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>42,636</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>42,636</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px" align=justify>Trade receivable from concentrate sales <FONT style="font-family:Arial; font-size:9.5pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>13,908</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>13,908</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>109,877</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>13,908</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>123,785</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:2.2px; margin-bottom:0px; font-family:Arial" align=justify><SUP>1 </SUP><FONT style="font-family:Times New Roman">Trade receivable from concentrate sales includes provisional pricing, and final price and assay adjustments. The fair value of trade receivable from concentrate sales resulting from provisional pricing reflect observable market commodity prices and thereby classified within Level 2 of the fair value hierarchy.</FONT></P>
<P style="margin:0px; font-family:Arial" align=justify><SUP>1 </SUP><FONT style="font-family:Times New Roman">The Company&#146;s trade receivables arose from provisional concentrate sales and are valued using quoted market prices based on the forward London Metal Exchange (&#147;LME&#148;) for zinc and lead, the average London Bullion Market Association A.M. and P.M. fix (&#147;London A.M. fix&#148; and &#147;London P.M. fix&#148;) for gold and silver, and the London Bullion Market Association P.M. fix (&#147;London P.M. fix&#148;) for gold and silver.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=348 /><TD width=24 /><TD width=108 /><TD width=24 /><TD width=102 /><TD width=26.067 /><TD width=71.667 /><TD width=24 /><TD width=82.267 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=132 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Quoted Prices in</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Active Markets for</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Identical Assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=126 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Significant and</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Other Observable</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Inputs</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=97.733 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Significant</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Unobservable</B></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Inputs</B></P>
</TD><TD style="margin-top:0px" valign=top width=106.267 colspan=2><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px" align=right><B>Aggregate Fair</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px" align=justify><B>At December 31, 2014</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=132 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Level 1</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=126 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Level 2</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=97.733 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Level 3</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=106.267 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Value</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=348><P style="margin:0px" align=justify>Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>42,867</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>42,867</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=348><P style="margin:0px" align=justify>Short term investments</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>34,391</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=26.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>34,391</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px" align=justify>Trade receivable from concentrate sales <FONT style="font-family:Arial; font-size:9.5pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>16,573</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>16,573</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=348><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=108><P style="margin:0px; padding-right:4.8px" align=right><B>77,258</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=102><P style="margin:0px; padding-right:4.8px" align=right><B>16,573</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=26.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=71.667><P style="margin:0px; padding-right:4.8px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=82.267><P style="margin:0px; padding-right:4.8px" align=right><B>93,831</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 38</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><I>ii.</I></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify><B><I>Fair Value of Financial Assets and Liabilities</I></B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=270 /><TD width=24 /><TD width=96 /><TD width=24 /><TD width=114 /><TD width=24 /><TD width=96 /><TD width=24 /><TD width=108 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=510 colspan=8><P style="margin:0px; padding-right:22.8px" align=center><B>Expressed in $&#146;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=258 colspan=4><P style="margin:0px; padding-right:4.8px" align=center><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=252 colspan=4><P style="margin:0px; padding-right:4.8px" align=center>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=120 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Carrying amount</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=138 colspan=2><P style="margin:0px; padding-right:4.8px" align=right><B>Estimated fair value</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=120 colspan=2><P style="margin:0px; padding-right:4.8px" align=right>Carrying amount</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=132 colspan=2><P style="margin:0px; padding-right:4.8px" align=right>Estimated fair value</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px" align=justify><B>Financial assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px" align=justify>Trade receivable from concentrate sales <FONT style="font-size:9.5pt"><SUP>2</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>13,908</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>13,908</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>16,573</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>16,573</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px" align=justify>Advances and other receivables <FONT style="font-size:9.5pt"><SUP>3</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>1,364</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>1,364</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>2,226</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>2,226</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>15,272</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>15,272</B></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>18,799</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000; border-bottom:2px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>18,799</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px" align=justify><B>Financial liabilities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px" align=justify>Derivative liabilities <FONT style="font-size:9.5pt"><SUP>1</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>791</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>791</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px" align=justify>Other liabilities <FONT style="font-size:9.5pt"><SUP>3</SUP></FONT></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>929</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>929</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>38</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>38</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right><B>1,720</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=114><P style="margin:0px; padding-right:4.8px" align=right><B>1,720</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=96><P style="margin:0px; padding-right:4.8px" align=right>38</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=24><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=108><P style="margin:0px; padding-right:4.8px" align=right>38</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:9pt" align=justify><SUP>1 </SUP>Derivative assets and derivative liabilities includes interest rate swaps. The fair value of the derivative assets reflect observable LIBOR and hereby classified within Level 2 of the fair value hierarchy.</P>
<P style="margin:0px; font-size:9pt" align=justify><SUP>2 </SUP>Trade receivable from concentrate sales includes provisional pricing, and final price and assay adjustments. The fair value of trade receivable from concentrate sales resulting from provisional pricing reflect observable market commodity prices and thereby classified within Level 2 of the fair value hierarchy.</P>
<P style="margin:0px; font-size:9pt" align=justify><SUP>3 </SUP>Advances and other receivables and other liabilities are recorded at amortized costs. The fair value of other assets and other liabilities are primarily determined using quoted market prices, and the balances include the current portion of other assets and other liabilities, respectively.</P>
<A NAME="_Toc320024925"></A><P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>b)</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify><B>Currency Risk</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. &nbsp;The Company operates in Canada, Peru and Mexico and a portion of its expenses are incurred in Canadian dollars, Peruvian nuevo soles, and Mexican pesos. &nbsp;A significant change in the currency exchange rates between the United States dollar relative to the other currencies could have a material effect on the Company&#146;s income, financial position, or cash flows. &nbsp;The Company has not hedged its exposure to currency fluctuations. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>As at September 30, 2015, the Company is exposed to currency risk through the following assets and liabilities denominated in Canadian dollars, Peruvian nuevo soles and Mexican pesos (all amounts are expressed in thousands of Canadian dollars, thousands of Peruvian nuevo soles or thousands of Mexican pesos):</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 39</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=270 /><TD width=21.733 /><TD width=58.667 /><TD width=30.333 /><TD width=64.533 /><TD width=21.733 /><TD width=79 /><TD width=21.733 /><TD width=57.2 /><TD width=30.333 /><TD width=64.533 /><TD width=21.733 /><TD width=74.467 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=546 colspan=12><P style="margin:0px; font-size:11pt" align=center><B>Expressed in &#145;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=276 colspan=6><P style="margin:0px; font-size:11pt" align=center><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=270 colspan=6><P style="margin:0px; font-size:11pt" align=center>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=80.4 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Canadian</B></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Dollars</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=94.867 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Nuevo</B></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Soles</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=100.733 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Mexican</B></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center><B>Pesos</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=78.933 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center>Canadian<BR>
Dollars</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=94.867 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center>Nuevo</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center>Soles</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96.2 colspan=2><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center>Mexican</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center>Pesos</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=justify>Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>10,602</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; font-size:11pt">S/.</P>
</TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>4,513</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>78,933</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>2,695</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; font-size:11pt">S/.</P>
</TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>8,633</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>56,739</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=justify>Short term investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>7,696</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=justify>Accounts receivable and other assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>64</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>3,317</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>6,967</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>897</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>3,742</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>15,692</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=justify>Income tax receivable</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>2,002</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>37,626</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>448</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=justify>Deposits on long term assets and long</P>
<P style="margin:0px; font-size:11pt" align=justify>term borrowing costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>60,868</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>71</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>19,096</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=justify>Trade and other payables</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; font-size:11pt" align=right><B>(1,840)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(11,997)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; padding-left:-9.6px; font-size:11pt" align=right><B>(142,735)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; font-size:11pt" align=right>(2,231)</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(12,387)</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(117,848)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=justify>Provisions, current</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(1,097)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-size:11pt" align=right><B>(10,354)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(767)</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(8,138)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=justify>Income tax payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-left:-9.6px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-size:11pt" align=right><B>(32,738)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(37)</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(143,426)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=justify>Other liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; font-size:11pt" align=right><B>(4,591)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79><P style="margin:0px; font-size:11pt" align=right><B>(718)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=57.2><P style="margin:0px; font-size:11pt" align=right>(5,376)</P>
</TD><TD style="margin-top:0px" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.533><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(563)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=justify>Provisions</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(23,911)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79><P style="margin:0px; font-size:11pt" align=right><B>(70,662)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(20,710)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(73,001)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=justify>Total</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>4,235</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.333><P style="margin:0px; font-size:11pt"><B>S/.</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(27,173)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79><P style="margin:0px; font-size:11pt" align=right><B>(72,813)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>3,752</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.333><P style="margin:0px; font-size:11pt">S/.</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(21,078)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(251,449)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=justify>Total US$ equivalent</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.667><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right><B>3,158</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.333><P style="margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right><B>(8,431)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79><P style="margin:0px; font-size:11pt" align=right><B>(4,281)</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=57.2><P style="margin:0px; padding-right:3.867px; font-size:11pt" align=right>3,226</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=30.333><P style="margin:0px; font-size:11pt">$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64.533><P style="margin:0px; font-size:11pt" align=right>(7,052)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=21.733><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.467><P style="margin:0px; font-size:11pt" align=right>(17,084)</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Based on the above net exposure as at September 30, 2015, and assuming that all other variables remain constant, a 10% depreciation or appreciation of the US dollar against the above currencies would result in an increase or decrease, as follows: impact to other comprehensive income of $351 (2014: $358) and an impact to net income of $1,413 (2014: $2,682).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The sensitivity analyses included in the table above should be used with caution as the results are theoretical, based on management&#146;s best assumptions using material and practicable data which may generate results that are not necessarily indicative of future performance. &nbsp;In addition, in deriving this analysis, the Company has made assumptions based on the structure and relationship of variables as at the balance sheet date which may differ due to fluctuations throughout the year with all other variables assumed to remain constant. &nbsp;Actual changes in one variable may contribute to changes in another variable, which may amplify or offset the effect on earnings.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024926"></A><P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>c)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Credit Risk</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. &nbsp;The Company&#146;s cash and cash equivalents and short term investments are held through large Canadian, international, and foreign national financial institutions. &nbsp;These investments mature at various dates within one year. &nbsp;All of the Company&#146;s trade accounts receivables from concentrate sales are held with large international metals trading companies.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s maximum exposure to credit risk as at September 30, 2015 is as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 40</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=288 /><TD width=24 /><TD width=132 /><TD width=24 /><TD width=126 /></TR>
<TR><TD style="margin-top:0px" valign=top width=288><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=306 colspan=4><P style="margin:0px; font-size:11pt" align=center><B>Expressed in &#145;000&#146;s</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=288><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=156 colspan=2><P style="margin:0px; font-size:11pt" align=right><B>September 30, 2015</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=150 colspan=2><P style="margin:0px; font-size:11pt" align=right>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=288><P style="margin:0px; font-size:11pt" align=justify>Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>67,241</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; font-size:11pt" align=right>42,867</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=288><P style="margin:0px; font-size:11pt" align=justify>Short term investments</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>42,636</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; font-size:11pt" align=right>34,391</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=288><P style="margin:0px; font-size:11pt" align=justify>Accounts receivable and other assets</P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>15,698</B></P>
</TD><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=126><P style="margin:0px; font-size:11pt" align=right>19,905</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=288><P style="margin:0px; font-size:11pt" align=justify>Income tax receivable</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>2,833</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; font-size:11pt" align=right>680</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=288><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; font-size:11pt" align=right><B>128,408</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=24><P style="margin:0px; font-size:11pt" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; font-size:11pt" align=right>97,843</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The carrying amount of financial assets recorded in the financial statements represents the Company&#146;s maximum exposure to credit risk. The Company believes it is not exposed to significant credit risk and overall, the Company&#146;s credit risk has not declined significantly from the same period in the prior year.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024927"></A><P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left"><B>d)</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt"><B>Liquidity Risk</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. &nbsp;The Company manages liquidity risk by continuing to monitor forecasted and actual cash flows. &nbsp;The Company has in place a planning and budgeting process to help determine the funds required to support the Company&#146;s normal operating requirements on an ongoing basis and its development plans. &nbsp;The Company strives to maintain sufficient liquidity to meet its short term business requirements, taking into account its anticipated cash flows from operations, its holdings of cash, short term investments, and its committed liabilities.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>On March 25, 2015, the Company entered into an amended and restated credit agreement with the Bank of Nova Scotia for a $60.0 million senior secured financing (&#147;credit facility&#148;) consisting of a $40.0 million term credit facility with a 4 year term and a $20.0 million revolving credit facility for a two year period. &nbsp;The credit facility is secured by a first ranking lien on Bateas, Cuzcatlan, Continuum, and Barbados, and their assets and bears interest and fees at prevailing market rates. In the event that utilization under the credit facility is less than $10.0 million, a commitment fee of 1.0% per annum is payable quarterly on the unutilized portion of the available credit facility. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>On April 1, 2015, the $40.0 million term credit facility was drawn down.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>While the term credit facility remains unpaid, the Company is required to maintain the following financial covenants:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt">Total debt to EBITDA of not greater than 3:1 calculated on a rolling four fiscal quarter basis and measured at the end of each fiscal quarter of the Company; and,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt">Minimum tangible net worth in an amount equal to the sum of (a) 85% of the tangible net worth as at June 30, 2014, plus (b) 50% of positive quarterly net income earned after June 30, 2014 plus (c) 50% of the value of any equity interests issued by the Company after June 30, 2014.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>(Refer to Contractual Obligations for the expected payments due as at September 30, 2015.)</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024928"></A><A NAME="_Toc368569106"></A><A NAME="_Toc433809855"></A><P style="margin:0px; font-size:11pt" align=justify><B>Significant Changes, Including Initial Adoption of Accounting Standards</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>There were no significant accounting standards or interpretations along with any consequential amendments required for the Company to adopt for the period ended September 30, 2015.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 41</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc433809856"></A><P style="margin:0px; font-size:11pt" align=justify><B>New Accounting Standards</B> </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company is currently assessing the impact of adopting the following new accounting standards, noted below, on the Company&#146;s Financial Statements.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B><I>IFRS 10, Consolidated Financial Statements, and IAS 28, Investments in Associates and Joint Ventures (2011) (Amendment)</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>On September 11, 2014, the IASB issued narrow-scope amendments to IFRS 10, <I>Consolidated Financial Statements</I>, and IAS 28, <I>Investments in Associates and Joint Ventures</I> (2011). The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28 (2011), in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. The amendments will be effective from annual periods commencing on or after January 1, 2016.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IFRS 11 Joint Arrangements</I></B> <B><I>(Amendment)</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>The amendment to IFRS 11 <I>Joint Arrangements</I> adds new guidance on how to account for the acquisition of an interest in a joint operation that constitutes a business. The amendments specify the appropriate accounting treatment for such acquisitions. &nbsp;The amendments are effective for annual periods beginning on or after January 1, 2016, with earlier application permitted. &nbsp;Transactions before the adoption date are grandfathered.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B><I>IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets (Amendment)</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>The amendment to IAS 16 <I>Property, plant and equipment</I> and IAS 38 <I>Intangible assets</I> on depreciation and amortisation clarifies that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset. The amendment also clarified that revenue is generally presumed to be an inappropriate basis for measuring the consumption of the economic benefits embodied in an intangible asset. The amendment is effective for annual periods starting on or after January 1, 2016, with earlier application permitted. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B><I>IFRS 15 Revenue from Contracts with Customers</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>IFRS 15, <I>Revenue from Contracts with Customers </I>specifies how and when revenue should be recognized as well as requiring more informative and relevant disclosures. The standard supersedes IAS 18 Revenue, IAS 11 Construction Contracts and a number of revenue-related interpretations. Application of the standard is mandatory and it applies to nearly all contracts with customers: the main exceptions are leases, financial instruments and insurance contracts. &nbsp;&nbsp;IFRS 15 is effective for annual periods starting on or after January 1, 2017, with earlier application permitted. On July 22, 2015, the IASB has proposed to amend the start date to January 1, 2018. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IFRS 9 Financial Instruments - Classification and Measurement</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>IFRS 9<I>, Financial Instruments: </I>IFRS 9 introduces the new requirements for the classification, measurement and de-recognition of financial assets and financial liabilities. &nbsp;The amendments are effective for annual periods beginning on or after January 1, 2018, with earlier application permitted.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 42</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B>IFRS 9 <I>Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (Amendment)</I> </B></P>
<P style="margin:0px; font-size:11pt" align=justify>The amendment to IFRS 9 <I>Financial Instruments</I> which includes the new hedge accounting requirements and some related amendments to IAS 39 <I>Financial Instruments; Recognition and Measurement </I>and IFRS 7 <I>Financial Instruments; Disclosures. &nbsp;</I>IFRS 9 (2013) also replicates the amendments in IAS 39 in respect of novations. The amendments allow for early adoption of the requirement to present fair value changes due to own credit on liabilities designated as at fair value through profit or loss to be presented in other comprehensive income. The amendments are effective for annual periods beginning on or after January 1, 2018, with earlier application permitted.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt"><B><I>IFRS 9 Financial Instruments - Expected Credit Losses</I></B></P>
<P style="margin:0px; font-size:11pt" align=justify>On 24 July 2014, the International Accounting Standards Board (IASB) issued the final version of IFRS 9 <I>Financial Instruments</I>, bringing together the classification and measurement, impairment and hedge accounting phases of the IASB&#146;s project to replace IAS 39 <I>Financial Instruments: Recognition and Measurement </I>and all previous versions of IFRS 9. The amendments are effective for annual periods beginning on or after January 1, 2018. &nbsp;Entities will also have the option to early apply the accounting for own credit risk-related fair value gains and losses arising on financial liabilities designated at fair value through profit or loss without applying the other requirements of IFRS 9.</P>
<A NAME="_Toc320024929"></A><A NAME="_Toc368569108"></A><P style="margin:0px"><BR></P>
<A NAME="_Toc433809857"></A><P style="margin:0px; font-size:11pt" align=justify><B>Other Data</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Additional information related to the Company is available for viewing at <FONT style="font-size:12pt">www.sedar.com</FONT> and the Company&#146;s website at <FONT style="font-size:12pt">www.fortunasilver.com</FONT>.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc368569109"></A><A NAME="_Toc433809858"></A><P style="margin:0px; font-size:11pt" align=justify><B>Share Position and Outstanding Warrants and Options</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s outstanding share position as at November 9, 2015 is 129,080,567 common shares. In addition, 3,265,355 incentive stock options are currently outstanding as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=270 /><TD width=114 /><TD width=96 /><TD width=155.333 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; font-size:11pt" align=center><B><U>Type of Security</U></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B><U>No. of Shares</U></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-left:21.867px; padding-right:18px; font-size:11pt" align=right><B>Exercise</B></P>
<P style="margin:0px; padding-left:21.867px; padding-right:18px; font-size:11pt" align=right><B>Price</B></P>
<P style="margin:0px; padding-left:21.867px; padding-right:12px; font-size:11pt" align=right><B><U>(CAD$)</U></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=155.333><P style="margin:0px; padding-right:5.333px; font-size:11pt" align=right><B><U>Expiry Date</U></B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=155.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding-left:60px; font-size:11pt" align=justify>Incentive Stock Options:</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>160,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:18px; font-size:11pt" align=right>$1.35</P>
</TD><TD style="margin-top:0px" valign=bottom width=155.333><P style="margin:0px; padding-right:5.333px; font-size:11pt" align=right>February 5, 2016</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>10,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:18px; font-size:11pt" align=right>$1.75</P>
</TD><TD style="margin-top:0px" valign=bottom width=155.333><P style="margin:0px; padding-right:5.333px; font-size:11pt" align=right>May 8, 2016</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>869,120</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:18px; font-size:11pt" align=right>$3.38</P>
</TD><TD style="margin-top:0px" valign=bottom width=155.333><P style="margin:0px; padding-right:5.333px; font-size:11pt" align=right>May 29, 2016</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>103,800</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:18px; font-size:11pt" align=right>$1.55</P>
</TD><TD style="margin-top:0px" valign=bottom width=155.333><P style="margin:0px; padding-right:5.333px; font-size:11pt" align=right>July 5, 2016</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>250,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:18px; font-size:11pt" align=right>$2.22</P>
</TD><TD style="margin-top:0px" valign=bottom width=155.333><P style="margin:0px; padding-right:5.333px; font-size:11pt" align=right>January 11, 2017</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>49,084</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:18px; font-size:11pt" align=right>$6.67</P>
</TD><TD style="margin-top:0px" valign=bottom width=155.333><P style="margin:0px; padding-right:5.333px; font-size:11pt" align=right>February 20, 2017</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>659,382</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:18px; font-size:11pt" align=right>$4.30</P>
</TD><TD style="margin-top:0px" valign=bottom width=155.333><P style="margin:0px; padding-right:5.333px; font-size:11pt" align=right>March 23, 2017</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>242,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:18px; font-size:11pt" align=right>$0.85</P>
</TD><TD style="margin-top:0px" valign=bottom width=155.333><P style="margin:0px; padding-right:5.333px; font-size:11pt" align=right>October 5, 2018</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>20,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:18px; font-size:11pt" align=right>$0.85</P>
</TD><TD style="margin-top:0px" valign=bottom width=155.333><P style="margin:0px; padding-right:5.333px; font-size:11pt" align=right>November 5, 2018</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>901,969</P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding-right:18px; font-size:11pt" align=right>$4.79</P>
</TD><TD style="margin-top:0px" valign=bottom width=155.333><P style="margin:0px; padding-right:5.333px; font-size:11pt" align=right>March 18, 2020</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>TOTAL OUTSTANDING OPTIONS:</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=114><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>3,265,355</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=96><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=155.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><A NAME="_Toc320024940"></A><A NAME="_Toc368569110"></A><A NAME="_Toc433809859"></A></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 43</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>Other Risks and Uncertainties</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>For further information regarding the Company&#146;s operational risks, please refer to the section entitled &#147;Description of the Business - Risk Factors&#148; in the Annual Information Form for the year ended December 31, 2014 available at <FONT style="font-size:12pt">www.sedar.com and </FONT><FONT style="font-size:12pt; color:#0000FF"><U>www.sec.gov/edgar.shtml</U></FONT>.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024941"></A><A NAME="_Toc368569111"></A><A NAME="_Toc433809860"></A><P style="margin:0px; font-size:11pt" align=justify><B>Controls and Procedures</B></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024942"></A><A NAME="_Toc320025536"></A><A NAME="_Toc322014602"></A><A NAME="_Toc323566757"></A><A NAME="_Toc324771798"></A><A NAME="_Toc324859234"></A><A NAME="_Toc324859424"></A><A NAME="_Toc324859869"></A><A NAME="_Toc328741787"></A><A NAME="_Toc331171453"></A><A NAME="_Toc331496718"></A><A NAME="_Toc331585609"></A><A NAME="_Toc331586029"></A><A NAME="_Toc332630324"></A><A NAME="_Toc339554993"></A><A NAME="_Toc339555253"></A><A NAME="_Toc339566051"></A><A NAME="_Toc339617659"></A><A NAME="_Toc340653203"></A><A NAME="_Toc340830598"></A><A NAME="_Toc348437348"></A><A NAME="_Toc348541919"></A><A NAME="_Toc348542130"></A><A NAME="_Toc348683712"></A><A NAME="_Toc349913945"></A><A NAME="_Toc349914054"></A><A NAME="_Toc350798673"></A><A NAME="_Toc352245748"></A><A NAME="_Toc353881822"></A><A NAME="_Toc355955787"></A><A NAME="_Toc356379162"></A><A NAME="_Toc364769286"></A><A NAME="_Toc364769949"></A><A NAME="_Toc368568788"></A><A NAME="_Toc368569112"></A><A NAME="_Toc368569256"></A><A NAME="_Toc371420373"></A><A NAME="_Toc371684228"></A><A NAME="_Toc378159841"></A><A NAME="_Toc381104651"></A><A NAME="_Toc381860571"></A><A NAME="_Toc383009056"></A><A NAME="_Toc385428711"></A><A NAME="_Toc385839458"></A><A NAME="_Toc385839691"></A><A NAME="_Toc386114592"></A><A NAME="_Toc386786149"></A><A NAME="_Toc393288612"></A><A NAME="_Toc394053786"></A><A NAME="_Toc400629725"></A><A NAME="_Toc401565760"></A><A NAME="_Toc402534305"></A><A NAME="_Toc403134098"></A><A NAME="_Toc409778887"></A><A NAME="_Toc410385146"></A><A NAME="_Toc411844292"></A><A NAME="_Toc412795381"></A><A NAME="_Toc413240234"></A><A NAME="_Toc417402253"></A><A NAME="_Toc417896500"></A><A NAME="_Toc418251313"></A><A NAME="_Toc420050726"></A><A NAME="_Toc424802719"></A><A NAME="_Toc425157288"></A><A NAME="_Toc425165196"></A><A NAME="_Toc425778495"></A><A NAME="_Toc433107369"></A><A NAME="_Toc433276048"></A><A NAME="_Toc433276176"></A><A NAME="_Toc433646131"></A><A NAME="_Toc433809861"></A><P style="margin:0px; font-size:11pt" align=justify><I>Disclosure Controls and Procedures</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s management, with the participation of the Chief Executive Officer and the Chief Financial Officer, have evaluated the effectiveness of the Company&#146;s&nbsp; disclosure controls and procedures (as defined in the rules of the SEC and the Canadian Securities Administrators (&#147;CSA&#148;) as of September 30, 2015, and have concluded that such disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Securities Exchange Act of 1934 and Canadian securities laws is (i)&nbsp;recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and Canadian securities laws and (ii)&nbsp;accumulated and communicated to them Company&#146;s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024943"></A><A NAME="_Toc320025537"></A><A NAME="_Toc322014603"></A><A NAME="_Toc323566758"></A><A NAME="_Toc324771799"></A><A NAME="_Toc324859235"></A><A NAME="_Toc324859425"></A><A NAME="_Toc324859870"></A><A NAME="_Toc328741788"></A><A NAME="_Toc331171454"></A><A NAME="_Toc331496719"></A><A NAME="_Toc331585610"></A><A NAME="_Toc331586030"></A><A NAME="_Toc332630325"></A><A NAME="_Toc339554994"></A><A NAME="_Toc339555254"></A><A NAME="_Toc339566052"></A><A NAME="_Toc339617660"></A><A NAME="_Toc340653204"></A><A NAME="_Toc340830599"></A><A NAME="_Toc348437349"></A><A NAME="_Toc348541920"></A><A NAME="_Toc348542131"></A><A NAME="_Toc348683713"></A><A NAME="_Toc349913946"></A><A NAME="_Toc349914055"></A><A NAME="_Toc350798674"></A><A NAME="_Toc352245749"></A><A NAME="_Toc353881823"></A><A NAME="_Toc355955788"></A><A NAME="_Toc356379163"></A><A NAME="_Toc364769287"></A><A NAME="_Toc364769950"></A><A NAME="_Toc368568789"></A><A NAME="_Toc368569113"></A><A NAME="_Toc368569257"></A><A NAME="_Toc371420374"></A><A NAME="_Toc371684229"></A><A NAME="_Toc378159842"></A><A NAME="_Toc381104652"></A><A NAME="_Toc381860572"></A><A NAME="_Toc383009057"></A><A NAME="_Toc385428712"></A><A NAME="_Toc385839459"></A><A NAME="_Toc385839692"></A><A NAME="_Toc386114593"></A><A NAME="_Toc386786150"></A><A NAME="_Toc393288613"></A><A NAME="_Toc394053787"></A><A NAME="_Toc400629726"></A><A NAME="_Toc401565761"></A><A NAME="_Toc402534306"></A><A NAME="_Toc403134099"></A><A NAME="_Toc409778888"></A><A NAME="_Toc410385147"></A><A NAME="_Toc411844293"></A><A NAME="_Toc412795382"></A><A NAME="_Toc413240235"></A><A NAME="_Toc417402254"></A><A NAME="_Toc417896501"></A><A NAME="_Toc418251314"></A><A NAME="_Toc420050727"></A><A NAME="_Toc424802720"></A><A NAME="_Toc425157289"></A><A NAME="_Toc425165197"></A><A NAME="_Toc425778496"></A><A NAME="_Toc433107370"></A><A NAME="_Toc433276049"></A><A NAME="_Toc433276177"></A><A NAME="_Toc433646132"></A><A NAME="_Toc433809862"></A><P style="margin:0px; font-size:11pt" align=justify><I>Internal Control over Financial Reporting</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s management, with the participation of its CEO and CFO, are responsible for establishing a system of internal control over financial reporting to provide reasonable assurance regarding the reliability and integrity of the Company&#146;s financial information and the preparation of its financial statements in accordance with IFRS as issued by the IASB. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company&#146;s management, including its CEO and CFO, believe that due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis. Also, projection of any evaluation of the effectiveness of internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>There has been no change in the Company&#146;s internal control over financial reporting that occurred during the year that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Management concludes that, as of September 30, 2015, the Company&#146;s internal control over financial reporting was effective and no material weaknesses were identified.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc433809863"></A><P style="margin:0px; font-size:11pt" align=justify><B>Qualified Persons</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Thomas I. Vehrs, Ph.D., Vice President of Exploration, is a Qualified Person for Fortuna Silver Mines Inc. as defined by National Instrument 43-101. &nbsp;Dr. Vehrs is a Founding Registered Member of the Society for Mining, Metallurgy, and Exploration, Inc. (SME Registered Member Number 3323430RM) and is responsible for ensuring that the technical information contained in this Management&#146;s Discussion and Analysis is an accurate summary of the original reports and data provided to or developed by Fortuna Silver Mines Inc.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 44</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc320024949"></A><A NAME="_Toc368569114"></A><A NAME="_Toc433809864"></A><P style="margin:0px; font-size:11pt" align=justify><B>Cautionary Statement on Forward-Looking Statements</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>This MD&amp;A and any documents incorporated by reference into this MD&amp;A contain forward-looking statements which constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the United States Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of applicable Canadian securities legislation (collectively, &#147;Forward-looking Statements&#148;). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. &nbsp;The Forward-looking Statements in this MD&amp;A include, without limitation, statements relating to:</P>
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<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>mineral &#147;reserves&#148; and &#147;resources&#148; as they involve the implied assessment, based on estimates and assumptions that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>timing of the completion of construction activities at the Company&#146;s properties and their completion on budget;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>production rates at the Company&#146;s properties;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>cash cost estimates;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>timing for delivery of materials and equipment for the Company&#146;s properties; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the sufficiency of the Company&#146;s cash position and its ability to raise equity capital or access debt facilities;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the Company&#146;s planned processing and estimated major investments for mine development, plant expansion, filter facility and dry stack tailings deposit project, and brownfields exploration at the San Jose property during 2015;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the Company&#146;s planned processing and estimated major investments for mine development, plant optimization and brownfields exploration at the Caylloma property during 2015;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>maturities of the Company&#146;s financial liabilities, finance leases and other contractual commitments; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>expiry dates of bank letters of guarantee;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>estimated mine closure costs; and</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>management&#146;s expectation that any investigations, claims, and legal, labor and tax proceedings arising in the ordinary course of business will not have a material effect on the results of operations or financial condition of the Company.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Often, but not always, these Forward-looking Statements can be identified by the use of words such as &#147;anticipates&#148;, &#147;believes&#148;, &#147;plans&#148;, &#147;estimates&#148;, &#147;expects&#148;, &#147;forecasts&#148;, &#147;scheduled&#148;, &#147;targets&#148;, &#147;possible&#148;, &#147;strategy&#148;, &#147;potential&#148;, &#147;intends&#148;, &#147;advance&#148;, &#147;goal&#148;, &#147;objective&#148;, &#147;projects&#148;, &#147;budget&#148;, &#147;calculates&#148; or statements that events, &#147;will&#148;, &#147;may&#148;, &#147;could&#148; or &#147;should&#148; occur or be achieved and similar expressions, including negative variations.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others: &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">uncertainty of mineral resource and reserve estimates;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>risks associated with mineral exploration and project development; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">operational risks associated with mining and mineral processing; </P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 45</P>
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<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>uncertainty relating to concentrate treatment charges and transportation costs; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>uncertainty relating to capital and operating costs, production schedules, and economic returns; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">uncertainties relating to general economic conditions; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">competition;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">substantial reliance on the Caylloma and San Jose mines for revenues; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">risks related to the integration of businesses and assets acquired by the Company; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">risks associated with potential legal proceedings; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">fluctuations in metal prices; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">risks associated with entering into commodity forward and option contracts for base metals production; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">environmental matters including potential liability claims;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">reliance on key personnel; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">potential conflicts of interest involving the Company&#146;s directors and officers; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">property title matters; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">dilution from further equity financing; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">currency exchange rate fluctuations; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt">adequacy of insurance coverage; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>sufficiency of &nbsp;monies allotted for land reclamation ; and</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>potential legal proceedings;</P>
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<P style="margin:0px; font-size:11pt" align=justify>as well as those factors referred to in the &#147;Risks and Uncertainties&#148; section in this MD&amp;A and in the &#147;Risk Factors&#148; section in the Company&#146;s Annual Information Form filed with the Canadian Securities Administrators and available at www.sedar.com and filed with the U.S. Securities and Exchange Commission as part of the Company&#146;s Form 40-F and available at www.sec.gov/edgar.shtml.&nbsp; </P>
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<P style="margin:0px; font-size:11pt" align=justify>Forward-looking Statements contained in this MD&amp;A are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>all required third party contractual, regulatory and governmental approvals will be obtained for the exploration, development, construction and production of its properties; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>there being no significant disruptions affecting operations, whether relating to labor, supply, power, damage to equipment or other matter; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>permitting, construction, development and expansion proceeding on a basis consistent with the Company&#146;s current expectations; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>expected trends and specific assumptions regarding metal prices and currency exchange rates; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>prices for and availability of fuel, electricity, parts and equipment and other key supplies remaining consistent with current levels; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>production forecasts meeting expectations; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:23.2px; width:47.2px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:47.2px; text-indent:-2px; font-size:11pt" align=justify>the accuracy of the Company&#146;s current mineral resource and reserve estimates; </P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 46</P>
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<P style="margin:0px; font-size:11pt" align=justify>Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this MD&amp;A. There can be no assurance that Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to place undue reliance on Forward-looking Statements. Except as required by law, the Company does not assume the obligation to revise or update these forward looking-statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.</P>
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<A NAME="_Toc433809865"></A><P style="margin:0px; font-size:11pt" align=justify><B>Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (&#147;NI 43-101&#148;) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. &nbsp;NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. &nbsp;Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (&#147;SEC&#148;), and reserve and resource information contained in this news release may not be comparable to similar information disclosed by U.S. companies. &nbsp;In particular, the term &#147;resource&#148; does not equate to the term &#147;reserves&#148;. &nbsp;Under U.S. standards, mineralization may not be classified as a &#147;reserve&#148; unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The SEC&#146;s disclosure standards normally do not permit the inclusion of information concerning &#147;measured mineral resources&#148;, &#147;indicated mineral resources&#148; or &#147;inferred mineral resources&#148; or other descriptions of the amount of mineralization in mineral deposits that do not constitute &#147;reserves&#148; by U.S. standards in documents filed with the SEC. &nbsp;Readers are cautioned not to assume that resources will ever be converted into reserves. &nbsp;Readers should also understand that &#147;inferred mineral resources&#148; have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. &nbsp;Readers should also not assume that all or any part of an &#147;inferred mineral resource&#148; will ever be upgraded to a higher category. &nbsp;Under Canadian rules, estimated &#147;inferred mineral resources&#148; may not form the basis of feasibility or pre-feasibility studies except in rare cases. &nbsp;Readers are cautioned not to assume that all or any part of an &#147;inferred mineral resource&#148; exists or is economically or legally mineable. &nbsp;Disclosure of &#147;contained ounces&#148; in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute &#147;reserves&#148; by SEC standards as in-place tonnage and grade without reference to unit measures. &nbsp;The requirements of NI 43-101 for identification of &#147;reserves&#148; are also not the same as those of the SEC, and reserves reported in compliance with NI 43-101 may not qualify as &#147;reserves&#148; under SEC standards. &nbsp;Accordingly, information concerning mineral deposits set forth in this news release may not be comparable with information made public by companies that report in accordance with U.S. standards.</P>
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<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-size:11pt" align=right>Management&#146;s Discussion and Analysis Page - 47</P>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ceocertification.htm
<DESCRIPTION>CEO CERTIFICATION
<TEXT>
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<HEAD>
<TITLE>CEO Certification</TITLE>
<META NAME="author" CONTENT="swhittall">
<META NAME="date" CONTENT="11/19/2015">
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<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:12pt" align=center><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:12pt" align=center><B>Form 52-109F2</B></P>
<P style="margin:0px; font-size:12pt" align=center><B>Certification of Interim Filings &#150; Full Certificate</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>I, Jorge Ganoza Durant, Chief Executive Officer of Fortuna Silver Mines Inc., certify the following:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">1.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><B><I>Review:</I> </B>I have reviewed the interim financial report and interim MD&amp;A (together, the &#147;Interim Filings&#148;) of Fortuna Silver Mines Inc. (the &#147;Issuer&#148;) for the interim period ended September 30, 2015.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">2.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><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, for the period covered by the Interim Filings. </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">3.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><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.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">4.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><B><I>Responsibility: </I></B>The Issuer&#146;s other certifying officer 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&#146; Annual and Interim Filings</I>, for the Issuer.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">&nbsp;5.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><B><I>Design: &nbsp;</I></B>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the Issuer&#146;s other certifying officer and I have, as at the end of the period covered by the Interim Filings</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-size:12pt; float:left">(a)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-size:12pt" align=justify>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; float:left">(i)</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-size:12pt" align=justify>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</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; float:left">(ii)</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-size:12pt" align=justify>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</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-size:12pt; float:left">(b)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-size:12pt" align=justify>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&#146;s GAAP.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">5.1</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><B><I>Control framework:</I></B> &nbsp;The control framework the Issuer&#146;s other certifying officer and I used to design the Issuer&#146;s ICFR is Committee of Sponsoring Organizations of the Treadway Commission.<B><I> </I></B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">5.2</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify>N/A.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">5.3</P>
<P style="margin:0px; text-indent:-2px; font-size:12pt" align=justify>N/A. </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">6.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><B><I>Reporting changes in ICFR:</I> </B>The Issuer has disclosed in its interim MD&amp;A any change in the Issuer&#146;s ICFR that occurred during the period beginning on July 1, 2015 and ended on September 30, 2015 that has materially affected, or is reasonably likely to materially affect, the Issuer&#146;s ICFR. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">DATED: &nbsp;&nbsp;&nbsp;November 9, 2015</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt"><I><U>&#147;Jorge Ganoza Durant&#148;</U></I></P>
<P style="margin:0px; font-size:12pt">JORGE GANOZA DURANT,</P>
<P style="margin:0px; font-size:12pt">Chief Executive Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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<FILENAME>cfocertification.htm
<DESCRIPTION>CFO CERTIFICATION
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Certification</TITLE>
<META NAME="author" CONTENT="swhittall">
<META NAME="date" CONTENT="11/19/2015">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:12pt" align=center><B>FORTUNA SILVER MINES INC.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:12pt" align=center><B>Form 52-109F2</B></P>
<P style="margin:0px; font-size:12pt" align=center><B>Certification of Interim Filings &#150; Full Certificate</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>I, Luis Ganoza Durant, Chief Financial Officer of Fortuna Silver Mines Inc., certify the following:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">1.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><B><I>Review:</I> </B>I have reviewed the interim financial report and interim MD&amp;A (together, the &#147;Interim Filings&#148;) of Fortuna Silver Mines Inc. (the &#147;Issuer&#148;) for the interim period ended September 30, 2015.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">2.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><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, for the period covered by the Interim Filings. </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">3.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><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.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">4.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><B><I>Responsibility: </I></B>The Issuer&#146;s other certifying officer 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&#146; Annual and Interim Filings</I>, for the Issuer.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">&nbsp;5.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><B><I>Design: &nbsp;</I></B>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the Issuer&#146;s other certifying officer and I have, as at the end of the period covered by the Interim Filings</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-size:12pt; float:left">(a)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-size:12pt" align=justify>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; float:left">(i)</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-size:12pt" align=justify>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</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:12pt; float:left">(ii)</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-size:12pt" align=justify>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</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-size:12pt; float:left">(b)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-size:12pt" align=justify>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&#146;s GAAP.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">5.1</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><B><I>Control framework:</I></B> &nbsp;The control framework the Issuer&#146;s other certifying officer and I used to design the Issuer&#146;s ICFR is Committee of Sponsoring Organizations of the Treadway Commission.<B><I> </I></B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">5.2</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify>N/A.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">5.3</P>
<P style="margin:0px; text-indent:-2px; font-size:12pt" align=justify>N/A. </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">6.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt" align=justify><B><I>Reporting changes in ICFR:</I> </B>The Issuer has disclosed in its interim MD&amp;A any change in the Issuer&#146;s ICFR that occurred during the period beginning on July 1, 2015 and ended on September 30, 2015 that has materially affected, or is reasonably likely to materially affect, the Issuer&#146;s ICFR. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">DATED: &nbsp;&nbsp;&nbsp;November 9, 2015</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt"><I><U>&#147;Luis Ganoza Durant&#148;</U></I></P>
<P style="margin:0px; font-size:12pt">LUIS GANOZA DURANT,</P>
<P style="margin:0px; font-size:12pt">Chief Financial Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
